我国上市金融机构关联性研究--基于网络分析法

The Connectedness of Chinese Listed Financial Institutions:A Study Based on Network Analysis

基于信息溢出的视角,本文构建了2008-2015年我国上市金融机构之间的关联网络,通过网络分析法解构了金融网络的总体关联性以及部门内和部门间的关联特征,并采用金融机构微观层面的数据实证分析了网络关联的影响因素。研究发现我国金融机构的关联网络具有"小世界现象"和"无标度特性"等复杂网络性质,同时,2012年以来我国金融机构的总体关联性呈现明显的上升趋势,且2014年的关联程度甚至超过了金融危机期间,反映出近年来我国金融机构的系统性风险在不断累积。研究还发现金融机构影子业务规模的快速扩张是我国金融机构关联水平上升的重要因素。

Based on information spiUover 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.