Privatization of state‐owned enterprises is on the agenda across the globe. Using Swedish data covering two decades, we show that productivity gains and headcount reductions are associated with economic costs for incumbent workers. Workers experience income losses and higher unemployment, but half of the losses are covered by the social safety net. We also find small positive effects on entrepreneurship and cash holdings but no meaningful effects on other labor market, family, health, or household finance outcomes. Productivity improves when the CEO is replaced, and the gains outweigh workers' income declines by a factor of between two and six.

中文翻译：

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工人私有化的成本是多少？

国有企业私有化已提上全球议程。使用跨越二十年的瑞典数据，我们表明生产率的提高和员工人数的减少与在职工人的经济成本有关。工人遭受收入损失和更高的失业率，但一半的损失由社会安全网覆盖。我们还发现，对创业和现金持有量的积极影响很小，但对其他劳动力市场、家庭、健康或家庭财务结果没有有意义的影响。当 CEO 被替换时，生产力会提高，而收益会超过工人收入下降的 2 到 6 倍。