Private Equity and Pay Gaps Inside the Firm
利用法国二十年的行政数据，研究发现杠杆收购后目标企业缩小了内部薪酬差距，同时盈利能力提升，这主要由员工流动驱动，尤其是管理层的更替。
ABSTRACT Using two decades of French administrative data, we find that post‐leveraged buyout (LBO), target firms reduce within‐firm pay gaps while increasing profitability relative to control firms. Employee turnover drives the pay‐gap reduction. In target and control firms alike, turnovers reduce average pay more at the top of the wage distribution than at the bottom because separated employees are paid more—new joiners less—than similar employees, especially among skilled employees. LBOs amplify this effect through increased turnover among managers. Post‐buyout, p90/p10, gender, age, and managers/non‐managers pay gaps decline by 3%, 9%, 21%, and 4% and the employee pool becomes younger.