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| The Connectedness of Chinese Listed Financial Institutions:A Study Based on Network Analysis |
| LI Zheng, LIANG Qi, TU Xiaofeng
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School of Economics, Tianjin University of Finance and Economics;
School of Economics,Nankai University |
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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.
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Received: 07 September 2015
Published: 01 January 1900
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