| This paper mainly studies the influence of shareholders’ network on the crash risk of China’s A-share stock market,which is mainly based on the common ownership of the top ten shareholders.Specifically,it is the influence of the circulated share’s network centrality and peer crash riak on the crash risk.In this paper,a lot of data processing and calculation are carried out in order to obtain the various indexes of the research,and the two indexes(Peer Crashrisk and Network Crashrisk)and weighted networks are innovatively constructed and the calculation method of the closeness centrality is improved.Furthermore,in order to verify the robustness of the conclusions,this paper examines the impact of shareholder networks on the crash risk in the following cases:weighted shareholder networks by the number of common shareholders;shareholder networks in the case of bull and bear markets;networks of different types of shareholders;The network of different kind of listed companies;the network of different industry;removing the national control will,that is,shareholders networks which remove the "national team";non-circulated shareholder networks;shareholder networks after the reform of share right.After the study,we found that in the shareholder network,the higher the centrality of the network,the greater the peer crash risk,the greater the crash risk,and this conclusion has been checked through a series of robustness tests.Therefore,this paper argues that in China’s stock market,shareholders network does enhance the crash risk,and this network’s characters can be a good reference for regulators and investors. |
