Investment Behavior Research On Chinese Mutual Funds Based On The Complex Network

Complex network theory has been used applied in different areas. In this paper, we used complex network model and theory in the fields of mutual funds. We established two kinds of networks on bond market and equity market respectively, i.e. two-mode network including both fund nodes set and security nodes set and one-mode network with just fund nodes set. We calculated degree, mean length of the shortest paths, clustering coefficient of these networks and analyzed the small-world and the scale-free properties and found that the mutual funds had been concentrated on the securities issued by financial institutions and convertible bonds. What’s more, we collected the industry distribution of the funds capital from 2004 to 2014 and concluded that the phenomenon which funds capital focus on financial institutions had been emerged in 2006. At last we analyzed the risk concentrating and gave some advices of supervision.