Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020
This study utilizes the joint bond joint underwriting data of China’s securities firms from 2011 to 2020 to systematically explore the evolutionary characteristics of China’s collaborative bond joint underwriting networks from temporal, topological, and spatial dimensions. By employing social networ...
| Main Authors: | , , , , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-05-01
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| Series: | Systems |
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| Online Access: | https://www.mdpi.com/2079-8954/11/5/253 |
| _version_ | 1797598252575490048 |
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| author | Yuan Cao Ying Yang Hongkun Ma Xiangyi Kong Xueran Li Yiran Du Dou Chen |
| author_facet | Yuan Cao Ying Yang Hongkun Ma Xiangyi Kong Xueran Li Yiran Du Dou Chen |
| author_sort | Yuan Cao |
| collection | DOAJ |
| description | This study utilizes the joint bond joint underwriting data of China’s securities firms from 2011 to 2020 to systematically explore the evolutionary characteristics of China’s collaborative bond joint underwriting networks from temporal, topological, and spatial dimensions. By employing social network analysis, Ucinet, and ArcGIS, we construct a longitudinal network panel data to quantitatively analyze the driving factors and their underlying mechanisms. The findings reveal that, in terms of topological structure, China’s bond joint underwriting networks exhibit increasingly mature, active, balanced, and accessible features, with domestic securities firms such as China Securities Co., Ltd. emerging as the backbone and foreign-backed firms gradually fading. In the spatial dimension, urban collaboration presents a transformation from triangular to butterfly-shaped, quadrilateral, and ultimately multicore networks. At the regional scale, inter-regional collaboration is most extensive between the eastern regions, followed by eastern–central regions, with eastern–western and central–western regions relatively less engaged. At the urban scale, the central positions of Beijing, Shenzhen, and Shanghai are gradually strengthening, and their external radiation scope is expanding annually. The underlying mechanism driving this evolution is the increasing opportunities for securities firms to establish and adjust their cooperative relationships due to the maturing and active bond joint underwriting networks in China. To compensate for the opportunity cost of bond joint underwriting and to maximize collaboration benefits, securities firms need to select potential partners with close geographical proximity, similar business domains, larger underwriting scales, “friends of friends,” and “network star” status, thereby promoting the continuous evolution of China’s bond joint underwriting syndicates. |
| first_indexed | 2024-03-11T03:16:43Z |
| format | Article |
| id | doaj.art-c1589fb0bedd44f6ad0c4f3683d263ee |
| institution | Directory Open Access Journal |
| issn | 2079-8954 |
| language | English |
| last_indexed | 2024-03-11T03:16:43Z |
| publishDate | 2023-05-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Systems |
| spelling | doaj.art-c1589fb0bedd44f6ad0c4f3683d263ee2023-11-18T03:31:56ZengMDPI AGSystems2079-89542023-05-0111525310.3390/systems11050253Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020Yuan Cao0Ying Yang1Hongkun Ma2Xiangyi Kong3Xueran Li4Yiran Du5Dou Chen6College of Geography and Environment, Shandong Normal University, Jinan 250358, ChinaCollege of Geography and Environment, Shandong Normal University, Jinan 250358, ChinaSchool of Economics, Shandong Normal University, Jinan 250358, ChinaCollege of Geography and Environment, Shandong Normal University, Jinan 250358, ChinaCollege of Geography and Environment, Shandong Normal University, Jinan 250358, ChinaCollege of Geography and Environment, Shandong Normal University, Jinan 250358, ChinaCollege of Geography and Environment, Shandong Normal University, Jinan 250358, ChinaThis study utilizes the joint bond joint underwriting data of China’s securities firms from 2011 to 2020 to systematically explore the evolutionary characteristics of China’s collaborative bond joint underwriting networks from temporal, topological, and spatial dimensions. By employing social network analysis, Ucinet, and ArcGIS, we construct a longitudinal network panel data to quantitatively analyze the driving factors and their underlying mechanisms. The findings reveal that, in terms of topological structure, China’s bond joint underwriting networks exhibit increasingly mature, active, balanced, and accessible features, with domestic securities firms such as China Securities Co., Ltd. emerging as the backbone and foreign-backed firms gradually fading. In the spatial dimension, urban collaboration presents a transformation from triangular to butterfly-shaped, quadrilateral, and ultimately multicore networks. At the regional scale, inter-regional collaboration is most extensive between the eastern regions, followed by eastern–central regions, with eastern–western and central–western regions relatively less engaged. At the urban scale, the central positions of Beijing, Shenzhen, and Shanghai are gradually strengthening, and their external radiation scope is expanding annually. The underlying mechanism driving this evolution is the increasing opportunities for securities firms to establish and adjust their cooperative relationships due to the maturing and active bond joint underwriting networks in China. To compensate for the opportunity cost of bond joint underwriting and to maximize collaboration benefits, securities firms need to select potential partners with close geographical proximity, similar business domains, larger underwriting scales, “friends of friends,” and “network star” status, thereby promoting the continuous evolution of China’s bond joint underwriting syndicates.https://www.mdpi.com/2079-8954/11/5/253securities firmsbond joint underwritingcooperation networkevolutionstochastic actor-oriented model |
| spellingShingle | Yuan Cao Ying Yang Hongkun Ma Xiangyi Kong Xueran Li Yiran Du Dou Chen Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020 Systems securities firms bond joint underwriting cooperation network evolution stochastic actor-oriented model |
| title | Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020 |
| title_full | Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020 |
| title_fullStr | Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020 |
| title_full_unstemmed | Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020 |
| title_short | Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020 |
| title_sort | multidimensional evolution and driving factors of securities firms collaborative bond joint underwriting networks in china a comprehensive analysis from 2011 to 2020 |
| topic | securities firms bond joint underwriting cooperation network evolution stochastic actor-oriented model |
| url | https://www.mdpi.com/2079-8954/11/5/253 |
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