{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T02:09:10Z","timestamp":1760148550431,"version":"build-2065373602"},"reference-count":56,"publisher":"MDPI AG","issue":"5","license":[{"start":{"date-parts":[[2023,5,16]],"date-time":"2023-05-16T00:00:00Z","timestamp":1684195200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["42201243","18YJCZH005"],"award-info":[{"award-number":["42201243","18YJCZH005"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"name":"Humanities and Social Science Foundation of China","award":["42201243","18YJCZH005"],"award-info":[{"award-number":["42201243","18YJCZH005"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>This study utilizes the joint bond joint underwriting data of China\u2019s securities firms from 2011 to 2020 to systematically explore the evolutionary characteristics of China\u2019s collaborative bond joint underwriting networks from temporal, topological, and spatial dimensions. By employing social network analysis, Ucinet, and ArcGIS, we construct a longitudinal network panel data to quantitatively analyze the driving factors and their underlying mechanisms. The findings reveal that, in terms of topological structure, China\u2019s bond joint underwriting networks exhibit increasingly mature, active, balanced, and accessible features, with domestic securities firms such as China Securities Co., Ltd. emerging as the backbone and foreign-backed firms gradually fading. In the spatial dimension, urban collaboration presents a transformation from triangular to butterfly-shaped, quadrilateral, and ultimately multicore networks. At the regional scale, inter-regional collaboration is most extensive between the eastern regions, followed by eastern\u2013central regions, with eastern\u2013western and central\u2013western regions relatively less engaged. At the urban scale, the central positions of Beijing, Shenzhen, and Shanghai are gradually strengthening, and their external radiation scope is expanding annually. The underlying mechanism driving this evolution is the increasing opportunities for securities firms to establish and adjust their cooperative relationships due to the maturing and active bond joint underwriting networks in China. To compensate for the opportunity cost of bond joint underwriting and to maximize collaboration benefits, securities firms need to select potential partners with close geographical proximity, similar business domains, larger underwriting scales, \u201cfriends of friends,\u201d and \u201cnetwork star\u201d status, thereby promoting the continuous evolution of China\u2019s bond joint underwriting syndicates.<\/jats:p>","DOI":"10.3390\/systems11050253","type":"journal-article","created":{"date-parts":[[2023,5,17]],"date-time":"2023-05-17T01:58:06Z","timestamp":1684288686000},"page":"253","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Multidimensional Evolution and Driving Factors of Securities Firms\u2019 Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020"],"prefix":"10.3390","volume":"11","author":[{"given":"Yuan","family":"Cao","sequence":"first","affiliation":[{"name":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China"}]},{"given":"Ying","family":"Yang","sequence":"additional","affiliation":[{"name":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China"}]},{"given":"Hongkun","family":"Ma","sequence":"additional","affiliation":[{"name":"School of Economics, Shandong Normal University, Jinan 250358, China"}]},{"given":"Xiangyi","family":"Kong","sequence":"additional","affiliation":[{"name":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China"}]},{"given":"Xueran","family":"Li","sequence":"additional","affiliation":[{"name":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China"}]},{"given":"Yiran","family":"Du","sequence":"additional","affiliation":[{"name":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China"}]},{"given":"Dou","family":"Chen","sequence":"additional","affiliation":[{"name":"College of Geography and Environment, Shandong Normal University, Jinan 250358, China"}]}],"member":"1968","published-online":{"date-parts":[[2023,5,16]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"184","DOI":"10.46914\/1562-2959-2021-1-2-184-190","article-title":"Financial instruments\u2014The driving force of the capital market","volume":"02","author":"Omir","year":"2021","journal-title":"Bull. 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