Research On The Multi-layer Financial Network Model Between Banks And Enterprises In My Country

With the liberalization of finance,the relaxation of financial regulation,the high integration of economic and financial systems,and the increasingly frequent interaction of financial markets,the entire economic and financial system has become increasingly complex,stability has tended to decrease,and financial supervision has become more difficult.Existing financial theories and traditional analytical methods have failed to accurately explain the complexity of the financial system.Complex networks can effectively study complex systems,not only describe and measure the overall characteristics of the network,but also describe and measure each node within the network,which helps us to further understand the complex economic and financial systems.The nodes of the financial system based on complex network theory are the main actors in the system,and the interrelationship between them is to build a complex system with a specific topology and a large scale,which plays an important role in the study of financial networks and their dynamic evolution.Under the above background,this paper applies the complex network to the multi-layer financial network between banks and enterprises.Different from the existing research on inter-bank financial networks,this paper takes representative banks and enterprises listed in China as the research object.Incorporate enterprises into financial networks,select direct financial correlation data between banks and enterprises(holding product and credit data)and indirect financial linkage data(stock yield data)in the case where direct associated data is not available,through statistical empirical method to construct a single-layer and multi-layer financial network between banks and enterprises,analyze the structural characteristics and dynamic evolution of the network,identify the important institutions of the system,and compare the network,summarize the commonality and difference of multi-layer financial networks between banks and enterprises under two kinds of correlations.Through the analysis of the multi-layer financial network between banks and enterprises under two kinds of associations,it is found that:(1)The multi-layer financial network between banks and enterprises based on direct correlation and indirect association is sparse,non-uniform,scale-free,(super)small world,clustered,and matched,in line with most real-world network characteristics;among them,multi-layer financial networks based on direct financial associations are more closely connected and connected with each other over time.The whole network is becoming more and more sparse,and the overall agglomeration is declining.(2)The four major banks and China Merchants Bank in the multi-layer financial network based on direct financial association are systemically important nodes;In addition to Nanjing Bank and Bank of Communications,there are 9 companies in the financial network that are systemically important nodes.(3)Among the multi-layer financial networks between banks and enterprises based on indirect financial linkages,manufacturing enterprises and banks have the strongest correlation.The causal link is the closest;the most influential institutions in the financial network between banks and enterprises in different industries are different banks,some are banks;some are enterprises;(4)Different layers have significant differences in the financial network structure between banks and enterprises(different financial associations/industries).There is no mutual representation between layers,and different parts of the market between banks and enterprises have important complementarities;The network retains most of the features of a single-layer network and can be represented by a single-layer network.