网络结构与国有资本的影响力及控制力

Network Structure and State-owned Capital's Influence and Control

本文基于复杂网络模型分析A股2 840家上市公司的股东结构发现:在中国上市公司持股网络中,国有资本管理机构基本控制了大型金融资产管理机构。就A股上市公司的股权结构而言,从总体来看其股权结构较为分散;就单一公司来看,第一大股东持股比例普遍较高,且普遍具有绝对控股优势。从市值规模上来看,大型金融机构更偏爱大市值"龙头公司";从行业角度来看,他们更偏爱金融、制造业、医药以及计算机行业。通过对比美国世界五百强企业之间的持股网络结构,发现相对于中国而言,美国企业股权显性复杂度更高,美国大型金融机构较中国同行更青睐于创新型科技企业。

This study is an attempt to shed light on the statistical characters of China＇s A-share listed companies＇ share connection network. Data was gathered from 2,840 public companies in the capital market of China＇s mainland, The findings are as followed. Those large-cap ＂ leading companies＂ and companies from financial, manufacturing and high-tech sectors enjoy higher preference by state-owned asset management entities. The top holders, who have dominated percentage of shares, typically control those public companies. However, overall ,the network structure of listed companies is very fragmented. By comparing the differences between the US Fortune 500 companies＇ shareholding network and A-share listed companies network,it is found that apparently US corporations have higher level of network concentration than China＇s counterparts, and US large asset management firms prefer tech enterprises than Chinese counterparts