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The purpose of this paper is to explore the dynamic interdependence structure and risk spillover effect between the Chinese stock market and the US stock market.

This paper mainly uses the multivariate R-vine copula-complex network analysis and the multivariate R-vine copula-CoVaR model and selects stock price indices and their subsector indices as samples.

The empirical results indicate that the Energy, Materials and Financials sectors have leading roles in the interdependent structure of the Chinese and US stock markets, while the Utilities and Real Estate sectors have the least important positions. The comprehensive influence of the Chinese stock market is similar to that of the US stock market but with smaller differences in the influence of different sectors of the US stock market on the overall interdependent structure system. Over time, the interdependent structure of both stock markets changed; the sector status gradually equalized; the contribution of the same sector in different countries to the interdependent structure converged; and the degree of interaction between the two stock markets was positively correlated with the degree of market volatility.

This paper employs the methods of nonlinear cointegration and the R-vine copula function to explore the interactive relationship and risk spillover effect between the Chinese stock market and the US stock market. This paper proposes the R-vine copula-complex network analysis method to creatively construct the interdependent network structure of the two stock markets. This paper combines the generalized CoVaR method with the R-vine copula function, introduces the stock market decline and rise risk and further discusses the risk spillover effect between the two stock markets.

It is a very prominent problem that Chinese universities lack school-running characteristics. In the past ten years, because of undergraduate teaching assessment requirements of the Ministry of Education, universities attach great importance to school-running characteristics. What is the reality and how to improve the effectiveness of creating the school-running characteristics of universities? It is a problem that needs to be solved. The purpose of this paper is to discuss these issues.

Using the survey method, literature study, case studies and other methods, this study reviewed ten years of school-running characteristics construction and explored some laws of creating school-running characteristics.

This study found although universities in China are beginning to attach great importance to the school-running characteristics, but they are still staying in the summarization of characteristics. School-running characteristics are very rough. Creating school-running characteristics are mainly efforts responding to the superior government. Creating school-running characteristics should be based on category characteristic. Universities need to change in competition and create characteristics within its history and culture. Universities need to refine the core idea of education, develop a big picture and then renew them in the assessment cycle.

The originality of this study was that it put forward some new laws including changing from summarizing to creating its own school-running characteristics, putting category characteristic as the prerequisite and considering the core idea of education as the focus of school-running characteristics. This research will enrich the theory building of higher education research and has some value in promoting the creation of school-running characteristics.