Analysis of Shareholders Structure in Chinese Stock Market from a Complex Network Perspective

In modern financial system, the focus arises on the relationship among listed companies and the relationship between listed companies and shareholders. Existing studies are mainly based on the correlation of stock price of listed company. In this paper, we propose to use shareholder structure data rather than the price data to analyze the relationship between the listed companies and its major shareholders by complex network theory and tools. For each stock, we collected shareholders structure data from companies' quarterly announcement. Then the bipartite networks and its projection networks are established from the raw data that are collected. The complex system formed by the network is analyzed with statistics and some basic characteristics of complex network were obtained, such as "small world", "no scale" and so on. It is found that the networks have aggregation characteristics through the community detection algorithm. Through a series of observations and analysis, the practical implications of these network characteristics in the financial system are found.