Research on the dynamic evolution and its influencing factors of stock correlation network in the Chinese new energy market

• The dynamic evolution characteristics of the stock correlation networks in the new energy market are discussed. • The relationships among network entropy, network structure, and market volatility are deeply explored. • Both degree centrality and information centrality are adopted to characterize the systemically importance of the stock association networks. • This paper discusses the influence factors of the new energy market's network centrality in the dynamic evolution process. Based on the correlation of stock price volatility, this paper constructs a stock correlation network model in the Chinese new energy market, focusing on the dynamic evolution of the stock correlation network and its influencing factors. The results show that: (i) the stock correlation network displays the small world feature in the dynamic evolution process. (ii) the network entropy effectively depicts the change direction of network structure and describes the new energy market volatility. (iii) the network centrality ranking in the new energy market is mainly affected by new energy enterprises’ internal characteristic variables.