The Performances of Merging Firms in Japanese Manufacturing Industry: 1964-75
The Performances of Merging Firms in Japanese Manufacturing Industry: 1964-75
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日本制造业合并企业的表现：1964-75
DOI：
10.2307/2097886
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发表时间：
1983
影响因子：
1.3
通讯作者：
Noriyuki Doi
中科院分区：
文献类型：
--
作者：
K. Ikeda;Noriyuki Doi
在战后的岁月里，公司合并往往是全球性的。并购趋势之所以有趣，有两个原因。首先，它们反映了每个国家的企业行为模式。其次，它们表明国家间对商业的公共政策存在差异。但无论是公共政策还是经济分析，我国企业并购都还处于转型期。因此，对合并问题的理解留下了严重争议的空间。在日本，大型并购在20世纪60年代中期左右开始出现。合并运动的顶峰是1970年八幡钢铁与富士钢铁的合并（新名称为新日铁），这一合并产生了日本最大的公司，也是世界第二大钢铁生产商。自该提案提出以来，关于合并的影响，特别是大型合并的影响，出现了大量有争议的讨论。然而，关于其影响的经验证据仍然很少。并购的影响在操作上可以分为两个方面；第一个是关于合并企业的绩效；第二部分是关于并购对竞争和整体集中度可能产生的影响。本研究的目的是为并购的微观经济效应提供额外的证据，即日本制造业并购企业的财务绩效测试的业绩为：(1)盈利能力；(2)效率;(3)企业成长；(4)研究开发。
IN postwar years, firm mergers have tended to be worldwide. The merger trends are interesting for two reasons. First, they reflect the patterns of firm behavior in each country. Secondly, they suggest intercountry differences of public policies toward business. But both the public policies and economic analysis of mergers are still in a transitional stage. Thus, the understanding of merger problems leaves room for serious controversy. In Japan, large mergers began to appear around the mid-1960s. The peak of the merger movement was the Yahata Steel-Fuji Steel merger (the new name is Nippon Steel) in 1970, which gave rise to the largest firm in Japan, and the world's second steel producer. Since the proposal, there has been a substantial amount of controversial discussion regarding the effects of mergers, especially large mergers. However, the empirical evidence of their effects is still scanty. 1 The effects of mergers can be operationally classified into two aspects; the first is concerned with the performances of merging firms; the second is concerned with the possible effects of mergers on competition and overall concentration. The aim of the present study is to bring forward the additional evidence of the microeconomic effects of mergers, that is, the financial performances of merging firms in Japanese manufacturing industry.2 The performances tested are: (1) profitability; (2) efficiency; (3) firm growth; (4) research and development.