Mergers and Acquisitions and Productivity in the U.S. Meat Products Industries: Evidence from the Micro Data
利用1977-1992年美国肉制品行业微观数据，发现被并购的肉类和家禽工厂在并购前生产率很高，且并购后多数工厂的生产率增长显著提升，表明协同效应是并购的重要动机。
This article investigates the motives for mergers and acquisitions (M&As) in the U.S. meat products industry from 1977 to 1992. Results show that acquired meat and poultry plants were very productive before mergers, and that all but the very largest meat slaughter and processing plants and all but the bottom 20% of the poultry slaughter and processing plants significantly improved their productivity growth in their postmerger periods. These results lead to the conclusion that synergies and related efficiencies are important motives for M&As.