Research On Stock Networks Of Central State-owned Enterprises Before And After Reorganization Of Csr And Cnr

As China's state-owned enterprises,central enterprises are key to national security and a lifeline to the economic development of China.Although China's economy has developed rapidly since the reform and opening up,the road of reform of the central enterprises is not smooth.In order to promote the reform and development of the central enterprises,the government has decided to restructure the central enterprises.The central policy of the Chinese government was to see the central enterprises leading the pack in the transformational agenda and to see them becoming stronger and powerful through an agglomeration of central enterprises.However,the outcome of what lies ahead is unknown.Therefore,it is significant to study the reorganization of the central enterprises.On the basis of the closing price of 102 central enterprise stocks spanning from June8,2009 to June 30,2016,we regard December 31,2014 as the dividing point and the data are divided into two periods before and after the reorganization.We compare and analyze the structural characteristics of stock related networks before and after reorganization form the perspective of complex network theory.The details are as follows:Firstly,we calculate the correlation coefficient of stocks in two periods.We start from the profitability of listed companies and use TOPSIS approach to define the impact of listed companies.Thus,we use Gephi to establish weighted and directed networks before and after reorganization.At the same time,we use Newman greedy algorithm to find the community structures in the networks.The results show that the network structure has changed significantly and the impact of reorganized central enterprises has increased.Secondly,we analyze the complex network topology,including degree and degree distribution,average path length and clustering coefficient.K nuclear cycle factor method was used to explore the influence of node size.We analyze the stability of the networks under external attack.The results show that the nodes which are Upstream or downstream industry of Restructured central enterprises have much more influence onother nodes.The stock networks before and after the reorganization show different characteristics when under attack.In summary,we didn't imitate most scholars who just analyze the restructured enterprises themselves.We put the restructuring of the central enterprises into a stock network consisting of many listed central enterprises and use complex network theory to analyze the stock network.