8 pp.- 2006 * h ** *** An empirical analysis on the efficiency of the M&A among the non-financial companies based on DEA Hidetoshi KOKUBO*, Koichi MIYAZAKI**, Tomohiko TAKAHASHI*** Abstract Using DEA (Data Envelopment Analysis), the effectiveness of M&A in the financial industry has been actively examined, while the same kind of analysis on non-financial industry is scarce. In this research, we examine the effectiveness of M&A among listed non-financial companies since 990 based on DEA. Our empirical findings are following three things. First, the analysis focusing on the expense indicates the positive relationship between the efficiency in scale and the effectiveness of M&A. Second, as regards the expense, it is indispensable for the effective M&A to curtail not only general expenses but also human resources. Third, the effectiveness of M&A is visible in the industries such as pharmaceutical, trading, shipping, while it is not in the ceramic industry. Keywords : DEA, M&A, Non-financial industry, CCR model, BCC model DEA Data Envelopment Analysis, 5 6 4 DEA DEA 3 Avkiran 7 Cooper Seiford and Tone 8 DEA Avkiran 7 986 995 DEA Cooper Seiford and Tone 8 995 997 DEA Received on August, 2005 *** 0-0003 2-- SUMISHO LEASE CO., LTD. *** 82-8585 -5- The University of Electro-Communications. *** 00-0004 -8- KDDI Nissay Asset Management Corporation.
2 h 2006 BCC DEA Ikeda and Doi 9 ( ) DEA DEA ROE x y DEA 2 3 4 M A DEA DMU Decision Making Unit DEA DEA DEA CCR Charnes, Cooper and Rhodes BCC Banker, Charnes and Cooper DMU ( n x =, L, n, y ) m s x R y R DMU CCR BCC D CCR BCC θ θ min CCR st.. θ x λ x 0 max st.. θ CCR y λ y 0 λ 0 =, L, λ = n n DMU CCR θ vx uy = uy = vx u 0 ; v 0 =, L, n n = v = ( T = ( v, L, v m m u ) R, L, u ) R u T s s
3 min BCC st.. θ x λ x 0 max st.. θ BCC y λ y 0 λ = ; λ 0 =, L, λ = n n DMU BCC θ = u y + c v x = u y + c v x u 0 ; v 0 =, L, n n = n = v = ( T = ( v, L, v m m u ) R, L, u ) R u T s s CCR 2 BCC BCC CCR BCC D CCR BCC Case- Case-3 Case2- Case2-3 Case- Case- 3 FCF FCF Case2- Case2-3 FCF Case- Case2- Case-2 Case2-2 Case-3 Case2-3 Case 4 2 3 4 3. DEA D D D DEA D D D
4 h 2006 D BCC BCC CCR CCR D BCC D CCR D D D D Case-3 Case2-3 D Case-3 Case2-3 Case-3 D Case2-3 D 990 2 22 36 2 DEA DMU 0 22 25 200
5 FCF FCF 2.2 Case-3 D D D 3.2 D D 2.2 4 Case- Case-3 73 57 4 Case2- Case2-3 64 6 Case- Case-2 52 36 FCF Case-2 Case2-2 40 45 FCF
6 h 2006 2 FCF Case BCC BCC 28 8 23 28 28 0 9 3 2 FCF 9 6 FCF, Case-3 Case2-3 D
7 Case-3 D Case-3 D Case2-3 Case2-3 Case-3 D Case2-3 D
8 h 2006 BCC FCF 990 DEA CCR BCC DEA 2 3 DEA FCF M&A OR,
DEA に基づく事業法人の合併に関する効率性分析 表３ 分析結果 Case-3 9
0 小久保秀俊 宮 h 浩一 高橋智彦 2006 年１月 表３ 分析結果 Case-3 つづき
2002 2002 Vol.24 2 h 2004 DEA OR 04 pp.306-307 32003 2003 pp.23-48 42000 DEA 2000 pp.598-602 5 993 6 2000 7 Avkiran,N.K 999, The Evidence on Efficiency Gains: The Role of Mergers and the Benefit to the Public, ournal of Banking and Finace, 23, Issue 7, pp.99-03 8 Cooper,W.W., L.M.Seiford and K.Tone 999, Data Envelopment Analysis, Kluwer Academic Publishers, pp.39-45 9 Ikeda,K. and N.Doi 983, The performances of merging firms in apanese manufacturing industry: 964-75, ournal of Industrial Economics, Vol.3. pp.257-266