中文摘要
我们利用 56,000 名荷兰被收购企业员工的个体层面数据，考察员工健康在私募股权收购期间劳动力重构中所起的作用。我们没有发现任何证据表明收购会对被收购企业员工的健康产生负面影响。收购发生后，员工的收入与就业均遭受损失，且健康状况较差的员工所受损失要大得多。收购对员工收入的负面影响受到社会转移支付的缓冲，而这一缓冲对健康状况较差的员工更大，后者以高得多的比率退出劳动力市场。在一般人群中与较低工资相关的健康特征，对收购后的失业具有很强的预测力。本文经金融编辑 David Sraer 录用。资助：本研究得到德国研究基金会（Deutsche Forschungsgemeinschaft, DFG）资助 [项目 MA 3317/3-1 与 MA 3317/3-2]。补充材料：在线附录与数据文件可在 https://doi.org/10.1287/mnsc.2022.01874 获取。
Abstract
We examine the role of employee health for the restructuring of the labor force during private equity buyouts using employee-level data of 56,000 Dutch buyout employees. We find no evidence that buyouts have a negative impact on the health of buyout employees. Employees lose income and employment after buyouts, and these losses are far larger for employees in poorer health. The negative effect of buyouts on employees’ incomes is buffered by social transfers, and this buffer is larger for employees in poorer health, who exit the labor market at a much higher rate. Health characteristics associated with lower wages in the general population are strongly predictive of job loss after buyouts. This paper was accepted by David Sraer, finance. Funding: This work was supported by the Deutsche Forschungsgemeinschaft (DFG, German Research Foundation) [Projects MA 3317/3-1 and MA 3317/3-2]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01874 .