한ㆍ미ㆍ일 물류기업의 M&A 장기성과에 관한 실증적 연구

An Empirical Study on the Korea, U.S., Japan Logistics Firms’ M&A Long-Run Performance

In this paper, we investigated M&A long-term performance especially focusing on the financial performance. In this paper, we used the event study method which measures a firms value, profitability, stability and growth which calculated by financial ratio analysis. The event study window is 1, 2, 3years before the event date(0 day) and 1, 2, 3years after the date. The empirical study used the t-test for 4, 56, 36 samples which was derived from KOREA, U.S., JAPAN, was made with the use of firms value, profitability, stability and growth which calculated by financial ratio analysis. We found that after M&A, tobin’Q, market value was higher than before and after M&A, profitability, growth was higher than before M&A, but current ratio and quick ratio was lower than before except debt ratio. Judging from this, we can conjecture that in case of M&A, there was a positive effect on the firm value, profitability and growth. Therefore, we infer that economics of scale, economics of scope and synergy effect coexisted in M&A between logistics firms. Actually, we conjecture that acquirer firms, using a M&A, find theirs way into new world market, network and gain first mover advantage.