THE PERFORMANCE OF CORPORATE MERGERS IN JAPAN
系统分析日本企业并购前后的财务比率，发现并购有负面效应；与同行业非并购企业比较，两者绩效无显著差异，总体表明并购效果不佳。
This paper presents an objective and systematic analysis of the performance of corporate mergers in Japan. Two types of tests are provided. One is to compare fmancial ratios of merging firms before and after the merger. Negative effects of mergers are verified. The other is to compare the financial performances of merging and nonmerging firms before and after the merger in the same industry. No clear distinction is obtained between them. General comparisons between merging and nonmerging fms indicate negative effects of mergers.