{"id":"https://openalex.org/W4377041795","doi":"https://doi.org/10.3390/systems11050253","title":"Multidimensional Evolution and Driving Factors of Securities Firms\u2019 Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020","display_name":"Multidimensional Evolution and Driving Factors of Securities Firms\u2019 Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020","publication_year":2023,"publication_date":"2023-05-16","ids":{"openalex":"https://openalex.org/W4377041795","doi":"https://doi.org/10.3390/systems11050253"},"language":"en","primary_location":{"id":"doi:10.3390/systems11050253","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems11050253","pdf_url":"https://www.mdpi.com/2079-8954/11/5/253/pdf?version=1684390371","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Systems","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2079-8954/11/5/253/pdf?version=1684390371","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5043989533","display_name":"Yuan Cao","orcid":"https://orcid.org/0000-0002-3105-7654"},"institutions":[{"id":"https://openalex.org/I28006308","display_name":"Shandong Normal University","ror":"https://ror.org/01wy3h363","country_code":"CN","type":"education","lineage":["https://openalex.org/I28006308"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yuan Cao","raw_affiliation_strings":["College of Geography and Environment, Shandong Normal University, Jinan 250358, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China","institution_ids":["https://openalex.org/I28006308"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5000811956","display_name":"Ying Yang","orcid":"https://orcid.org/0000-0002-8711-3379"},"institutions":[{"id":"https://openalex.org/I28006308","display_name":"Shandong Normal University","ror":"https://ror.org/01wy3h363","country_code":"CN","type":"education","lineage":["https://openalex.org/I28006308"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Ying Yang","raw_affiliation_strings":["College of Geography and Environment, Shandong Normal University, Jinan 250358, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China","institution_ids":["https://openalex.org/I28006308"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5034981025","display_name":"Hongkun Ma","orcid":null},"institutions":[{"id":"https://openalex.org/I28006308","display_name":"Shandong Normal University","ror":"https://ror.org/01wy3h363","country_code":"CN","type":"education","lineage":["https://openalex.org/I28006308"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Hongkun Ma","raw_affiliation_strings":["School of Economics, Shandong Normal University, Jinan 250358, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Economics, Shandong Normal University, Jinan 250358, China","institution_ids":["https://openalex.org/I28006308"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100689089","display_name":"Xiangyi Kong","orcid":"https://orcid.org/0000-0002-2015-4926"},"institutions":[{"id":"https://openalex.org/I28006308","display_name":"Shandong Normal University","ror":"https://ror.org/01wy3h363","country_code":"CN","type":"education","lineage":["https://openalex.org/I28006308"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Xiangyi Kong","raw_affiliation_strings":["College of Geography and Environment, Shandong Normal University, Jinan 250358, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China","institution_ids":["https://openalex.org/I28006308"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5032080483","display_name":"Xueran Li","orcid":null},"institutions":[{"id":"https://openalex.org/I28006308","display_name":"Shandong Normal University","ror":"https://ror.org/01wy3h363","country_code":"CN","type":"education","lineage":["https://openalex.org/I28006308"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Xueran Li","raw_affiliation_strings":["College of Geography and Environment, Shandong Normal University, Jinan 250358, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China","institution_ids":["https://openalex.org/I28006308"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5062872235","display_name":"Yiran Du","orcid":"https://orcid.org/0000-0002-6576-0073"},"institutions":[{"id":"https://openalex.org/I28006308","display_name":"Shandong Normal University","ror":"https://ror.org/01wy3h363","country_code":"CN","type":"education","lineage":["https://openalex.org/I28006308"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yiran Du","raw_affiliation_strings":["College of Geography and Environment, Shandong Normal University, Jinan 250358, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China","institution_ids":["https://openalex.org/I28006308"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101204190","display_name":"Dou Chen","orcid":null},"institutions":[{"id":"https://openalex.org/I28006308","display_name":"Shandong Normal University","ror":"https://ror.org/01wy3h363","country_code":"CN","type":"education","lineage":["https://openalex.org/I28006308"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Dou Chen","raw_affiliation_strings":["College of Geography and Environment, Shandong Normal University, Jinan 