Empirical Research Of Inter-Regional Joint Stock Underwriting Network In China

Due to the fluctuation of global economic and the influence of China’s capital market reform in recent years, investment banking in Securities Company had changed from highly depending on the political factors into relying on mechanism of market pricing and model of joint underwriting. Because joint underwriting have some advantages such as spreading risks and getting more resources and improving status in the industry, then joint underwriting gradually attention by securities companies. On the basis of the affected by the regional economic, joint underwriting become a network Between the area. Attributes and features of collaborative networks in securities companies Between the area, the status of area,the distribution on the space,these are very worth studying problems.Based on the above background, this article is a study of network between regional joint underwriting. In the third part of the article, this paper analyzes the Whole Network in securities companies between the area with some basic methods such as network density, network centrality, network topology structure. Use the discrete model and the continuous model of the core-edge, the paper analysis the core degree of each element. Then measure the cohesive subgroups composing some elements. The fourth part of the article, the article test the correlation of Spatial distribution using the core of each areas with spatial econometric theory, on the basis of the third and fourth part, the fifth part gives research conclusions about the properties of overall network and individual network:(1) the overall network of regional joint underwriting has a coherence.(2)It has a unequal status and power in the network between regional joint underwriting.(3)Areas have dominant position favorite to each other.(4)the areas Lacking experience favorite to the areas have dominant position.(5)The distribution of force in each region has spatial dependence; Then, the paper puts forward the recommendations about How to improve the regional development of the securities industry and the competitiveness of the securities industry and how to achieve coordinated development of regional securities industry.