An Analysis Of The Global Securities Investment Network Structure And The Related Effects

With the acceleration of global economic integration,many new changes have taken place in international capital flows.The communication and cooperation among countries and regions have become more and more frequent,and the global securities market has moved into a new pattern.The fluctuation of a country or several countries is more and more significant in the global securities market,especially in the 21 st century.The securities industry is very important in the financial market,and its risk resistance will affect the stability of the entire financial market and the development of the national economy.In the light of current complex international and domestic economic environment,this paper analyzes the structure and correlation effect of the global securities market,evaluating the status and role of each country in the global securities market,analyzing the internal law of the global securities investment network,and understanding the current pattern of global securities market investment.Most of the research on the global securities market at home and abroad is isolated to analyze the relationship between a country or a few countries but fail to form a unified global network.After appropriate improvements to the predecessors' methods,this paper analyzes the pattern of global securities investment from the global perspective,and explores the structure and evolution of global securities investment network from 2006 to 2015,with an emphasis on the analysis of the relevance effect on the global securities investment network.First of all,this paper compiles the global securities investment matrix(GIFS)in the form of “country × country”,including the Chinese mainland,based on the data of securities investment and securities liabilities published by the Balance of Payments Statistics database in the International Monetary Fund.Secondly,this paper constructs a global securities investment network based on the matrix GIFS,with the country as the node and the state securities trading flow as the right side,and uses the network analysis index to analyze the characteristics of the network.Finally,this paper establishes the global securities investment network correlation multiplier model to analyze the impact of securities investment or securities liability changes in one or several countries on other countries,and grasp the complex relationship and mutual influence between the different national securities markets.According to the previous research,this paper draws the following conclusions: The United States,Japan,Luxembourg,Ireland and the United Kingdom are located in the core position in the global securities market.The securities of these countries are the most closely linked,controlling the world's major securities investment flows,and have a huge impact on securities transactions in other countries.Spain,Italy,China,Hong Kong,Canada,France and other countries play a role in global equity investment,which,however,is very weak compared with the core country.