In this paper we derive a compact mathematical formulation describing the dynamics of chemical reaction networks that are complex-balanced and are governed by mass action kinetics. The formulation is based on the graph of (substrate and product) complexes and the stoichiometric information of these complexes, and crucially uses a balanced weighted Laplacian matrix. It is shown that this formulation leads to elegant methods for characterizing the space of all equilibria for complex-balanced networks and for deriving stability properties of such networks. We propose a method for model reduction of complex-balanced networks, which is similar to the Kron reduction method for electrical networks and involves the computation of Schur complements ...