Abstract: This paper constructs the cross-shareholding network model of listed companies to investigate the influence of network location of China's listed companies embedded in the cross-shareholding network on risk aversion. We take the cross-shareholding CSI300 listed firms from 2007 to 2012 as research samples, and use network centrality to measure network location. The study finds that the network centrality of cross-shareholding network is negatively related to the likelihood of firm market risk. Furthermore, the results also suggest that on the whole, cross-shareholding network centricity will not significantly influence the risk aversion effect of companies. However, there are important differences in the influence of corporate ownership nature on the relationship of network centricity and risk aversion because of the market intermediary organizations development. The results suggest that the risk aversion effect of network centrality location could weaken in the sate-owned listed firms in areas where the market is more mature, but the effect is not significant in areas where the market is less mature.

Key words: Cross-share Holding, Network Location, Risk Aversion, Network Centrality

摘要： 本文基于社会网络视角,以2007~2012年沪深300指数中涉及交叉持股行为的上市公司为样本,实证研究了中国上市公司在交叉持股网络中网络位置差异对公司风险规避效应的影响。研究发现,公司占据交叉持股网络越中心的位置,公司抵御风险的能力越强;从整体上来看,交叉持股网络中心性与公司风险规避效应的关系不会被公司所有权性质显著影响,但在具体区分地区市场发育水平之后,公司所有权性质对网络中心性与风险规避效应关系的影响会因市场中介组织的发育程度不同而有所差异:市场发育程度较高的地区,国有上市公司在交叉持股网络中的风险规避效应会被削弱;而在市场发育程度较低的地区,所有权性质对网络中心性与公司风险规避效应的影响不显著。

关键词: 交叉持股, 网络位置, 风险规避, 网络中心度