我国沪深股市同配性和网络导航现象研究——基于复杂网络理论

摘要

分别按照地区、行业、市值三种分类标准对我国沪深市场股票进行分类,以股票为网络节点,研究了三种分类标准下的股票同配性,进而研究了行业分类标准下的网络导航现象.结果表明:上海市场和深圳主板市场在阈值较高、按行业分类时表现出较为明显的同配性；沪深股市在阈值较低时表现出一定的异配性,而当阈值达到一定程度时表示出较强的同配性；网络导航现象体现了股市中异类股票间的相互影响作用；中国股市存在较多的网络导航现象；在较长时期内造成该现象的主要原因是分类标准不准确、股票涉及共同的炒作概念、具有共同的股权投资对象、新股上市日期相近等,短期内的原因还包括消息面或事件性的驱动因素.%According to region,industry and market capitalization,this paper classifies China's stocks respectively,and studies the mixing patterns under these three classification criteria.Then it studies the network navigation under industry classification.The results are as follows:Shanghai market and Shenzhen main board show assortative mixing in the condition of industry classification and high threshold;China's stock market shows a little disassortative mixing in the condition of low threshold,and shows assortative mixing when threshold reaching a certain level;network navigation phenomenon in China's stock market reflects the interaction between disparate stocks;there exist much network navigation phenomenon in China's stock market;in the long-term,it is mainly due to inaccurate classification criteria,same involving concept,common equity investment and similar IPO date,and in the short-term,the reason also contains news and events.