中国房地产信贷网络特征及演化规律

Topological Characteristics and Evolution of Chinese Real Estate Credit Network

利用复杂网络分析方法,以2007—2013年沪深A股房地产上市公司为样本,基于房地产长期借款信息构建房地产金融机构二分网络。对该二分网络进行投影得到以金融机构为网络节点的无向含全的单顶点网络,即房地产信贷网络。从小世界效应、无标度特性、度相关性和网络中心性角度分析网络的拓扑特性和演化规律。实证研究发现:2007—2013年间房地产信贷网络是小世界网络,但不具有无标度特性。随着网络规模的扩大,新增网络节点的连接具有异配性。同时国有五大行及部分股份制银行在房地产信贷网络中占据枢纽地位,对网络稳定性起决定性作用。

Based on complex network theory, using the data of listed companies in real estate industry from Shanghai Stock Exchange and Shenzhen Stock Exchange, a bipartite network whose nodes were divided into listed real estate companies and financial institutions was created with the long-term bor- rowing information between them. Through the projection method, a weighted real estate credit net- work was created and the network＇ s basic topological characteristics, such as small-world effect, scale-free feature, degree correlation and centrality were analyzed. Empirical study shows that the real estate credit network is a small-world network, but not a scale-free network with the power law be- tween 2007 and 2013. With the expanding of network scale, the new nodes are inclined to connect with nodes whose degree is larger than others. Meanwhile, five state-owned banks and joint-stock banks play pivotal role in the real estate credit network, which have important effect on the stability of network.