The network structure of Chinese financemarket through the method of complex network and random matrix theory

摘要

As we know, economic policy has a significant influence on the stock market. So, it should beinteresting to detect the relation between the correlation structure of the stock market and economicpolicy.To achieve this target, the correlationmatrix is analyzed through component analysismethod first, to detect the economic implication of the components of correlation matrix. It isfound that the biggest driving force ofmarket behavior affects the whole stock market instead ofindividual stock or plate and the evolution of important plates of the second component relatesclosely to economic policies. Then, ordinary networks, denoising networks, and noise networksare constructed for different periods and distinction among the structures of different networksin the sameperiod is analyzed. The result suggests that the economic factors corresponding to thefirst and second componentsmake the stockmarket be sensitive and lead to a gathering effect inordinary and denoising networks. At last, based on the inferences from this paper, the formationof power law in the stock network and the influence of crisis on the structure of stock networkare discussed.