Research On The Interdependent Relations Between The Co-shareholder Networks Of Financial And Non-Finacial Listed Companies

Co-shareholder relations of listed companies can effectively increase the approaches of information source by improving enterprises’ supportability of resources acquisition. Making an empirical analysis for the co-shareholder relations of the listed companies through complex approaches can more objectively and directly reflect the close connection between the listed companies. At the same time, in order to solve the problems such as shortage of capital, etc, non-financial listed companies often need to loan from financial a listed company, which forms a debtor-creditor relations between both of them. By using the theories and methods of interdependent network, it can build interdependent network model between co-shareholder relations networks of listed companies, to do research on debtor-creditor relations. And it also can accurately and effectively identifies the key role of the lending relationship and intervene, control, reduce the impact of the crisis, to avoid a systemic crisis. In this paper, the main research work and innovative contributions are mainly embodied as follows:(1) Based on the co-shareholder relations, it established the co-shareholder relations network model of financial companies and the co-shareholder relations network model of non-financial companies, and through the two models, it respectively carried out an empirical research on the co-shareholder relations between China’s financial listed companies and non-financial listed companies from 2006 to 2012. The research found that, as far as the financial listed companies, bank financial listed companies occupy a core status. The majority of non financial companies have a large number of co-shareholder relations, and a small number of non financial companies focused on a large number of co-shareholder relations.(2) Based on co-shareholder relations network of financial companies and the co-shareholder relations network of non-financial companies, it take list companies which have debtor-creditor relations as points, and take debtor-creditor relations as lines, and then built the interdependent network model. It defined the concept of topological characteristic parameters of interdependent network, and proposes the concrete calculation formula based on the formula of single network, which provided a theoretical support for the analysis of topological characteristics of interdependent network.(3) It carried out an empirical research on the debtor-creditor relations between China’s financial and non-financial listed companies from 2009 to 2012 by interdependent network. The study found that the state-owned commercial banks dominate in terms of loan frequency and loan amount, and joint-stock commercial banks have obvious advantages in terms of the ability of resources medium; the importance of non-financial industries is mainly guided by the government’s macro adjustment policy, and the industry status changes along with the change of policy. Though the debtor-creditor relations between large state-owned enterprises and real estate industry play a very important role on the efficiency of resource allocation strategy cooperation between listed companies, it faces high risk level of lending relations, which should be monitored to prevent the occurrence of systemic crisis.