我国银企间多层金融网络模型研究：基于产品和信贷关联

Research on Multi-Layer Financial Network Model between Banks and Enterprises in China: Based on Product and Credit Linkage

摘要: 经济金融系统的高度融合引发了经济金融网络系统的复杂性越发显著，有待进一步挖掘和探索。本文基于复杂性科学视角，运用复杂网络理论和方法，以中国上市A股市场中银行和企业之间金融产品关联数据和信贷数据(2010年6月至2015年6月)为基础，构建银行和企业间的多重金融关联网络模型，系统分析不同金融关联下的银企间金融网络拓扑结构特征，并检验单层网络与多层网络间的相似性状态等。研究发现，代表产品关联的单层网络、代表信贷关联的单层网络和代表产品与信贷关联的多层网络均表现为稀疏、无标度、(超)小世界和同配性；银企间不同金融关联的网络结构有显著差异，而多层网络保留了产品关联网络的大部分特征，可以由产品关联的单层网络所代表。

Abstract: The high degree of integration of the economic and financial system has led to an increasingly sig-nificant complexity of the economic and financial network system, which needs further excavation and exploration. This paper builds a bank based on the complexity science perspective, using complex network theory and methods, and based on financial product linkage data and credit data (June 2010 to June 2015) between banks and enterprises in the Chinese listed A-share market. The model of multiple financial association networks among enterprises, systematically analyzes the topological structure characteristics of financial networks between banks and enterprises under different financial relationships, and examines the similarity status between single-layer networks and multi-layer networks. The study found that the single-layer networks that represent product associations, the single-layer networks that represent credit associations, and the multi-layer networks that represent products and credits are all characterized by sparseness, scale-free, (super) small-world, and homogeneousness; there are significant differences in the network structure of different financial linkages, and multi-layer networks retain most of the characteristics of product-related networks and can be represented by single-layer networks associated with products.