财贸经济
財貿經濟
재무경제
Finance & Trade Economics
2014年
11期
55~66
,共null页
信贷关系网络 宏观拓扑特征 无标度网络 “核一边缘”模式 信贷风险指数
信貸關繫網絡 宏觀拓撲特徵 無標度網絡 “覈一邊緣”模式 信貸風險指數
신대관계망락 굉관탁복특정 무표도망락 “핵일변연”모식 신대풍험지수
Credit Network, Macro Topology Properties, ＂Scale-free＂ Network, ＂Core-periphery＂ Pattern, Credit Risk Rank
本文运用复杂网络技术，构建我国金融机构一企业信贷关系网络及其映射子网络。研究表明，我国金融机构一企业信贷关系网络存在典型的无标度网络特性。本文发现，在同一信贷关系网络中，同时存在异配性和“富者俱乐部”特征，使信贷关系网络的节点连结模式呈现出“核一边缘”格局，表明大型金融机构、大型企业主导了我国信贷资源，竞争优势明显，小型金融机构和中小企业竞争力较弱。通过最小生成树分析，揭示了信贷网络层级模块化特征，还发现各层级、簇集、子群的顶点是信贷风险管控的关键实体。本文提出了一种新的系统重要性节点鉴别指标——信贷风险指数，并建议对高风险指数实体采取差异化风险管控策略。本研究对政策引导，优化监管资源配置，增强我国信贷系统稳健性具有一定的参考意义。
本文運用複雜網絡技術，構建我國金融機構一企業信貸關繫網絡及其映射子網絡。研究錶明，我國金融機構一企業信貸關繫網絡存在典型的無標度網絡特性。本文髮現，在同一信貸關繫網絡中，同時存在異配性和“富者俱樂部”特徵，使信貸關繫網絡的節點連結模式呈現齣“覈一邊緣”格跼，錶明大型金融機構、大型企業主導瞭我國信貸資源，競爭優勢明顯，小型金融機構和中小企業競爭力較弱。通過最小生成樹分析，揭示瞭信貸網絡層級模塊化特徵，還髮現各層級、簇集、子群的頂點是信貸風險管控的關鍵實體。本文提齣瞭一種新的繫統重要性節點鑒彆指標——信貸風險指數，併建議對高風險指數實體採取差異化風險管控策略。本研究對政策引導，優化鑑管資源配置，增彊我國信貸繫統穩健性具有一定的參攷意義。
본문운용복잡망락기술，구건아국금융궤구일기업신대관계망락급기영사자망락。연구표명，아국금융궤구일기업신대관계망락존재전형적무표도망락특성。본문발현，재동일신대관계망락중，동시존재이배성화“부자구악부”특정，사신대관계망락적절점련결모식정현출“핵일변연”격국，표명대형금융궤구、대형기업주도료아국신대자원，경쟁우세명현，소형금융궤구화중소기업경쟁력교약。통과최소생성수분석，게시료신대망락층급모괴화특정，환발현각층급、족집、자군적정점시신대풍험관공적관건실체。본문제출료일충신적계통중요성절점감별지표——신대풍험지수，병건의대고풍험지수실체채취차이화풍험관공책략。본연구대정책인도，우화감관자원배치，증강아국신대계통은건성구유일정적삼고의의。
This paper conducts systematic study on the macro topologic properties of financial intuitionsfirms credit network from the complex network prospective. Firstly, by analyzing the degree and edge weight distributions, there exists a significant heterogeneity and ＂Scale-free＂ property in the whole credit network. Secondly, it is the first time that the disassortativity and ＂Rich-club＂ phenomenon are found in one network simultaneously, leading to a remarkable ＂Core-periphery＂ pattern. Thirdly, three clear layers are clearly identified when employing the minimum spanning tree approach, which verifies the existence of the hierarchical modularity in China＇s credit network. Finally, applying the CRR, a new feedback centrality-liked index, we find only a few entities whose defaults would exert great impact on the whole credit network, which demonstrates heterogeneity of the credit risks. Based on CRR, a new differential risks regulation is proposed, whose effectiveness is validated via three targeted immunization strategies. This paper provides some references for policy guidance, optimizing the allocation of regulation resources and strengthening the stability of the credit system in China.
