The evolution analysis of listed companies co-holding non-listed financial companies based on two-mode heterogeneous networks

被引:11
作者
An, Pengli [1 ,2 ,3 ]
Li, Huajiao [1 ,2 ,3 ]
Zhou, Jinsheng [1 ]
Chen, Fan [1 ]
机构
[1] China Univ Geosci, Sch Humanities & Econ Management, Beijing 100083, Peoples R China
[2] Minist Land & Resources, Key Lab Carrying Capac Assessment Resource & Envi, Beijing 100083, Peoples R China
[3] Minist Land & Resources, Key Lab Strateg Studies, Beijing 100812, Peoples R China
基金
中国国家自然科学基金;
关键词
Complex network; Co-holding relationship; Two-mode network; Listed companies; COMPLEX NETWORKS; SHAREHOLDERS; CHINA;
D O I
10.1016/j.physa.2017.04.095
中图分类号
O4 [物理学];
学科分类号
0702 ;
摘要
Complex network theory is a widely used tool in the empirical research of financial markets. Two-mode and multi-mode networks are new trends and represent new directions in that they can more accurately simulate relationships between entities. In this paper, we use data for Chinese listed companies holding non-listed financial companies over a ten-year period to construct two networks: a two-mode primitive network in which listed companies and non-listed financial companies are considered actors and events, respectively, and a one-mode network that is constructed based on the decreasing-mode method in which listed companies are considered nodes. We analyze the evolution of the listed company co-holding network from several perspectives, including that of the whole network, of information control ability, of implicit relationships, of community division and of small-world characteristics. The results of the analysis indicate that (1) China's developing stock market affects the share-holding condition of listed companies holding non-listed financial companies; (2) the information control ability of co-holding networks is focused on a few listed companies and the implicit relationship of investment preference between listed companies is determined by the co-holding behavior; (3) the community division of the co-holding network is increasingly obvious, as determined by the investment preferences among listed companies; and (4) the small world characteristics of the co-holding network are increasingly obvious, resulting in reduced communication costs. In this paper, we conduct an evolution analysis and develop an understanding of the factors that influence the listed companies co-holding network. This study will help illuminate research on evolution analysis. (C) 2017 Elsevier B.V. All rights reserved.
引用
收藏
页码:558 / 568
页数:11
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