私募股权收购的经济影响

THE ECONOMIC EFFECTS OF PRIVATE EQUITY BUYOUTS

作者：

史蒂文·戴维斯（Steven J. Davis）

约翰·C·哈尔蒂旺格（John C. Haltiwanger）

凯尔·汉德利（Kyle Handley）

本·利普修斯（Ben Lipsius）

乔什·勒纳（Josh Lerner）

哈维尔·米兰达（Javier Miranda）

We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that sawhuge swings in credit market tightness and GDP growth. Our results show striking, systematicdifferences in the real-side effects of PE buyouts, depending on buyout type and externalconditions. Employment at target firms shrinks 13% over two years in buyouts of publicly listedfirms but expands 13% in buyouts of privately held firms, both relative to contemporaneousoutcomes at control firms. Labor productivity rises 8% at targets over two years post buyout(again, relative to controls), with large gains for both public-to-private and private-to-privatebuyouts. Target productivity gains are larger yet for deals executed amidst tight credit conditions.A post-buyout widening of credit spreads or slowdown in GDP growth lowers employmentgrowth at targets and sharply curtails productivity gains in public-to-private and divisionalbuyouts. Average earnings per worker fall by 1.7% at target firms after buyouts, largely erasing apre-buyout wage premium relative to controls. Wage effects are also heterogeneous. In these andother respects, the economic effects of private equity vary greatly by buyout type and withexternal conditions.
我们研究了1980年至2013年间成千上万的美国私募股权（PE）收购案，这段时期信贷市场紧缩和GDP增长出现了巨大波动。我们的结果表明，PE收购的实际副作用存在明显的系统差异，具体取决于收购类型和外部条件。相对于控制公司的同期业绩，目标公司的就业率在两年内因公开上市公司的收购而减少了13％，但因私有公司的收购而增长了13％。收购后的两年内，劳动生产率提高了8％，达到了目标（同样，相对于控制而言），公共-私有和私有-私有收购均获得了巨大收益。对于在紧缩的信贷条件下执行的交易，目标生产率的收益更大。买断后信贷息差扩大或GDP增速下降，降低了目标的就业增长，并大大降低了公私合营和部门性收购中的生产率增长。收购后，目标公司的每名工人平均收入下降1.7％，从而大大消除了相对于控制权的买断前工资溢价。工资效应也是不同的。在这些方面和其他方面，私募股权的经济影响因收购类型和外部条件而有很大差异。