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

本研究比较了日美两国企业并购的表现和特点，首先分析了日本相互银行和信用合作社之间的并购，作为不同类型金融机构之间并购的案例。在1969年至1977年期间，互助银行和信用合作社之间发生了20起合并。本文利用1960 - 1983年的财务数据，通过t检验比较了合并银行与相应的非合并银行合并前后的财务比率。我们可以发现，财务比率，每个办公室的存款，合并后表现更好。年度比率比较显示，合并后总资产的毛利率、贷款-存款比率、当期费用与当期收入的比率以及全职管理人员和员工的存款均有所改善。两者都表明了并购的积极作用。判别分析支持结果，准确率超过63.64%。我们分析了1986年发生的336起美国信用合作社合并事件，使用的是国家信用合作社管理局提供的1982年至1990年期间的财务数据。通过比较合并信用社和配对的非合并信用社，净利润/总资产比率受到合并的负向影响。首席调查员的一系列研究表明，日本的信用协会、信用合作社和农业合作社的合并以及美国的信用合作社的合并都是负面的。在相互银行和信用合作社、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。我们需要对美国不同类型金融机构之间的合并和银行合并进行调查。在这两个国家。

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.