The Complexity of Having the Cross-ownership

By introducing the complex network theory and analyzing how cross-ownership impacts on the fluctuation of stock markets,this paper describes how two kinds of complex networks were established by cross-ownership relation of the listed companies of Shanghai and Shenzhen stock markets.The theoretical analysis and numeral value simulation show that,one network was a scale-free one based on choosing and self-regard connecting principle,and the other network was established by the price cross-correlation of listed companies with cross-ownership relation.A threshold was put forward and used to adjust the size of networks.This network can show scale-free property when the threshold equals to a specifically value.The research shows that the stock with large degrees can influence the whole network,and impact on the stock market further.