{"id":"https://openalex.org/W7225741079","doi":"https://doi.org/10.3390/math14224126","title":"Evolution of Major Shareholder Networks in China\u2019s Shanghai A-Share Market: A Dynamic Network Analysis","display_name":"Evolution of Major Shareholder Networks in China\u2019s Shanghai A-Share Market: A Dynamic Network Analysis","publication_year":2026,"publication_date":"2026-11-10","ids":{"openalex":"https://openalex.org/W7225741079","doi":"https://doi.org/10.3390/math14224126"},"language":"en","primary_location":{"id":"doi:10.3390/math14224126","doi":"https://doi.org/10.3390/math14224126","is_oa":true,"landing_page_url":"https://doi.org/10.3390/math14224126","pdf_url":null,"source":{"id":"https://openalex.org/S4210192031","display_name":"Mathematics","issn_l":"2227-7390","issn":["2227-7390"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Mathematics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.3390/math14224126","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5161363021","display_name":"Kainan He","orcid":"https://orcid.org/0009-0009-0571-7434","observed_orcids":["https://orcid.org/0009-0009-0571-7434"]},"institutions":[{"id":"https://openalex.org/I31683504","display_name":"Beijing Forestry University","ror":"https://ror.org/04xv2pc41","country_code":"CN","type":"education","lineage":["https://openalex.org/I1327237609","https://openalex.org/I31683504","https://openalex.org/I4210127390"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Kainan He","raw_affiliation_strings":["College of Science, Beijing Forestry University, Beijing 100083, China","School of Economics and Management, Beijing Forestry University, Beijing 100083, China"],"raw_orcid":"https://orcid.org/0009-0009-0571-7434","affiliations":[{"raw_affiliation_string":"College of Science, Beijing Forestry University, Beijing 100083, China","institution_ids":["https://openalex.org/I31683504"]},{"raw_affiliation_string":"School of Economics and Management, Beijing Forestry University, Beijing 100083, China","institution_ids":["https://openalex.org/I31683504"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5161365114","display_name":"Yajing Huang","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I31683504","display_name":"Beijing Forestry University","ror":"https://ror.org/04xv2pc41","country_code":"CN","type":"education","lineage":["https://openalex.org/I1327237609","https://openalex.org/I31683504","https://openalex.org/I4210127390"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Yajing Huang","raw_affiliation_strings":["College of Science, Beijing Forestry University, Beijing 100083, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Science, Beijing Forestry University, Beijing 100083, China","institution_ids":["https://openalex.org/I31683504"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5161365114"],"corresponding_institution_ids":["https://openalex.org/I31683504"],"apc_list":{"value":2600,"currency":"CHF","value_usd":3137},"apc_paid":{"value":2600,"currency":"CHF","value_usd":3137},"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"14","issue":"22","first_page":"4126","last_page":"4126"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10064","display_name":"Complex Network Analysis Techniques","score":0.9023000001907349,"subfield":{"id":"https://openalex.org/subfields/3109","display_name":"Statistical and Nonlinear Physics"},"field":{"id":"https://openalex.org/fields/31","display_name":"Physics and Astronomy"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10064","display_name":"Complex Network Analysis Techniques","score":0.9023000001907349,"subfield":{"id":"https://openalex.org/subfields/3109","display_name":"Statistical and Nonlinear Physics"},"field":{"id":"https://openalex.org/fields/31","display_name":"Physics and Astronomy"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.041099999099969864,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.02019999921321869,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[],"concepts":[{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.6401000022888184},{"id":"https://openalex.org/C13540734","wikidata":"https://www.wikidata.org/wiki/Q5318996","display_name":"Dynamic network analysis","level":2,"score":0.5705000162124634},{"id":"https://openalex.org/C119701452","wikidata":"https://www.wikidata.org/wiki/Q5165881","display_name":"Control