防范与化解资本市场重大风险，是当前与未来金融工作的重要方向，而经济系统的复杂性和网络性，则要求用系统性思维和网络化视角探索应对策略。本项目基于企业集团内部网络视角，系统研究资本市场重大负面事件的风险传染过程与后果，主要包括：1，集团内部风险传染效应的股价识别研究，考察集团内一家上市公司发生重大负面事件（财务造假、债券违约与评级下调、股价崩盘等）是否影响同一集团内其他上市公司的股价表现；2，集团内部风险传导的路径研究，提出并实证检验集团内部风险传导的三条路径（集体声誉假说、信号传递假说和内部资本市场假说）；3，集团内部风险传染的经济后果研究，主要包括企业经营、投融资活动与财务绩效等。本项目有助于揭示资本市场重大负面事件的风险传染过程，构建具有中国特色的企业集团风险传染理论，扩展和丰富资本市场风险传染与企业集团的研究，为新一轮经济转型背景下有效防范与化解资本市场重大风险提供新的观点和思路。

Preventing and defusing major risks is one of the greatest challenge to the Chinese capital market. The complexity and networking of economic systems requires us adopt systematic ideas and networked perspectives to deal with major risks in the capital market. This project studies the risk contagions of major negative information in the capital market, based on the network of firms in business groups. Specifically, we study the three questions: 1, the identification of price contagion effect in business group: we will examine when a listed firm announced to have major negative events, such as financial scandal, bond default or credit downgrade, as well as stock price crash, how the stock prices of peer firms in the same business group behave. 2, the study on the channel of risk contagion in business group: we will propose three channels theoretically, such as collective reputation hypothesis, information transfer hypothesis and internal capital market hypothesis, and further examine which channels can explain the risk contagion process in the Chinese business groups. 3, the real effects of risk contagion in business group: how the risk contagion effect influences the operating activities, corporate investment, financing activities, and corporate performance in peer firms in the same business group. Overall, this project helps to reveal the risk contagion process of major negative events in the capital market, and develop the theory of risk contagion in the Chinese business group, therefore enriches the literature both on risk contagion effect and business group. Our study can also offer new insights for the government to effectively prevent and deal with major risk in the capital market under the background of economic transformation.