Multidimensional Evolution and Driving Factors of Securities Firms’ Collaborative Bond Joint Underwriting Networks in China: A Comprehensive Analysis from 2011 to 2020

This study utilizes the joint bond underwriting data of China’s securities firms from 2011 to 2020 systematically explore evolutionary characteristics collaborative networks temporal, topological, and spatial dimensions. By employing social network analysis, Ucinet, ArcGIS, we construct a longitudinal panel quantitatively analyze driving factors their underlying mechanisms. The findings reveal that, in terms topological structure, exhibit increasingly mature, active, balanced, accessible features, with domestic such as China Securities Co., Ltd. emerging backbone foreign-backed gradually fading. In dimension, urban collaboration presents transformation triangular butterfly-shaped, quadrilateral, ultimately multicore networks. At regional scale, inter-regional is most extensive between eastern regions, followed by eastern–central eastern–western central–western regions relatively less engaged. central positions Beijing, Shenzhen, Shanghai are strengthening, external radiation scope expanding annually. mechanism this evolution increasing opportunities for establish adjust cooperative relationships due maturing active China. To compensate opportunity cost maximize benefits, need select potential partners close geographical proximity, similar business domains, larger scales, “friends friends,” “network star” status, thereby promoting continuous syndicates.