Research On The Dynamic Transmission Of Co-shareholder Intensity On Stock Price Volatility Of Listed Energy Companies Based On Two-plex Network

The special financial attributes of listed energy companies can attract investors' attention,and the amount of shareholder investment will affect the stock price's volatility.The relationship between listed energy companies reflects the information interaction between companies,which in turn affects the volatility of the company's stock price,and there is a linkage between them.Different companies will attract the same shareholders to invest and form co-shareholder relationship.The shareholder holdings are different,and intensity of the co-shareholder relationship is also different,which affects information interaction and causes stock price volatility.The shareholder can increase or decrease their holdings,which cause changes in the co-shareholder intensity,and affect the volatility of the company's stock price.This paper proposes a research framework combining multi-method,and research on the dynamic transmission of co-shareholder intensity on stock price volatility of listed energy companies based on two-plex network.The main work and innovation results of the article are as follows:(1)This thesis constructs co-shareholder intensity network of energy listed companies according to combining the decreasing-mode method of two-mode network and resource allocation theory,which describes co-shareholder intensity among energy listed companies using shareholding volume as the medium.From the macro and micro perspectives,this thesis analyzes the overall characteristics,stability,and the company's competitive advantages and disadvantages as well as the competitive direction over time.The results reveal that the overall evolutionary characteristics and stability analysis reflect the widespread of the co-shareholder phenomenon among companies,the differences of co-shareholder intensity among companies becomes smaller and smaller over time,the stability of the edge in the co-shareholder intensity network has a greater impact on the stability of the network.There is a strong correlation between the competitive advantages and disadvantages of energy listed companies and the direction of competition.Companies with obvious competitive advantages and disadvantages are more inclined to one-way competition,indicating that the competition coefficients of these energy listed companies are quite different.The competitive advantages and disadvantages and the competitive direction can help to understand the development status of energy listed companies and the investment choices of shareholders.(2)On the basis of the co-shareholder intensity network,this thesis constructs an correlation impact model of co-shareholder intensity and stock price volatility,which describes the correlation relationship between co-shareholder intensity and company-self stock price volatility,as well as stock price volatility among companies.Based on this,a two-plex network influence model of coshareholder intensity on stock price volatility is constructed,which describes the influence of coshareholder intensity of energy listed companies on stock price fluctuations.From a system perspective,this thesis analyzes the overall characteristics,edges,nodes,and interplex relationship of the two-plex network.The results reveal that there is a significant negative correlation between the co-shareholder intensity of energy listed companies and stock price volatility,indicating that the stronger co-shareholder intensity among energy listed companies,the smaller the fluctuation of stock prices.There is a big difference in overall evolutionary characteristics between two-plex influence network and the single-plex network of co-shareholder intensity and stock price volatility.The tightness of two-plex network is stronger than the two single-plex networks,so influence transmission is much faster in the two-plex network.Secondly,the activity and participation of energy listed companies in the two-plex network are getting stronger and stronger,so the connections of company in the upper and lower networks are getting stronger and stronger.Third,in terms of the interplex relationship,the co-shareholder intensity has obvious influence on the stock price fluctuations of the corresponding companies.(3)Based on the two-plex influence network of co-shareholder intensity on stock price volatility of energy listed companies,this thesis constructs dynamic transmission model of two single-layer co-shareholder intensity and stock price volatility network and two-plex network influence model of co-shareholder intensity on stock price volatility,then the thesis simulate the dynamic transmission of the three types of networks under different circumstances when the shareholding volume changes,to reveal the transmission step,influence transmission range and extent.The results reveal that in the affected co-shareholder intensity network,the changes of shareholding volume will not affect all energy listed company nodes,but there are many coshareholder intensity edges affected,and the range and extent of the influence transmission will be reached the maximum in the second step of influence transmission.The affected stock price volatility network is the opposite,all energy listed companies will be affected,but there are few stock price volatility edges affected,and in terms of the influence transmission range and extent,they are respectively reach the maximum in the first and second steps transmission.No matter it is affected by the decrease of one shareholder holding volume or the increase or decrease of many shareholder holding volume,it will affect the entire two-plex network,and affect the entire network in the first step transmission,and the transmission speed will be much faster.