Network Effects and Characteristics of Cross-Industrial Tail Risk Spillover in China

Table 3

Out-degree, in-degree, and RI indicator of cross-industrial.

Industry (1)	Upside risk accumulation phase			Downside risk mitigation phase
	Out-degree (2)	In-degree (3)	RI (4)	Out-degree (5)	In-degree (6)	RI (7)
Mining	114.0545	17.4530	0.734570272	61.6501	32.8652	0.304552808
Transportation	38.4021	7.3969	0.676984214	66.7230	18.1311	0.572652353
Leisure services	26.1311	9.8383	0.452962796	12.8147	31.8501	−0.426183482
Media	86.6538	10.5619	0.782712052	17.7331	39.2600	−0.377710635
Utilities	54.2077	26.2984	0.346673109	29.1218	47.6602	−0.241442005
Agriculture	82.3181	36.6710	0.383624214	8.2766	52.5921	−0.728050706
Chemicals	53.5963	37.6067	0.175318794	37.6897	63.0075	−0.251425064
Health care	25.1435	23.4528	0.034790715	44.5775	55.4160	−0.108392045
Commerce	4.8575	52.3779	−0.83026239	10.1877	57.2267	−0.697758936
National defense	22.4761	33.6635	−0.199278228	9.3160	53.7339	−0.704488032
Household appliances	11.7469	28.1271	−0.410799017	0.0000	62.5923	−1
Construction materials	17.8422	48.3596	−0.460975381	16.5888	68.1793	−0.608607483
Construction furnishings	15.1180	23.3335	−0.213658765	15.7876	32.0357	−0.339752798
Real estate	5.4934	35.4223	−0.731477159	5.6138	52.0842	−0.805407466
Nonferrous metal	4.1867	47.8813	−0.839183376	2.2286	53.2019	−0.919589396
Machinery equipment	0.0000	60.7620	−1	0.0000	63.0327	−1
Automobiles	2.8404	48.3764	−0.88908327	0.0000	51.7961	−1
Electronics	16.9323	62.2757	−0.572459853	66.6504	44.8751	0.195249517
Electrical equipment	0.0000	43.5438	−1	0.0000	54.4843	−1
Textile and apparel	232.4349	0.0000	1	22.4120	46.8030	−0.352394712
Conglomerate	47.9072	33.7010	0.174078095	3.4964	64.7932	−0.897600806
Computer	11.7495	43.3565	−0.573567307	3.1802	51.7017	−0.884107511
Light-industry manufacturing	19.2448	37.9764	−0.327354197	7.2998	60.7444	−0.785439464
Communications	24.0707	60.1110	−0.428125115	239.5348	49.7838	0.655854826
Steel	7.0208	42.3321	−0.715485817	8.9733	62.0339	−0.747256616
Banks	3.8193	54.7705	−0.869625771	8.8933	51.3620	−0.704812689
Nonbank finance	4.5618	43.9214	−0.811819352	2.3020	62.3088	−0.928742563
Food and beverage	80.0580	43.2967	0.298012966	682.5041	0.0000	1
Total degree	36.1738			49.4127