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| Enterprise Guarantee Structure from the Perspective of Multilayer Network |
| LI Shouwei1, WEN Shihang2, WANG Lei1
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1.School of Economics and Management, Southeast University, Nanjing 211189, China;
2.School of Finance, Renmin University of China, Beijing 100872, China |
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Abstract In order to investigate the guarantee structure of enterprises, this paper builds the two layer network model including short-term and long-term guarantee relationships based on multilayer network theory, and then conducts empirical analysis according to guarantee data of Chinese listed enterprises from 2014 to 2016. Empirical results show that, the distribution of total degrees of multilayer networks in different years obeys the power-law distribution, the degree correlation of multilayer networks is positively correlated, short-term guarantee networks and long-term guarantee networks all have scale-free feature in different years, the similarity between the short-term guarantee network and the long-term guarantee network is relatively low in the same year; the structure of the same layer guarantee network of two consecutive years is relatively stable, but the similarity between the same layer networks decreases with the increase of the lag phase, there is a weak positive correlation between betweenness centralities of different layer networks, but the top central node of a single-layer network is not that in other layer network, and the top central node of one layer network is changing with time.
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Published: 16 May 2019
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