reconfiguration","level":2,"score":0.5659000277519226},{"id":"https://openalex.org/C32946077","wikidata":"https://www.wikidata.org/wiki/Q618079","display_name":"Network analysis","level":2,"score":0.531000018119812},{"id":"https://openalex.org/C12725497","wikidata":"https://www.wikidata.org/wiki/Q810247","display_name":"Baseline (sea)","level":2,"score":0.4731000065803528},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4629000127315521},{"id":"https://openalex.org/C22047676","wikidata":"https://www.wikidata.org/wiki/Q898680","display_name":"Clustering coefficient","level":3,"score":0.4228000044822693},{"id":"https://openalex.org/C177264268","wikidata":"https://www.wikidata.org/wiki/Q1514741","display_name":"Set (abstract data type)","level":2,"score":0.40389999747276306},{"id":"https://openalex.org/C34947359","wikidata":"https://www.wikidata.org/wiki/Q665189","display_name":"Complex network","level":2,"score":0.396699994802475},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3797000050544739},{"id":"https://openalex.org/C112758219","wikidata":"https://www.wikidata.org/wiki/Q16038819","display_name":"Duration (music)","level":2,"score":0.375},{"id":"https://openalex.org/C117045392","wikidata":"https://www.wikidata.org/wiki/Q4899215","display_name":"Betweenness centrality","level":3,"score":0.36550000309944153},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.35830000042915344},{"id":"https://openalex.org/C73555534","wikidata":"https://www.wikidata.org/wiki/Q622825","display_name":"Cluster analysis","level":2,"score":0.3472999930381775},{"id":"https://openalex.org/C197657726","wikidata":"https://www.wikidata.org/wiki/Q174733","display_name":"Bipartite graph","level":3,"score":0.34450000524520874},{"id":"https://openalex.org/C114713312","wikidata":"https://www.wikidata.org/wiki/Q7551269","display_name":"Social network analysis","level":3,"score":0.30630001425743103},{"id":"https://openalex.org/C58489278","wikidata":"https://www.wikidata.org/wiki/Q1172284","display_name":"Data set","level":2,"score":0.30469998717308044},{"id":"https://openalex.org/C112972136","wikidata":"https://www.wikidata.org/wiki/Q7595718","display_name":"Stability (learning theory)","level":2,"score":0.3043000102043152},{"id":"https://openalex.org/C124101348","wikidata":"https://www.wikidata.org/wiki/Q172491","display_name":"Data mining","level":1,"score":0.30309998989105225},{"id":"https://openalex.org/C2988224531","wikidata":"https://www.wikidata.org/wiki/Q20830730","display_name":"Network structure","level":2,"score":0.2973000109195709},{"id":"https://openalex.org/C2778755073","wikidata":"https://www.wikidata.org/wiki/Q10858537","display_name":"Scale (ratio)","level":2,"score":0.2953999936580658},{"id":"https://openalex.org/C161584116","wikidata":"https://www.wikidata.org/wiki/Q1952580","display_name":"Multivariate statistics","level":2,"score":0.29499998688697815},{"id":"https://openalex.org/C104122410","wikidata":"https://www.wikidata.org/wiki/Q1416406","display_name":"Network model","level":2,"score":0.28049999475479126},{"id":"https://openalex.org/C142323842","wikidata":"https://www.wikidata.org/wiki/Q7979900","display_name":"Weighted network","level":3,"score":0.2793000042438507},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.2694000005722046},{"id":"https://openalex.org/C185874996","wikidata":"https://www.wikidata.org/wiki/Q269699","display_name":"Interdependence","level":2,"score":0.2687999904155731},{"id":"https://openalex.org/C123757187","wikidata":"https://www.wikidata.org/wiki/Q9195957","display_name":"Network dynamics","level":2,"score":0.25619998574256897}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3390/math14224126","doi":"https://doi.org/10.3390/math14224126","is_oa":true,"landing_page_url":"https://doi.org/10.3390/math14224126","pdf_url":null,"source":{"id":"https://openalex.org/S4210192031","display_name":"Mathematics","issn_l":"2227-7390","issn":["2227-7390"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Mathematics","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.3390/math14224126","doi":"https://doi.org/10.3390/math14224126","is_oa":true,"landing_page_url":"https://doi.org/10.3390/math14224126","pdf_url":null,"source":{"id":"https://openalex.org/S4210192031","display_name":"Mathematics","issn_l":"2227-7390","issn":["2227-7390"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Mathematics","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"This":[0,165],"paper":[1],"investigates