Will leveraged buyouts kill U.S. corporate research & development?
综合国会听证、商界辩论和学术研究，评估杠杆收购对企业研发的影响，发现虽然可能减少研发支出，但有效管理的LBO也能刺激研发，并列出促进或抑制研发的条件。
Executive Overview The decade of the 1980s was a period of aggressive corporate restructuring through mergers, acquisitions, hostile takeovers, and leveraged buyouts (LBOs). These strategies usually resulted in significant changes in corporate goals and competitive posture. Consequently, there is serious concern over the potential implications for the competitiveness and the long-term performance of the United States economy. This concern has been most acute in the case of LBOs. Widely viewed as “get rich quick” schemes, LBOs may not be expected to create or add value. LBOs may reduce spending on corporate research and development (R&D), the engine of economic growth and progress, and a major source of corporate profitability and growth. In this article we piece together the evidence from congressional hearings, debates among business people, and scholarly research on the effect of LBOs on corporate R&D. Our evaluation of this evidence indicates that although LBOs may reduce R&D spending and other inputs, some LBOs may stimulate R&D, provided that they are managed effectively. We outline the conditions under which LBOs may stifle or spur R&D activities, and also clarify managerial actions that may nurture R&D after LBOs.