Replication data for: Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry

We explore how changes in ownership affect the productivity and profitability of producers. Using detailed data from the Japanese cotton spinning industry at the turn of the last century, we find that acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition. They were much less profitable, however, due to higher inventory levels and lower capacity utilization—differences that reflected problems in managing the uncertainties of demand. After acquisitions, less profitable acquired plants saw drops in inventories and gains in capacity utilization that raised both their productivity and profitability levels. (JEL D24, G32, G34, L11, L25, L66, N65)

本文探讨所有权变更对生产者生产率与盈利能力的影响。基于上世纪之交日本棉纺织业的精细微观数据，本文研究发现：收购前，被收购企业的生产设施平均实物生产率并不低于收购方企业的工厂；但被收购企业的盈利能力却显著更低，究其原因在于其库存水平更高、产能利用率更低——这类差异反映出企业在应对需求不确定性的管理层面存在短板。收购完成后，盈利能力较弱的被收购工厂实现了库存下降与产能利用率提升，进而推动其生产率与盈利能力双双改善。(JEL D24, G32, G34, L11, L25, L66, N65)