交叉持股行为的复杂性研究

为分析交叉持股行为对股市波动的影响，引入复杂网络进行研究，以我国沪深两市上市公司间的交叉持股关系构建了两类网络。经理论分析和数值模拟计算表明:一类网络是基于选择和利己连接规则下的无标度网络；另一类网络可依据具有交叉持股关系的公司股票间价格相关系数的大小来调节规模，当价格相关系数处于某特定值时，此类网络即呈现无标度特性。研究表明:在交叉持股网络中，度值大的股票会对整个网络产生很大的影响，并进而对整个股市造成更大的影响。

The Complexity of Having the Cross-ownership

By introducing the complex network theory and analyzing how cross-ownership impacts on the fluctuation of stock markets,this paper describes how two kinds of complex networks were established by cross-ownership relation of the listed companies of Shanghai and Shenzhen stock markets.The theoretical analysis and numeral value simulation show that,one network was a scale-free one based on choosing and self-regard connecting principle,and the other network was established by the price cross-correlation of liste...