The Journal of Finance · 2026 · David C. Cicero、Mo Shen、Jaideep Shenoy
中文摘要
共享劳动力市场的企业之间的并购会提高劳动力市场集中度,这既可能带来劳动效率的提升,也可能为合并后企业创造劳动力市场势力。基于机构层面就业数据构建的新颖指标,我们发现,在 1991 至 2016 年美国已完成上市公司并购的样本中,并购引致的劳动力市场集中度上升解释了价值创造。对竞争对手、供应商和客户企业股票市场反应的分析,以及合并企业公司层面与机构层面的真实效应分析,均支持以劳动效率解释这些并购收益。
Abstract
ABSTRACT Mergers of firms that share labor markets increase labor market concentration which can lead to labor efficiency gains and/or create labor market power for the merged firms. Using a novel measure based on establishment‐level employment data, we find that merger‐induced increases in labor market concentration explain value creation in a sample of completed U.S. public firm mergers from 1991 to 2016. Analysis of the stock market reactions of rival, supplier, and customer firms, as well as firm‐ and establishment‐level real effects in the merging firms, supports a labor efficiency explanation of these merger gains.