基于多层网络视角的企业担保结构研究

Enterprise Guarantee Structure from the Perspective of Multilayer Network

为研究企业担保结构特征,基于多层网络理论构建了包含短期和长期担保关系的两层网络模型,并以2014～2016年中国上市企业担保数据进行了实证研究。研究结果表明:不同年份的多层网络总度服从幂律分布;多层网络度相关性为正向相关;不同年份的短期担保网络和长期担保网络均具有无标度特征;同一年度的短期担保网络和长期担保网络之间的相似度都比较低;相邻两年的同层担保网络结构相对稳定,但网络间相似度随着时间滞后期增加而在减少;不同层网络的中介中心度呈现较弱的正相关关系,但一个单层网络的最高中心度节点并不是另外一个单层网络的最高中心度节点;同一层网络的最高中介中心度节点随着时间是在变化的。

In order to investigate the guarantee structure of enterprises, this paper builds the two layer network model including short-term and long-term guarantee relationships based on multilayer network theory, and then conducts empirical analysis according to guarantee data of Chinese listed enterprises from 2014 to 2016. Empirical results show that, the distribution of total degrees of multilayer networks in different years obeys the power-law distribution, the degree correlation of multilayer networks is positively correlated, short-term guarantee networks and long-term guarantee networks all have scale-free feature in different years, the similarity between the short-term guarantee network and the long-term guarantee network is relatively low in the same year;the structure of the same layer guarantee network of two consecutive years is relatively stable, but the similarity between the same layer networks decreases with the increase of the lag phase, there is a weak positive correlation between betweenness centralities of different layer networks, but the top central node of a single-layer network is not that in other layer network, and the top central node of one layer network is changing with time.