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### 地方主导企业特质冲击的颗粒经济效应与区域经济影响

• 出版日期:2020-04-25 发布日期:2020-04-15

### The Granular Economic Effect and Regional Economic Influence of Idiosyncratic Shocks to Locally-Dominant Enterprises

Xiong Haifang & Li Siqi

• Online:2020-04-25 Published:2020-04-15

Abstract: As an important indicator of economic development, listed companies need to be considered for their impact on macroeconomic fluctuations. Based on the theory of “Granular Hypothesis” of Gabaix (2011), this paper explores the explanatory power of idiosyncratic shocks to large listed companies (locally-dominant enterprises) in each province of China to macroeconomic fluctuations, analyzes the reasons of granular economic effect and its influence on regional economy. The results indicate that in 14 of the 31 provinces in China, the idiosyncratic shocks to locally-dominant enterprises significantly affect the local macroeconomic fluctuations, having the granular economic effect. When we expand provincial economies to the provincial-border economies and economic divisions of each province, we find that the locally-dominant enterprises of some provinces above still have explanatory power for the economic fluctuations of regional economies. Different groups of enterprises have different explanatory powers for macroeconomic fluctuations of each province, thus we identify a series of more important microscopic origins of macroeconomic fluctuations for each province. Economic development should pay special attention to the production fluctuation of micro enterprises, especially locally-dominant ones, in order to guide the coordinated development of regional economy and promote the smooth operation of China’s macro-economy.