":[2],"the":[3,25,51,61,84,104,111,116,128,146,149,158,175,204,213,226,252,273,277,282,295,299,306],"dynamic":[4,68,325],"evolution":[5,106],"of":[6,55,107,115,177,258,279,305],"major":[7],"shareholder":[8,78,117,332],"networks":[9,71,79,340],"in":[10,127,172,203,276,291,318,338],"Chinese":[11],"listed":[12],"companies":[13,58],"from":[14,42,64,294],"a":[15,153,170,200,238],"complex":[16],"network":[17,26,108,160,205,326],"perspective.":[18],"The":[19],"shareholder\u2013stock":[20],"system":[21],"is":[22],"analyzed":[23,101],"at":[24,221,241,256,265],"level":[27],"because":[28],"ownership":[29],"links":[30],"are":[31,39,72,80,100],"interdependent":[32],"and":[33,97,124,180,189,223,261,334],"may":[34],"reveal":[35,335],"collective":[36],"structures":[37],"that":[38,311,324],"not":[40],"visible":[41],"firm-level":[43],"statistics":[44],"alone.":[45],"Based":[46],"on":[47,50],"quarterly":[48,208],"data":[49],"top":[52],"ten":[53],"shareholders":[54,314],"Shanghai":[56],"A-share":[57],"covered":[59],"by":[60,121,169],"historical":[62],"dataset":[63],"2011":[65],"to":[66,102,145,269],"2024,":[67],"\u201cshareholder\u2013stock\u201d":[69],"bipartite":[70],"first":[73],"constructed.":[74],"Statistically":[75,85],"validated":[76],"projected":[77],"then":[81],"derived":[82],"using":[83],"Validated":[86],"Network":[87],"(SVN)":[88],"method.":[89],"Basic":[90],"topological":[91],"metrics,":[92],"degree-distribution":[93],"heterogeneity,":[94],"community":[95,190],"structures,":[96],"node-importance":[98],"measures":[99],"characterize":[103],"temporal":[105,234],"structure.":[109,206],"Over":[110],"study":[112],"period,":[113],"expansion":[114,176],"set":[118],"was":[119,167,249],"accompanied":[120],"declining":[122],"density":[123],"average":[125,173,187],"degree":[126],"non-isolated":[129,307],"subgraph,":[130],"while":[131],"its":[132],"clustering":[133],"coefficient":[134],"increased,":[135],"indicating":[136],"increasing":[137],"overall":[138,159],"sparsity":[139],"alongside":[140],"persistent":[141],"local":[142],"interconnectedness.":[143],"Relative":[144],"surrounding":[147],"periods,":[148],"2020\u20132022":[150],"period":[151],"exhibited":[152],"temporary":[154],"structural":[155,219,336],"reconfiguration,":[156],"although":[157],"scale":[161],"remained":[162,267],"relatively":[163],"stable.":[164],"reconfiguration":[166],"characterized":[168],"rebound":[171],"degree,":[174,188],"large":[178],"communities,":[179],"increased":[181],"community-size":[182],"heterogeneity.":[183],"After":[184],"2023,":[185],"density,":[186],"concentration":[191],"partially":[192],"moved":[193],"back":[194],"toward":[195],"their":[196],"longer-term":[197],"patterns,":[198],"suggesting":[199],"self-organizing":[201],"adjustment":[202],"A":[207],"multivariate":[209],"common-break":[210],"analysis":[211,304,327],"within":[212],"Bai\u2013Perron":[214],"framework":[215],"identified":[216],"statistically":[217],"supported":[218],"transitions":[220],"2020Q1":[222],"2022Q4":[224],"under":[225,341],"baseline":[227],"threshold,":[228],"providing":[229],"quantitative":[230],"support":[231,248],"for":[232],"this":[233],"organization.":[235],"BIC":[236],"selected":[237],"two-break":[239],"specification":[240],"all":[242],"four":[243],"BH":[244],"screening":[245],"cutoffs.":[246],"Bootstrap":[247],"consistent":[250],"across":[251],"examined":[253],"block":[254,270],"lengths":[255],"thresholds":[257],"0.025,":[259],"0.05,":[260],"0.10,":[262],"whereas":[263],"inference":[264],"0.01":[266],"sensitive":[268],"length.":[271],"At":[272],"late-2020":[274],"peak":[275],"number":[278],"isolated":[280],"shareholders,":[281],"associated":[283],"stocks":[284],"spanned":[285],"multiple":[286],"industries,":[287],"with":[288],"modest":[289],"differences":[290],"sectoral":[292],"composition":[293],"full-sample":[296],"benchmark.":[297],"Across":[298],"annual":[300],"fourth-quarter":[301],"networks,":[302],"PageRank":[303],"subgraphs":[308],"further":[309],"showed":[310],"highly":[312],"ranked":[313],"were":[315],"concentrated":[316],"predominantly":[317],"larger":[319],"communities.":[320],"These":[321],"findings":[322],"suggest":[323],"can":[328],"effectively":[329],"capture":[330],"time-varying":[331],"relationships":[333],"adjustments":[337],"investment":[339],"changing":[342],"market":[343],"conditions.":[344]},"counts_by_year":[],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2026-11-11T00:00:00"}
