Abstract:
Based on information spillover perspective, this paper builds the interconnected network of Chinese listed financial institutions in 2008-2015, and uses the network analysis to study the overall connectedness of financial network and the characteristics of connectedness within and between sectors. We also analyze the influential factors of connectedness using financial institutions' micro-level data. The results show that the interconnected network possesses the complex network properties of both small-world phenomenon and scale-free characteristics. The overall level of connectedness has increased since 2012, and its degree in 2014 has outweighed that of the financial crisis period in 2008, implying the systemic risk exposure has accumulated in recent years. We also find that the shadow business of financial institutions is one of the main factors resulting in the high-level connectedness.
李政, 梁琪, 涂晓枫. 我国上市金融机构关联性研究——基于网络分析法[J]. 金融研究, 2016, 434(8): 95-110.
LI Zheng, LIANG Qi, TU Xiaofeng. The Connectedness of Chinese Listed Financial Institutions:A Study Based on Network Analysis. Journal of Financial Research, 2016, 434(8): 95-110.
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