A Study on the Performance of Mergers among Credit Cooperatives

信用社间兼并绩效研究

基本信息

批准号：
01530067
负责人：
HOSHINO Yasuo
金额：
$ 0.77万
依托单位：
Nagoya City University
依托单位国家：
日本
项目类别：
Grant-in-Aid for General Scientific Research (C)
财政年份：
1989
资助国家：
日本
起止时间：
1989 至 1990
项目状态：
已结题

项目摘要

The performance of mergers among credit cooperatives in Japan is analyzed with the 19 financial ratios representing profitability, liquidity and productivity and so on, made from financial data for the period of 1975 through 1981 based on 18 merging credit cooperatives and paired nonmerging credit cooperatives chosen from those with the closest amount of deposit in each prefecture. For those two groups of merging and nonmerging credit cooperatives, the test is conducted to examine the difference of financial ratios between before and after date of merger. When there exists the difference in only one or two groups, that is, there exists the effects of mergers, which is shown by examining the relative size of each ratio. Further, we examine the yearly effects by the difference of merging and nonmerging credit cooperatives with univariate and multivariate analysis. We could have a conclusion that merger has rather negative performance among credit cooperatives and merging credit cooperatives exhibit inferior financial characteristics to nonmerging ones.Secondly, we conducted two types of questionnaire surveys, one for directors of credit cooperatives, another for members of labor union (Zensinren). The motives for mergers by directors are 1) by the guidance of administrative authority, 2) talks among top management, with the opposite order by the union members. Other items like problems after mergers, objectives of mergers, there are not so many differences among the two surveys.Thirdly, mergers among the different financial institution, such as credit cooperatives and credit associations are examined with the data of 9 pairs merged form 1968 to 1975. The result is also the same as before.

根据1975年至1981年期间的财务数据，以18家合并信用合作社和配对非合并信用合作社为基础，采用代表盈利能力、流动性和生产率等的19个财务比率对日本信用合作社之间的合并绩效进行了分析。各都道府县存款金额最接近的人。对合并和非合并的两组信用社进行测试，考察合并前后财务比率的差异。当只有一两个群体存在差异时，即存在合并效应，这可以通过考察各个比率的相对大小来体现。此外，我们通过单变量和多变量分析来检验合并和非合并信用社差异的年度影响。我们可以得出这样的结论：合并对信用社的绩效相当负面，合并后的信用社的财务特征比非合并的信用社要差。其次，我们进行了两种类型的问卷调查，一种是针对信用社的董事，另一种是针对工会成员。禅心仁）。董事合并的动机有：1）行政机关的指导；2）高层管理人员之间的谈判，工会成员的相反命令。其他如合并后出现的问题、合并的目的等，两次调查并没有太大差异。再次，以1968年至1999年合并的9对数据对信用合作社、信用协会等不同金融机构之间的合并进行考察。 1975年。结果也和以前一样。