Mergers, Foreign Competition, and Jobs: Evidence from the U.S. Appliance Industry
中文摘要
政策选择往往会在劳动者与消费者之间造成权衡。本文考察外国竞争如何改变并购对消费者福利和国内就业的影响。本文构建了一个包含消费者需求、内生产品组合和就业决策的模型，并将其应用于家电行业中惠而浦收购美泰克一案，比较实际发生的并购与假设由外国买家收购的反事实情形。尽管惠而浦的收购每年使消费者福利减少2.71亿美元，但保住了797个国内工作岗位。因此，只有当这些工作岗位的价值达到每年每个超过34.4万美元时，国内就业收益才能抵消消费者所受损害。（JEL E24, F23, G34, J30, L13, L68, R23）
Abstract
Policy choices often create trade-offs between workers and consumers. I examine how foreign competition alters the consumer welfare and domestic employment effects of mergers. I construct a model incorporating consumer demand, endogenous product portfolios, and employment decisions. Applying the model to Whirlpool’s acquisition of Maytag in the appliance industry, I compare the observed merger to a counterfactual acquisition by a foreign buyer. Although Whirlpool’s acquisition decreased consumer welfare by $271 million annually, it preserved 797 domestic jobs. These jobs must therefore be valued at more than $344, 000 per year for the domestic employment benefits to offset the consumer harm. (JEL E24, F23, G34, J30, L13, L68, R23)