Abstract

Purpose – We investigate the interconnectedness between the financial sectors and new energy companies in China from the perspective of the multilayer network, and analyze the static and time-varying characteristics of the multilayer network at system and company levels, respectively.

Design/methodology/approach – We employ the multilayer network containing the realized volatility (RV here after) layer, the realized skewness (RS here after) layer and the realized kurtosis (RK here after) layer. The three realized indicators adopted to construct the multilayer network are generated by the intraday trading data from 2012 to 2022.

Findings – (1) Different layers have different characteristics, and can provide supplementary information. (2) Banks tend to play the role of risk transmitters on the whole, while the insurances and new energy companies tend to play the role of risk receivers on average. (3) The connectedness strength of financial sectors and new energy companies varies over time, and climbs sharply during the major crisis events. The roles of financial sectors and new energy companies may change from risk transmitters to risk receivers, and vice versa.

Originality/value – We adopt three realized indicators to construct the three-layer network, which provides a more comprehensive perspective for understanding the connectedness between the financial sectors and new energy companies in China.

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