농협 RPC의 경영 효율성 분석: 통합 구조조정 효과를 중심으로

Analysis on the Effects of M&A restructuring on the Management Efficiency of NongHyup Rice Processing Complexes

The rice processing complex (RPC) is an important foundation for the sustainable development of the rice industry and agriculture as a whole. Since 2005, the Korean government adopted policies strengthening the rice distribution functions and enlarging the size of the RPCs through M&A integration to improve management efficiency and competitiveness. However, most of the NongHyup RPCs still suffer from low competitiveness and poor managerial performance. Nonetheless, there are few research on the efficiency and performance improvement resulted from the M&A integration. This study compares the economic efficiency of the integrated RPCs with that of the non-integrated RPCs using the data envelopment analysis (DEA). We then analyze the effect of integration restructuring on managerial performance. The results show that the M&A integration has improved RPCs’ scale efficiency and positively affects operating profits. However, many of the RPCs are yet at the optimal size, indicating the need for persistent restructuring.