250358, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China","institution_ids":["https://openalex.org/I28006308"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":7,"corresponding_author_ids":["https://openalex.org/A5034981025"],"corresponding_institution_ids":["https://openalex.org/I28006308"],"apc_list":{"value":1600,"currency":"CHF","value_usd":1732},"apc_paid":{"value":1600,"currency":"CHF","value_usd":1732},"fwci":0.2826,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.56592788,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":91,"max":95},"biblio":{"volume":"11","issue":"5","first_page":"253","last_page":"253"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9988999962806702,"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"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9988999962806702,"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"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9891999959945679,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9610999822616577,"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":[{"id":"https://openalex.org/keywords/underwriting","display_name":"Underwriting","score":0.9186943173408508},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.6612445116043091},{"id":"https://openalex.org/keywords/centrality","display_name":"Centrality","score":0.5969834923744202},{"id":"https://openalex.org/keywords/bond","display_name":"Bond","score":0.5463353991508484},{"id":"https://openalex.org/keywords/china","display_name":"China","score":0.5143498182296753},{"id":"https://openalex.org/keywords/scale","display_name":"Scale (ratio)","score":0.4305775463581085},{"id":"https://openalex.org/keywords/economic-geography","display_name":"Economic geography","score":0.4068056046962738},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.36460304260253906},{"id":"https://openalex.org/keywords/industrial-organization","display_name":"Industrial organization","score":0.356385201215744},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.2041921615600586},{"id":"https://openalex.org/keywords/geography","display_name":"Geography","score":0.1511668562889099},{"id":"https://openalex.org/keywords/cartography","display_name":"Cartography","score":0.08094760775566101}],"concepts":[{"id":"https://openalex.org/C26503482","wikidata":"https://www.wikidata.org/wiki/Q1898080","display_name":"Underwriting","level":2,"score":0.9186943173408508},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6612445116043091},{"id":"https://openalex.org/C53811970","wikidata":"https://www.wikidata.org/wiki/Q5062194","display_name":"Centrality","level":2,"score":0.5969834923744202},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.5463353991508484},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.5143498182296753},{"id":"https://openalex.org/C2778755073","wikidata":"https://www.wikidata.org/wiki/Q10858537","display_name":"Scale (ratio)","level":2,"score":0.4305775463581085},{"id":"https://openalex.org/C26271046","wikidata":"https://www.wikidata.org/wiki/Q187097","display_name":"Economic geography","level":1,"score":0.4068056046962738},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.36460304260253906},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.356385201215744},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2041921615600586},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.1511668562889099},{"id":"https://openalex.org/C58640448","wikidata":"https://www.wikidata.org/wiki/Q42515","display_name":"Cartography","level":1,"score":0.08094760775566101},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C114614502","wikidata":"https://www.wikidata.org/wiki/Q76592","display_name":"Combinatorics","level":1,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3390/systems11050253","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems11050253","pdf_url":"https://www.mdpi.com/2079-8954/11/5/253/pdf?version=1684390371","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Systems","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:c1589fb0bedd44f6ad0c4f3683d263ee","is_oa":true,"landing_page_url":"https://doaj.org/article/c1589fb0bedd44f6ad0c4f3683d263ee","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Systems, Vol 11, Iss 5, p 253 (2023)","raw_type":"article"},{"id":"pmh:oai:mdpi.com:/2079-8954/11/5/253/","is_oa":true,"landing_page_url":"https://dx.doi.org/10.3390/systems11050253","pdf_url":null,"source":{"id":"https://openalex.org/S4306400947","display_name":"MDPI (MDPI AG)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210097602","host_organization_name":"Multidisciplinary Digital Publishing Institute (Switzerland)","host_organization_lineage":["https://openalex.org/I4210097602"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Systems; Volume 11; Issue 5; Pages: 253","raw_type":"Text"}],"best_oa_location":{"id":"doi:10.3390/systems11050253","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems11050253","pdf_url":"https://www.mdpi.com/2079-8954/11/5/253/pdf?version=1684390371","source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Systems","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[{"id":"https://openalex.org/G1456737581","display_name":null,"funder_award_id":"42201243","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G1508877310","display_name":null,"funder_award_id":"18YJCZH005","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"}],"funders":[{"id":"https://openalex.org/F4320321001","display_name":"National