A Study on the Performance of Mergers among Credit Cooperatives

根据1975 ~ 1981年的财务数据，以各都道府县存款额最接近的18家合并信用社和一对未合并信用社为对象，计算代表盈利能力、流动性和生产率等的19个财务指标，分析日本信用社合并的绩效。本研究以合并与非合并两组信用社为研究对象，探讨合并前后财务比率之差异。当仅在一个或两个组中存在差异时，即存在合并效应，这通过检查每个比率的相对大小来显示。并进一步以单因素与多因素分析，探讨合并与未合并信用社之年度效应差异。研究结果表明，信用社合并后的经营绩效较低，合并后的信用社财务特征不如未合并的信用社。其次，我们对信用社负责人和工会会员进行了两种问卷调查。董事会合并的动机是：1）行政当局的指导，2）高层管理人员之间的谈话，工会成员的相反顺序。第三，本文利用1968 ~ 1975年9对金融机构合并的数据，对信用社、信用协会等不同金融机构之间的合并进行了实证研究。结果也和以前一样。

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.