Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry
利用日本棉纺业数据，研究发现被收购企业的生产设施并不比收购方效率低，但因库存高和产能利用率低而利润更低；收购后这些问题得到改善，生产率和利润均提升。
We explore how changes in ownership affect the productivity and profitability of producers. Using detailed data from the Japanese cotton spinning industry at the turn of the last century, we find that acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition. They were much less profitable, however, due to higher inventory levels and lower capacity utilization—differences that reflected problems in managing the uncertainties of demand. After acquisitions, less profitable acquired plants saw drops in inventories and gains in capacity utilization that raised both their productivity and profitability levels.