南北车重组前后央企股票网络的相关研究

发布时间：2017-12-28 04:06

本文关键词：南北车重组前后央企股票网络的相关研究　出处：《江苏大学》2017年硕士论文　论文类型：学位论文

【摘要】：央企是国民经济的中坚力量,推动社会经济发展的引擎。改革开放以来,中国经济得到飞速发展,但是央企的发展却并不顺利。为了改变这一现状,政府决心对央企实施重组,然而在实际重组过程中却存在许多问题,国家希望通过企业间的强强联合,将企业做大做强,而重组后却福祸未知。因此,对央企重组问题进行研究具有十分重要的现实意义。论文以2009-2016年102只央企股票的每日收盘价为研究对象,以中国南车集团公司和中国北车集团公司重组的时间为分界点,将数据分为重组前后两个时间段,进而从复杂网络理论的角度出发,对重组前后股票关联网络的结构特征进行对比分析。论文主要内容如下:首先,基于对数收益率计算出两个时段内股票间的相关系数,结合上市央企的财务指标,利用逼近理想点排序法衡量股票节点之间的影响力,并以此为权重,运用阈值法构建加权有向股票关联网络。接着运用贪婪算法寻找网络中的社团结构。结果表明,重组前后两个时期的股票关联网络结构发生了明显的变化,进行重组的央企在网络中的影响力比重组之前有所增大。其次,对重组前后两个时期股票关联网络的拓扑结构特性进行对比分析,接着利用K核循环因子法对重组前后两个时期内股票关联网络中的节点进行排序,进而探索节点的影响力大小,并对股票价格异常波动下的央企股票关联网络的稳定性进行分析。结果表明,与重组央企存在上下游产业链关系的股票节点的重要性有所提高,在网络受到攻击的情况下,重组前后的股票网络表现出不同的特点。综上,论文并未效仿大部分学者,单独分析重组央企本身的发展状况,而是将重组的央企放到由众多上市央企组成的股票网络中,运用复杂网络理论对该股票网络进行探究分析。
[Abstract]:The central enterprise is the backbone of the national economy and the engine of promoting the social and economic development. Since the reform and opening up, China's economy has developed rapidly, but the development of the central enterprises is not smooth. In order to change this situation, the government is determined to reorganize the central enterprises. However, there are many problems in the actual reorganization process. The state hopes to make the enterprises bigger and stronger through the strong combination among enterprises, but after the reorganization, it will be unknown. Therefore, it is of great practical significance to study the restructuring of the central enterprises. Based on the daily closing price of 2009-2016 102 central enterprises stock as the research object, to Chinese CSR Corporation and Chinese Beiche Group company reorganization time as the cut-off point, the data will be divided into two periods before and after the reorganization, and then from the complex network theory, the structural characteristics of the heavy group before and after the stock correlation network the comparative analysis. The main contents of this paper are as follows: firstly, the logarithmic rate of return correlation coefficient to calculate stock two periods on the basis of the combination of financial indicators of listed central enterprises, using TOPSIS ranking method to measure the stock between nodes influence, and as the weight weighted network to construct stock correlation using threshold method. Then the greedy algorithm is used to find the community structure in the network. The results show that the structure of the stock related network has changed significantly in the two periods before and after the reorganization, and the influence of the restructured central enterprises in the network has increased. Secondly, the comparative analysis of the topology characteristics of recombinant two periods before and after the stock correlation network, then sort the node stock correlation network before and after the reorganization in two periods in the nuclear cycle using K factor method, and then explore the influence of node size, and the stability of the central enterprises stock correlation network of abnormal fluctuation of stock price under the analysis. The results show that the importance of stock nodes with upstream and downstream industry chain relationship is improved. Under the circumstances of network attack, the stock network before and after restructuring shows different characteristics. In summary, the paper did not imitate most scholars, and analyzed the development of restructured central enterprises independently. Instead, it put the restructured central enterprises into a stock network composed of many listed central enterprises, and applied complex network theory to explore and analyze the stock network.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.472;F271;F832.51

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