日本经济的总体和企业层面波动

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical Research Pub Date : 2016-11-28 DOI:10.1111/jere.12132

Young Gak Kim, Hyeog Ug Kwon

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引用次数: 3

摘要

本文利用企业财务报表统计(FSSC)的纵向数据集，研究了企业和总体水平上的销售波动。主要研究结果如下:首先，在20世纪90年代中期之前，公司层面的波动性一直在下降，但随后又再次上升。其次，总体波动率稳步下降，直到20世纪90年代中期，此后一直保持在低位。第三，对总销售额增长率的总方差进行分解，我们发现企业层面和总水平波动率的差异是由于不同企业之间销售增长协方差的急剧下降和随后的低水平以及单个企业销售波动率的增加造成的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Aggregate and Firm-level Volatility in the Japanese Economy

In this paper, we investigate the volatility of sales at the firm and the aggregate level using the longitudinal data set of the Financial Statements Statistics of Corporations (FSSC). The main findings are as follows. First, firm-level volatility decreased until the mid-1990s, but then increased again. Second, aggregate-level volatility steadily decreased until the mid-1990s and remained low after that. Third, decomposing the total variance of the growth rate of aggregated sales, we find that the divergence between firm-level and aggregate-level volatility is caused by the drastic decline and subsequent low level of the covariance of sales growth between different firms and the increase in individual firms' sales volatility.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.

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