我国投资银行股票承销合作网络结构的实证研究

An Empirical Study on Stock Underwriting Cooperation Network Structure of China's Investment Banks

通过建立我国投资银行在股票IPO业务中的承销合作网络,研究该网络的拓扑统计性质。实证研究结果表明:投资银行承销合作网络具有小世界性;银行之间存在异类匹配合作关系,它们之间的合作次数会影响网络的拓扑结构;银行拥有越多的社会资本,其"背叛"现有合作关系的激励就越大;从总体上看,投资银行间不存在长期的反复合作关系,客观上导致了合作网络的非稀疏性。研究结果有助于建立合作网络演化模型及网络动力学行为研究。

By building stock IPO underwriting cooperation network of China＇s investment banks, this paper investigates the topology of this cooperation network. The empirical study demonstrates： the cooperation network is a small-world network; the cooperation relationship between banks is disassortative; the cooperation degree will influence the network topology; the more social capitals a bank holds, the larger incentives to betray existing cooperation; as a whole, there are not long-term repeating collaborations between banks. The results provide insights for eonsh＇ucting network evolving models and network dynamic studies.