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Subgraph analysis of Chinese guarantee network

Although network subgraphs have been widely used to capture basic interaction patterns and functional properties of homogenous complex networks (e.g., biochemistry, neurobiology, ecology, engineering, food webs and neural networks), there are few cases about the subgraph analysis of real-world financial networks. In this study, we analyze the subgraphs of the Chinese guarantee network with five years’ real-world data. We identify the motifs in 2- and 3-node subgraphs, and find that firms have special preferences to form mutual, triangle guarantee relationships. Additionally, we characterize the functionally important subgraphs with high default risk. In particular, the empirical results provide evidence that (a) sub-pattens have much more basic structure of triangle demonstrate low default risk, (b) sub-patterns containing much more reciprocity structure have high default risk. Our results give the policy makers an in-depth understanding of Chinese guarantee firms’ preferential behavior from the perspective of network subgraphs, and provide structural design instructions for future policy making to reduce the potential default risk of guarantee network.