A Compar'son on The performake and Characteristics of corporste mergers and acgvisition between Japan and the US

日美企业并购绩效及特点比较

• 批准号: 05630075
• 负责人: HOSHINO Yasuo
• 金额: $ 1.22万
• 依托单位: University of Tsukuba (1994-1995)Nagoya City University (1993)
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for General Scientific Research (C)
• 财政年份: 1993
• 资助国家: 日本
• 起止时间: 1993 至 1995
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-05630075/
• 关键词: Corporate Merger; Credit Association; mutuol Bank; Credit Cooperetive; US Creditunion; 日米比較; S & Ls; 農協合併; 企業買収

The research for a comparison on the performance and characteristics of corporate mergers and acquisitions between Japan and the US,starts with an analysis of mergers between mutual banks and credit cooperatives in Japan, as the case of mergers among differenttypes offinancialinstitutions. There are 20 mergers between mutual banks and credit cooperatives, occurred during the period of 1969 and 1977. A comparison of finacial ratios between mergingbanks and correspondingpaired non-mergingbanks before and after merger, is made using financial data of 1960 to 1983 by t-test. We could find that the finacialratio, deposits per office, performsbetter after merger. Yearly comparison of ratios exhibits that gross earnings margin to total assets, loan-deposit ratio, ratio of currentexpense to currentincome, and deposit per full-time officer and employee improved after merger. Both indicate positive effect of merger. Discriminant analysis supports the result with accuracies over 63.64%. We analyzed 336 mergers of US credit unions occurred in 1986 with financial data covering the period of 1982 and 1990 supplied by National Credit Union Administration. By comparing merging and paired non-merging credit unions, net income/total assets ratio is negatively impacted by merger.A series of studies by head investigator shows negative performance by merger like mergers of credit associations, credit cooperatives and agricultural cooperatives in Japan, and US credit unions. Positive performance was examined in those mergers among different financial institutions like mutual banks and credit cooperatives, and credit associations and credit cooperatives. We need to investigative mergers among different type of financial institutions in the US and bank mergers.in both countries.

本研究以日本的互助银行和信用合作社的合并为例，对日本和美国企业并购的绩效和特点进行了比较研究。在1969年至1977年期间，共有20家互助银行和信用合作社合并。本文利用1960 ~ 1983年的财务数据，通过t检验，比较了合并前后银行与非合并银行的财务比率。我们可以发现，合并后的财务比率，即每个办事处的存款，表现更好。年度比率比较显示，合并后毛利率与总资产比率、贷存款比率、经常支出与经常收入比率、专任人员及员工人均存款比率均有所改善。两者都显示了并购的积极影响。判别分析支持的结果与准确率超过63.64%。本文利用美国国家信用社管理局提供的1982 - 1990年的财务数据，对1986年发生的336起信用社合并案进行了分析。通过对合并与非合并信用社的比较，发现合并对信用社的净收益/总资产比率产生了负面影响。在诸如互助银行和信用合作社以及信用协会和信用合作社等不同金融机构之间的合并中审查了积极的业绩。我们需要调查美国不同类型的金融机构和两国银行之间的合并。mergers.in

项目成果

H. Peter Gray: "International Finance in the New World Order" Pergamen, 385 (1995)

H. Peter Gray：“新世界秩序中的国际金融” Pergamen，385 (1995)

Yasuo Hoshino: "A Statistical Test for Measuring the Performance of Mergers among U.S.Credit Unions" Journal of Financial Management and Analysis : International Review of Finance. Vol.6 No.2. 6-11 (1993)

Yasuo Hoshino：“衡量美国信用合作社合并绩效的统计测试”《财务管理与分析杂志：国际金融评论》。

Yasuo Hoshino: "A Statistical Test for Measuring the Perfor-mance of Nergers among U. S. Coedit Unions" Journal of Finamcial Managemeat and Analysis. 6. 6-11 (1993)

Yasuo Hoshino：“衡量美国 Coedit Unions 中 Nerger 绩效的统计测试”《财务管理与分析杂志》。

Hoshino,Yasuo共著: "International Finance in the New World Order" Pergamon, 400 (1994)

星野和康夫合着：《新世界秩序中的国际金融》Pergamon, 400 (1994)

Yasuo Hoshino: "The Performance of Mergers of Japanese Agricultural Cooperatives" Management International Review. Vol.35 Special Issue No.2. 131-144 (1995)

Yasuo Hoshino：“日本农业合作社合并的表现”管理国际评论。