粒状经济中的兼并、公司规模和波动性

IF 2.3 3区经济学 Q2 ECONOMICS

Review of Economic Dynamics Pub Date : 2024-09-26 DOI:10.1016/j.red.2024.101254

Jackie M.L. Chan , Han (Steffan) Qi

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引用次数: 0

摘要

我们研究了与并购（M&A）相关的企业动态及其在微观和宏观层面的影响。我们的论文提出了三个主要发现：(i) 兼并会导致企业规模分布更加肥尾，从而放大细微波动并增加总体波动性；(ii) 兼并的影响取决于战略市场力量和内生加价；(iii) 在内生加价的情况下，我们提供了企业规模-波动关系的新特征，即波动性随企业规模不成比例地下降。我们建立了一个国内横向兼并的定量模型，并通过反事实分析发现兼并对总体波动性有相当大的影响。

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Mergers, firm size, and volatility in a granular economy

We study the firm dynamics associated with mergers and acquisitions (M&A) and their implications at the micro and macro levels. Our paper presents three main findings: (i) mergers generate a more fat-tailed firm-size distribution, thereby amplifying granular fluctuations and increasing aggregate volatility; (ii) the impact of mergers depends on strategic market power and endogenous markups; and (iii) under endogenous markups, we provide a novel characterization of the firm size-volatility relationship in which volatility declines disproportionately with size. We build a quantitative model of domestic horizontal mergers and find a sizeable impact of mergers on aggregate volatility using counterfactual analysis.

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来源期刊

Review of Economic Dynamics ECONOMICS-

CiteScore

3.30

自引率

0.00%

发文量

期刊介绍： Review of Economic Dynamics publishes meritorious original contributions to dynamic economics. The scope of the journal is intended to be broad and to reflect the view of the Society for Economic Dynamics that the field of economics is unified by the scientific approach to economics. We will publish contributions in any area of economics provided they meet the highest standards of scientific research.