Research On The Relevance And Systemic Risk Of Listed Companies In China From The Perspective Of Directed Networks

International practice shows that systemic risk is destructive.After the financial crisis in 2008,systemic financial risk is highly concerned by academia,industry and regulatory authorities.The understanding of systemic risk from the "too big to fail" to the "too interconnected to fail".With the macro prudential supervision become the core of financial reform.The precondition of macro prudential supervision is the clear comprehension and measurement of system risk.Practices has shown that a common threat across all financial system events is the complex interaction and interaction among participants in the financial system.Excessive Association will make the negative impact and conduction diffusion between the different industries.This result lead that the damage and the degree of infection increased significantly.Therefore,it is necessary to strengthen the study of linkage for inter industry in the whole financial system,To identify the industries with strong relevance and strengthen the supervision of the financial is necessary to reduce the risk of financial system..This paper selects five listed industry in the stock market and the 166 stocks trading price.This can construct the directed and weighted network with date.Through the network analysis,this paper comprehensively analyzes the general relationship between the listed companies and the correlation characteristics of the industry in order to provide the basis and support for the construction of macro prudential regulatory framework and financial reform or improvement in China.The empirical results show that:first,the weighted network of all listed companies in China shows the characteristics of "small world" and "scale-free" Second,In extreme cases,The overall association of Listed Companies in China shows a significant upward trend.In addition,The interaction between the various sectors is not obvious,but inter industry linkage becomes the main mode of risk.During the crisis,The systemic risk of the real estate industry is the biggest.The risk contagion caused by the real estate industry is very obvious.Capital market services in the crisis period is more sensitive to the industry,the risk of a more rapid response to infection...