Foreign Takeovers of U. S. Establishments

外国企业收购美国企业

• 批准号: 9911390
• 负责人: Robert Lipsey
• 金额: $ 4.5万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2000
• 资助国家: 美国
• 起止时间: 2000-04-15 至 2005-03-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9911390&HistoricalAwards=false
• 关键词: Foreign; Takeovers; U.; S.; Establishments

Foreign-owned firms and establishments in the United States are different from domestically owned ones even though most of them had originally been domestically owned. Foreign-owned firms and establishments are larger, pay higher wages, have higher labor and multi-factor productivity. They have been steadily increasing their share of the U.S. economy.It is not known whether these foreign-owned firms and establishments are different simply because foreign buyers selected larger, higher-skill, and more productive firms to purchase or because the foreign owners changed the formerly U.S.-owned firms after taking them over by bringing superior management or technology. The latter possibility would have more favorable implications for the impact on the U.S. economy of the rapid growth that has taken place in foreign direct investment in the United States and foreign ownership of U.S. production.The purpose of this study is to answer this question by taking advantage of two relatively new statistical opportunities. One of these is the linking of the Bureau of Economic Analysis (BEA) data on foreign ownership of U.S. firms with the data in the Census Bureau's Economic Censuses and Annual Surveys of Manufactures. The second is the merging of these matched data with the longitudinal files for individual establishments developed by the Center for Economic Studies (CES) of the Bureau of the Census. The longitudinal data identify changes in ownership and the BEA-Census match enables a user to identify which of the ownership changes were switches to foreign ownership.With this identification of foreign takeovers of U.S. establishments, we will ask, first, what characteristics of U.S. establishments determined the choice of foreign takeover targets. We will ask, also, what characteristics, such as nationality and previous involvement in the U.S. market, determined the identity of acquirers, perhaps with different explanations for different industries and different purchasing countries. Secondly, we will ask how the establishments changed after takeover, taking account of their condition at the time of takeover. We will compare their later evolution to that of plants in the same industries, with similar characteristics, that continued in the same ownership and to plants taken over by domestic purchasers.

在美国的外国公司和机构不同于本国公司和机构，尽管它们大多数最初是本国公司和机构。外资企业和机构规模更大，支付更高的工资，拥有更高的劳动力和多要素生产率。 他们在美国经济中所占的份额一直在稳步增加，我们不知道这些外国拥有的公司和机构之所以不同，是因为外国买家选择了更大、更高技能和更有生产力的公司来购买，还是因为外国所有者改变了以前的美国经济。通过引进上级管理或技术，后一种可能性对美国的外国直接投资和美国生产的外国所有权的快速增长对美国经济的影响有更有利的影响。本研究的目的是利用两个相对较新的统计机会来回答这个问题。其中之一是将经济分析局（Bureau of Economic Analysis，简称EIA）关于美国公司的外国所有权的数据与人口普查局的经济普查和制造业年度调查的数据联系起来。第二种方法是将这些匹配数据与人口普查局经济研究中心（CES）为各个企业编制的纵向文件合并。纵向数据识别所有权的变化，BEA-Census匹配使用户能够识别哪些所有权变化是向外国所有权的转变。通过识别外国收购美国企业，我们将首先问，美国企业的哪些特征决定了外国收购目标的选择。我们还会问，什么样的特征，如国籍和以前在美国市场的参与，决定了收购者的身份，也许对不同的行业和不同的购买国有不同的解释。 第二，我们会询问这些机构在接管后如何改变，考虑到它们在接管时的状况。 我们将把它们后来的演变与同一行业中具有相似特征、在同一所有权下继续存在的工厂以及被国内购买者收购的工厂进行比较。