The Evolution and Stability of the Maximal Connected Sub-graph of Holding-based Network of China's Listed Energy Company

Abstract

Listed energy company is the principal part of the energy market, including the energy investment, energy trade, energy operation etc. Stockholders are the owners of the listed energy companies, whose relationships would affect the stability of the energy market directly. In order to analyze the evolution features and stability of the relationships between the stockholders, we constructed a generator holding-based structural equivalence network of the shareholders based on the primitive affiliation network of the listed companies and their shareholders. The main data used in this paper is the semi-annual reports from 2003 to 2012 which contain the information about Chinese listed energy companies’ top 10 shareholders. The holding-based network takes the shareholders as the nodes, whether holding the same listed energy companies’ stock at the same period as the edges, and the number of the listed energy companies holding at the same time as the weights. In this paper, we improved the traditional Heuristic method and then found the maximal connected sub-graphs of the holding-based networks in different time domain by the improved Heuristic method. The main method and theory used in this paper is complex network, we calculated and analyzed the evolution and the stability of the maximal connected sub-graphs. This paper comes up with a new angle to analyze the relationships in the energy stock market, and present a new method to analyze the stockholders’ behaviors.