公司规模波动的交易理论
A transactional theory of fluctuations in company size
摘要：
对上市公司的详细实证研究表明，年销售增长率的标准差随着公司销售额的增加而下降，呈幂律分布，销售增长分布是非高斯分布，尾部缓慢衰减。为了解释这些经验事实，一个理论的发展，结合了一个单一的公司的销售额的波动和许多公司之间的统计差异。该理论再现了增长率的标准差和非高斯分布的标度。早期的模型通过将企业划分为一些模糊的子单位来再现相同的经验特征;通过将总销售分解为单个交易，这种模糊性被消除。该理论产生了可验证的预测，并适用于公司内任何形式的商业组织。此外，由于交易是所有规模的经济活动的基础，该理论可以扩展到经济的各个层面，从单个产品到跨国公司。
英文摘要：
Detailed empirical studies of publicly traded business firms have established that the standard deviation of annual sales growth rates decreases with increasing firm sales as a power law, and that the sales growth distribution is non-Gaussian with slowly decaying tails. To explain these empirical facts, a theory is developed that incorporates both the fluctuations of a single firm's sales and the statistical differences among many firms. The theory reproduces both the scaling in the standard deviation and the non-Gaussian distribution of growth rates. Earlier models reproduce the same empirical features by splitting firms into somewhat ambiguous subunits; by decomposing total sales into individual transactions, this ambiguity is removed. The theory yields verifiable predictions and accommodates any form of business organization within a firm. Furthermore, because transactions are fundamental to economic activity at all scales, the theory can be extended to all levels of the economy, from individual products to multinational corporations.
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