Properties And Simulation Studies Of Complex Networks On Our Securities Markets

The traditional finance from the main level to the next level which focusing on the market overall. But complex networks abstract and descript of the large number of Component elements from complex systems as a system nodes, The relationship of each node can be abstracted a rim, from the view of microscopic, research the topology characteristics of systems structure,thereby geting the overall characteristics of complex systems.China Securities Market is a complex economic system, using the view of complex network to explore China’s securities market has very important practical significance. In this paper, base on the volatility of stock return rate relevance, the mobility of exchange rate relevance, use the threshold method to build complex network of China’s Shanghai and Shenzhen stock market, research network topology characteristics. Chapter IV in this paper carried out a simulation on the Shanhai Stock Exchange180in China’s securities market. This paper has provided a new perspective for the theoretical study and practical application to China’s securities market. The main work of this paper as follows:In this paper, selected the date of stock return rate and exchange rate from December31,2006to December31,2008total of488Trading day of Shanhai Stock Exchange180and Shenzhen Stock Exchange100stocks, respectively, make Shanhai Stock Exchange180and Shenzhen Stock Exchange100stocks for the characterization of nodes, stock returns and exchange rate correlation coefficient for the characterization of rim to build a complex network. Empirical study shows that: the volatility and the mobility between stocks have the same trend; in a certain range of threshold value, the equity-linked networks have small world characteristics, that is a single stock price fluctuations or changes in liquidity, via the network, spread to other stocks, at the same time that intra-group communication can be more easier; in a particular threshold range, the degree distribution of equity-linked network associated with scale-free nature,it shows that in our country there are some larger capacity stock in our Securities Market, which play an important role in association between the volatility (mobility) of network’s overall. The results of empirical research on the equity portfolio risk management has a certain significance. Finally, this paper bases on the structures of the financial complex network, use the concepts of behavioral finance to simulate the stocks market, its role in the regulation of the stock market can become a way of the Government to draw on.