Construction and analysis of the financing risk network of Chinese fisheries enterprises

Abstract

Fisheries enterprises require financing to support their production, innovation, and market expansion, but they also face various risks from the external environment. The effective prevention and mitigation of these risks is a common concern of both the government and academia. This paper aims to explore the nature and transmission mechanism of financing risk for fisheries enterprises from the perspective of dynamic capital flow and external environmental risk. Based on a literature review and expert consultation, an index system is proposed to measure the financing risk of fisheries enterprises. A complex network model is subsequently used to analyze the key risk factors and their interactions, and a risk network visualization diagram is drawn. The main findings are as follows: (1) Laws, institutions, and policies in the external environment of fisheries enterprises are the initial risk factors for the financing risk network, affecting the availability, cost, and regulation of financing sources for fisheries enterprises. (2) Market competition, corporate profitability, and financing scale are the key intermediary factors of the financing risk network, reflecting the performance, demand, and capacity of fisheries enterprises to obtain and use financing. (3) The intermediary centrality in the financing risk network of fisheries enterprises contains more information than other node characteristic parameters, indicating the importance and influence of each factor in the network structure and dynamics. This paper contributes to a deeper understanding of the nature and transmission mechanism of financing risk for fisheries enterprises and provides implications for risk management and policy-making.