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首页> 外文期刊>Physica, A. Statistical mechanics and its applications >On the topological properties of the cross-shareholding networks of listed companies in China: Taking shareholders' cross-shareholding relationships into account
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On the topological properties of the cross-shareholding networks of listed companies in China: Taking shareholders' cross-shareholding relationships into account

机译：中国上市公司交叉持股网络的拓扑特性：考虑股东的交叉持股关系

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摘要

Shareholders are the owners of listed companies, and their relationships can directly affect the structure of the stock market. In this paper, we analyze the topological properties and evolution of the cross-shareholding networks of listed companies in the past 5 years in China from 2007 to 2011, an infrequently considered topic, by taking shareholders' cross-shareholding relationships into account. This analysis arrives at a deeper insight into the inner characteristics of China's stock market. We find that the cross-shareholding networks of listed companies with shareholders' cross-shareholding relationships display statistical features that reveal the stock market's complex relationships more precisely. In particular, the results show that when the shareholders' cross-shareholding relationships are considered, first, the In-degree and Out-degree of the cross-shareholding networks follow power-law distribution and the R~2 of the linear regression analysis of the cumulative degree distribution is relatively higher; second, the modularity of the communities is larger; finally, both the number of members of top-ranked communities and the number of communities that have a large number of members are larger than those of which only considering the relationships between shareholders and listed companies are taken into account. Such cross-shareholding networks analysis taking shareholders' crossshareholding relations into account would be a helpful tool for supervisory departments and for stock market researchers to grasp the inner cross-shareholding relationships of listed companies in China, and it will be also helpful for the further researches about the "agent problems" in the stock markets from a whole point of view.
机译：股东是上市公司的所有者，它们之间的关系会直接影响股票市场的结构。在本文中，我们通过考虑股东之间的交叉持股关系，分析了过去5年（2007年至2011年）中国上市公司交叉持股网络的拓扑特性和演化，这是一个不经常被考虑的话题。这种分析可以更深入地了解中国股票市场的内部特征。我们发现具有股东交叉持股关系的上市公司交叉持股网络显示出统计特征，可以更准确地揭示股票市场的复杂关系。特别是，结果表明，当考虑股东的交叉持股关系时，首先，交叉持股网络的入度和出度都遵循幂律分布，并且线性回归分析的R〜2累积度分布比较高;第二，社区的模块化更大;最后，排名最高的社区的成员数量和拥有大量成员的社区数量都大于仅考虑股东与上市公司之间关系的社区数量。这样的交叉持股网络分析，将对股东的交叉持股关系加以考虑，将为监管部门和股票市场研究人员掌握中国上市公司内部的交叉持股关系提供有益的工具，也将为进一步的研究提供帮助。从整个角度来看股市中的“代理商问题”。

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