基于多层网络模型的上市公司关联演化特征与风险承担水平  

Evolution Characteristics of Association and Risk-taking Level of Listed Companies Based on Multi-layer Network Model

作　　者：李明昕 李星毅 李仲飞 Li Mingxin;Li Xingyi;Li Zhongfei(College of Science,Inner Mongolia University of Science and Technology,Baotou 014010;College of Economics,Shenzhen University,Shenzhen 518060;Business School,Southern University of Science and Technology,Shenzhen 518055)

机构地区：[1]内蒙古科技大学理学院,包头014010 [2]深圳大学经济学院,深圳518060 [3]南方科技大学商学院,深圳518055

出　　处：《管理评论》2025年第1期243-256,共14页Management Review

基　　金：国家自然科学基金重大项目(71991474);内蒙古自治区高等学校青年科技英才支持计划资助项目(NJYT23101);内蒙古自然科学基金面上项目(2021MS01021);内蒙古自治区哲学社会科学规划项目(2024ZZA231)。

摘　　要：企业是实体经济和金融市场的主体之一,企业间的复杂关系对经济整体的稳定发展有不可忽视的作用。基于复杂网络理论构建包含股东关联和高管联结关系的上市公司多层网络,并以2010—2019年全部A股上市公司为样本,实证研究上市公司间多重关联下的结构演化特征及其对企业风险承担水平的影响。研究结果表明:高管网络更能通过信息传递作用抑制风险传染、提高风险承担水平,股东网络通过关联交易对风险传播产生的抑制作用和风险承担水平的提升作用较小;从层间角度考虑,高管网络结构较稳定,而股东网络结构的稳定性不高,同一年度股东网络和高管网络之间的相似性较低,网络的结构差异有效地抑制了风险在层与层之间的扩散和传染。Enterprises are one of the subjects of real economy and financial market,and the complex relationship between enterprises plays an important role in overall stable development of the economy.This paper constructs a multi-layer network of listed companies,including shareholder association and executive association,based on the complex network theory,and takes all A-share listed companies from 2010 to 2019 as samples to empirically study the structural evolution characteristics of listed companies under multiple association and their impacts on the risk-taking level.The results show that:1)in terms of restraining risk contagion and improving the risk-taking level,the executive network of listed companies plays a great role through information transmission,while the shareholder network plays a small role through related transactions;2)from the perspective of inter-layer,the structural stability of the executive network is relatively high,while the structural stability of the shareholder network is relatively low,the similarity between the two networks in the same year is low,and the structural difference of the networks effectively inhibits inter-layer spread and contagion of risks.

关 键 词：多层网络 上市公司 网络结构 风险承担水平 

分 类 号：F27[经济管理—企业管理]