Private Equity, Jobs, and Productivity
研究了1980至2005年美国杠杆收购对就业和生产率的影响，发现收购导致净就业小幅下降，但大幅增加了就业创造和破坏，同时通过淘汰低效工厂和引入高效工厂提升了全要素生产率。
Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers US buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing to controls defined by industry, size, age, and prior growth. Buyouts lead to modest net job losses but large increases in gross job creation and destruction. Buyouts also bring TFP gains at target firms, mainly through accelerated exit of less productive establishments and greater entry of highly productive ones.