Natural Science Foundation of China","ror":"https://ror.org/01h0zpd94"}],"has_content":{"grobid_xml":false,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4377041795.pdf"},"referenced_works_count":39,"referenced_works":["https://openalex.org/W263501050","https://openalex.org/W286295083","https://openalex.org/W865921456","https://openalex.org/W1568311186","https://openalex.org/W1996518341","https://openalex.org/W2007687973","https://openalex.org/W2014740757","https://openalex.org/W2020118436","https://openalex.org/W2037102228","https://openalex.org/W2054307868","https://openalex.org/W2087081306","https://openalex.org/W2099541723","https://openalex.org/W2099815494","https://openalex.org/W2100198361","https://openalex.org/W2110828747","https://openalex.org/W2118097728","https://openalex.org/W2120874332","https://openalex.org/W2125315567","https://openalex.org/W2128391133","https://openalex.org/W2128687965","https://openalex.org/W2156109180","https://openalex.org/W2159564086","https://openalex.org/W2172074709","https://openalex.org/W2267253565","https://openalex.org/W2351132858","https://openalex.org/W2619772606","https://openalex.org/W3014113704","https://openalex.org/W3022339544","https://openalex.org/W3121178381","https://openalex.org/W3121903252","https://openalex.org/W3123282572","https://openalex.org/W3124317733","https://openalex.org/W3125609589","https://openalex.org/W3166678111","https://openalex.org/W4244387885","https://openalex.org/W4246477977","https://openalex.org/W4248503640","https://openalex.org/W4252539563","https://openalex.org/W6661977425"],"related_works":["https://openalex.org/W2744811483","https://openalex.org/W2012467804","https://openalex.org/W3213485369","https://openalex.org/W1986519055","https://openalex.org/W1993925995","https://openalex.org/W4311509179","https://openalex.org/W3189950255","https://openalex.org/W2285272889","https://openalex.org/W2562612235","https://openalex.org/W4302292948"],"abstract_inverted_index":{"This":[0],"study":[1],"utilizes":[2],"the":[3,20,54,95,103,121,130,146,149,175,190,203,241],"joint":[4,6,27,72,195,208,247],"bond":[5,26,71,194,207,246],"underwriting":[7,28,73,196,209,230,248],"data":[8,50],"of":[9,23,67,152,206,233,244],"China\u2019s":[10,24,70,245],"securities":[11,85,179,215],"firms":[12,86,99,180,216],"from":[13,30,111],"2011":[14],"to":[15,17,51,113,181,189,211,218],"2020":[16],"systematically":[18],"explore":[19],"evolutionary":[21],"characteristics":[22],"collaborative":[25],"networks":[29,74,197],"temporal,":[31],"topological,":[32],"and":[33,42,57,80,97,116,139,155,160,183,192,210,235],"spatial":[34,104],"dimensions.":[35],"By":[36],"employing":[37],"social":[38],"network":[39,48],"analysis,":[40],"Ucinet,":[41],"ArcGIS,":[43],"we":[44],"construct":[45],"a":[46,109],"longitudinal":[47],"panel":[49],"quantitatively":[52],"analyze":[53],"driving":[55,171],"factors":[56],"their":[58,161,185],"underlying":[59,169],"mechanisms.":[60],"The":[61,168],"findings":[62],"reveal":[63],"that,":[64],"in":[65,198],"terms":[66],"topological":[68],"structure,":[69],"exhibit":[75],"increasingly":[76],"mature,":[77],"active,":[78],"balanced,":[79],"accessible":[81],"features,":[82],"with":[83,137,222],"domestic":[84],"such":[87],"as":[88,94],"China":[89],"Securities":[90],"Co.,":[91],"Ltd.":[92],"emerging":[93],"backbone":[96],"foreign-backed":[98],"gradually":[100,158],"fading.":[101],"In":[102],"dimension,":[105],"urban":[106,147],"collaboration":[107,125,213],"presents":[108],"transformation":[110],"triangular":[112],"butterfly-shaped,":[114],"quadrilateral,":[115],"ultimately":[117],"multicore":[118],"networks.":[119],"At":[120,145],"regional":[122],"scale,":[123,148],"inter-regional":[124],"is":[126,165,174],"most":[127],"extensive":[128],"between":[129],"eastern":[131],"regions,":[132,136],"followed":[133],"by":[134],"eastern\u2013central":[135],"eastern\u2013western":[138],"central\u2013western":[140],"regions":[141],"relatively":[142],"less":[143],"engaged.":[144],"central":[150],"positions":[151],"Beijing,":[153],"Shenzhen,":[154],"Shanghai":[156],"are":[157],"strengthening,":[159],"external":[162],"radiation":[163],"scope":[164],"expanding":[166],"annually.":[167],"mechanism":[170],"this":[172],"evolution":[173,243],"increasing":[176],"opportunities":[177],"for":[178,202],"establish":[182],"adjust":[184],"cooperative":[186],"relationships":[187],"due":[188],"maturing":[191],"active":[193],"China.":[199],"To":[200],"compensate":[201],"opportunity":[204],"cost":[205],"maximize":[212],"benefits,":[214],"need":[217],"select":[219],"potential":[220],"partners":[221],"close":[223],"geographical":[224],"proximity,":[225],"similar":[226],"business":[227],"domains,":[228],"larger":[229],"scales,":[231],"\u201cfriends":[232],"friends,\u201d":[234],"\u201cnetwork":[236],"star\u201d":[237],"status,":[238],"thereby":[239],"promoting":[240],"continuous":[242],"syndicates.":[249]},"counts_by_year":[{"year":2025,"cited_by_count":1}],"updated_date":"2026-05-06T08:25:59.206177","created_date":"2023-05-19T00:00:00"}