Research on Evolution of Asia-Pacific Stock Markets Network Structure Based on Complex Network Theory

摘要

Based on the Asia-Pacific stock index data during the financial crisis period and the stable period, this paper performed a comparative study on the evolution of Asia-Pacific stock markets network structure from the macro and micro perspective. The results show that the Asia-Pacific stock index networks in these two periods both present the small-world effect and community effect, but no scale-free characteristics. In the financial crisis period, the networks' small-world effect significantly strengthens, the community structure is impacted and the partition characteristic weakens. In the stable period, the network volatility reduces and the network hierarchy is more compact. Hong Kong, South Korea and Singapore act as the central nodes of the Asia-Pacific stock index market. And for Chinese stock market, its influence increases but its stability declines.