Based on the stock transaction data of China's listed banks from 2007 to 2020, this paper constructs the complete network of tail risk spillovers among banks using the Least Absolute Shrinkage and Selection Operator (LASSO) quantile regression, and dynamically examines the characteristics of the network topology and the survivability of China's banking system. The results show that the newly listed banks are mainly the risk bearers. The role of a single bank as an isolator, risk bearer and risk disseminator in the network will change over time. City commercial banks have gradually changed from the role of risk bearer to both risk bearer and risk disseminator. The attack experiments on the Bank of China, China Merchants Bank, China CITIC Bank and Zhengzhou Bank those have the largest number of weighted media in the network for the networks of 2016, 2018, 2019 and 2020, show that large-scale cascading failure can occur in the network by changing the parameters. If the attacked bank is a risk communicator, a larger cascading effect may occur, in turn, lead to the Invulnerability of the whole network reduced. In addition, we find that the scale of network cascading failure is related to the type of attacked bank and the characteristics of its adjacent banks: if the neighbor bank is the risk bearer, the risk will not be passed down; If its adjacent banks are risk dispersers, the risks will be further spread and expanded, that is, the scale of cascade failure depends on the cluster structure of the network.
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