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《Finance & Economics》 2017-05
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Measurement of Stability of Stock Market and Its Mechanism: From Complex Network Structure Perspective

Shao Huaming;Ma Yongtan;Zhu Tao;  
This paper constructs a financial network based on the data of Shanghai and Shenzhen 300 constituent stocks,measures the stability of China’s stock market,and analyzesits mechanism based on the network model mmeetthhod.Results show that the stability of China’s financial system network is declining year by year because of the iinnfflluuence of the increase in the number of listed companies and the impact of macroeconomic factors.For the abnormal fluctuations in the stock market,the macroeconomic economy is more explanatory than the financial network ssttrruuccture,but both are significant in the prediction of abnormal fluctuation.Regulators should pay close attention to the iinnternal and external factors of China’s stock market stability,prevent the risk spillover effect of the financial network structure,and constantly improve the dynamic regulation mechanism of the systemic risk.
【Fund】: 国家自然科学基金面上项目“基于经济金融关联网络的系统性风险动态监管机制研究”(批准号:71673225)
【CateGory Index】: F832.51
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