温州企业担保网络与风险演化研究——基于网络分析法
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摘要
本文构建了温州企业间担保网络,通过网络分析法研究了担保网络的网络规模、拓扑结构与特征、关联性以及风险演化过程。研究发现:温州企业担保网络具有"无标度"特性并存在明显的系统重要性企业,使其在面临随机冲击时具有非常好的稳定性,但在面临针对系统重要性企业的冲击时很容易出现系统性崩溃。同时,担保网络存在突出的"小世界"现象和"社区聚集",任何一个企业平均三步就可以通过担保关系将风险传递到另一个企业。
Based on Network Analysis, this paper builds an intercorporate loan guarantee network in Wenzhou and studies the size of the network scale, topology characteristics, and the risk evolution process of the guarantee network. The empirical results show that the topology of the presented loan guarantee network is close to a scalefree structure, and reveals the existence of several systemically important companies, which makes the network robust against accidental failures but vulnerable to coordinated attacks. Another important properties we find are the "small world" and "community clustering" effect, meaning that from any one node in the network, it takes on average only 3 steps to reach the other node, even though the network size is large.
Based on Network Analysis, this paper builds an intercorporate loan guarantee network in Wenzhou and studies the size of the network scale, topology characteristics, and the risk evolution process of the guarantee network. The empirical results show that the topology of the presented loan guarantee network is close to a scalefree structure, and reveals the existence of several systemically important companies, which makes the network robust against accidental failures but vulnerable to coordinated attacks. Another important properties we find are the "small world" and "community clustering" effect, meaning that from any one node in the network, it takes on average only 3 steps to reach the other node, even though the network size is large.
引文
[1]张乐才.企业资金担保链:风险消释、风险传染与风险共享——基于浙江的案例研究[J].经济理论与经济管理,2011(10):57-65.
[2]王永钦,米晋宏,袁志刚,周群力.担保网络如何影响信贷市场——来自中国的证据[J]金融研究,2014(10).
[3]米晋宏.社会网络视角下中小企业融资问题的研究[D].复旦大学,2014.
[4]张乐才,杨宏翔.企业资金担保链的联接特征与风险传染——基于无尺度网络理论的视角[J].江淮论坛,2013(4):58-65.
[5]曹廷求,刘海明.信用担保网络的负面效应:传导机制与制度诱因[J].金融研究,2016(1):145-159.
[6]李政,梁琪,涂晓枫.我国上市金融机构关联性研究——基于网络分析法[J].金融研究,2016(8):95-109.
[7]谷任,陈炯旭.基于复杂网络分析法的银证关联度实证分析——以集合资管业务为例[J].金融与经济,2018(6):31-39.
[8]江红莉,刘丽娟,程思婧.系统性金融风险成因、测度及传导机制——基于文献综述视角[J].金融理论与实践,2018(11):49-55.
[9]吴宝,李正卫,池仁勇.社会资本,融资结网与企业间风险传染——浙江案例研究[J].社会学研究,2011(3):84-105.
[10]Alen N. Berger&Gregory F. Udell. A More Complete Conceptual Framework for SME Financial[C].Work Bank Conference on Smalland Medium Enterprises:Overcoming Growth Constraints,2004.
[11]Eboli. A flow network analysis of direct balance-sheet contagion in financial networks[C].Tech. Rep,2013.
[12]Acemoglu. Systemic Risk and Stability in Financial Networks[J].The American Economic Review,2015.
[2]王永钦,米晋宏,袁志刚,周群力.担保网络如何影响信贷市场——来自中国的证据[J]金融研究,2014(10).
[3]米晋宏.社会网络视角下中小企业融资问题的研究[D].复旦大学,2014.
[4]张乐才,杨宏翔.企业资金担保链的联接特征与风险传染——基于无尺度网络理论的视角[J].江淮论坛,2013(4):58-65.
[5]曹廷求,刘海明.信用担保网络的负面效应:传导机制与制度诱因[J].金融研究,2016(1):145-159.
[6]李政,梁琪,涂晓枫.我国上市金融机构关联性研究——基于网络分析法[J].金融研究,2016(8):95-109.
[7]谷任,陈炯旭.基于复杂网络分析法的银证关联度实证分析——以集合资管业务为例[J].金融与经济,2018(6):31-39.
[8]江红莉,刘丽娟,程思婧.系统性金融风险成因、测度及传导机制——基于文献综述视角[J].金融理论与实践,2018(11):49-55.
[9]吴宝,李正卫,池仁勇.社会资本,融资结网与企业间风险传染——浙江案例研究[J].社会学研究,2011(3):84-105.
[10]Alen N. Berger&Gregory F. Udell. A More Complete Conceptual Framework for SME Financial[C].Work Bank Conference on Smalland Medium Enterprises:Overcoming Growth Constraints,2004.
[11]Eboli. A flow network analysis of direct balance-sheet contagion in financial networks[C].Tech. Rep,2013.
[12]Acemoglu. Systemic Risk and Stability in Financial Networks[J].The American Economic Review,2015.