Haiyang Kaifa yu guanli (Dec 2023)
The Risk Spillover Effect of Sea-related Enterprises Under Major Risk Events
Abstract
With the deep integration of the marine industry and modern finance, the capital market has become an important channel for investment and financing of offshore enterprises. However, the frequent occurrence of major risk events in the world today has had a strong impact on the capital market. At the same time, it has accelerated the accumulation and spread of risks in the capital market, and has also had a significant impact on sea-related enterprises, damaging the safety and stability of the marine industry chain and supply chain. In this context, studying the risk spillover characteristics between sea-related enterprises when major risk events occur, exploring the risk spillover effects between different industrial sectors, helps to establish efficient risk prevention and warning mechanisms, improve the resilience and safety level of the marine industry chain and supply chain, and promote high-quality growth of the marine economy. This paper used the spillover index method based on the TVP-VAR model to analyze the risk spillover effects among sea-related enterprises belonging to the fishing, offshore oil, maritime, and shipbuilding industries, and constructed a risk spillover network for topological feature analysis. The empirical results showed that the risk spillover intensity of sea-related enterprises to enterprises in the same industry sector was the highest. From an industrial perspective, the fishing and shipping industries were net recipients of risk, while the offshore oil and shipping industries were net spillovers of risk. The risk spillover effect had a time-varying characteristic, and the overall risk spillover index of sea-related enterprises would show a significant upward trend under the impact of major risk events. Compared to the period without major risk events, the average clustering coefficient of the risk spillover network during the period of major risk events was larger, and the connections of sea-related enterprises in the network were closer, resulting in higher risk transfer efficiency.
