Assessing the effects of mergers and acquisitions on firm performance, plant productivity, and workers: newl evidence from matched employer‐employee data
利用瑞典制造业的雇主-雇员面板数据，研究发现并购提高了工厂生产率，但导致企业和工厂规模缩减，企业绩效并未下降，表明并购优化了工厂和工人的配置效率。
Abstract Empirical studies of mergers and acquisitions typically focus on firm‐level financial performance. In contrast, we use human capital theory to model these events as transactions that simultaneously have cross‐level, real effects on workers, plants, and firms. Our empirical analysis is based on longitudinal, linked employer‐employee data for virtually all Swedish manufacturing firms and employees. We find that mergers and acquisitions enhance plant productivity, although they also result in the downsizing of establishments and firms. Firm performance does not decline in the aftermath of these ownership changes. We conclude that such transactions constitute a mechanism for improving the sorting and matching of plants and workers to more efficient uses. Copyright © 2010 John Wiley & Sons, Ltd.