基于复杂网络的我国矿业并购演变过程分析

随着我国矿业行业的不断发展,更多企业将并购作为扩大规模、提高经济效益的有利工具。本文根据国泰安数据库中中国上市公司并购重组研究数据,借鉴二模网络理念,采用复杂网络方法,计算网络的平均度、平均集聚系数、平均路径长度等指标,分析了近年我国上市公司矿业并购的演变过程。同时利用K-核分解算法,提取出每年并购网络中的核心子群,分析网络中核心子群的特征演化趋势及成员分布特点。结果表明:矿业并购市场易受到外部环境的影响,如:2008～2009年的金融危机,2013年矿业环境疲软、产能过剩问题突出等;在遇到危机后能够很快应对,恢复能力较强;在每次危机过后,并购主体之间的关系会不断增强,越来越多的并购主体参与并购导致并购主体之间的关系愈发复杂;对于核心子群成员来说,每年相关矿业上市公司均不相同,近年来更多的自然人股东开始加入并购的行列。

Analysis on the Evolution Process of Mining M & A in China Based on Complex Network

With the continuous advancement of mining industry in China, a growing number of mining enterprises have taken M&A as an effective tool to expand scale and enhance economic efficiency. Based on the research data of merger, acquisition and reorganization concerning the listed companies in China from CSMAR, with reference of the concept of two-model network, the paper incorporates the complex network analysis method into the calculation of various indicators, namely average degree, average clustering coefficient and average path length and others. Subsequently, in accordance with these indicators, the evolution law of mining mergers and acquisitions is analyzed in the listed companies in our country over the past years. At the same time, with the of K-core Algorithm, the core subgroups of the M