中国城市间投资网络的结构特征与演化分析——基于企业并购视角

Analysis of Structural Characteristics and Evolution of China's Cross-city Investment Network——Based on the Perspective of Mergers and Acquisitions

全球范围内,企业并购已取代绿地投资成为跨国公司对外投资的主要方式。本文以城市为企业并购活动的地理节点,将企业间的并购投射为城市间的链接,并基于2012～2017年中国境内所有完成并购的交易事件,利用社会网络、幂率分布、核密度函数等方法,揭示了并购投资网络向外蔓延、向内稠密化的演进趋势以及"富国俱乐部"与"空间距离衰减"结构特征。"富国俱乐部"表明并购交易属于典型的"循环累积"与"金融极化"过程,大多数城市受到"金融排斥",少数城市占据主导地位;而"空间距离衰减"是信息不对称与跨越行政边界过程中制度障碍因素共同作用的结果。

Globally,mergers and acquisitions have replaced greenfield investment as the main form of foreign investment for multinational corporations.This paper treats cities as the geographic nodes of M&A transactions,and projects M&A transactions among enterprises as links between cities.Based on all M&A transaction events implemented and completed in China's Mainland in 2011~2016,combined with social networks and GIS spatial visualization,the power law distribution and kernel density method,we reveal the evolution trend of the outbound spread and inward densification of the M&A network,and two significant characteristics of“rich country club”and“spatial distance attenuation”for the M&A investment linkage.The characteristic of“rich-country clubs”indicates that the M&A transaction process is a typical“cyclical accumulation”and“financial polarization”process.Most cities face“financial exclusion”and a few cities dominate.The spatial distance attenuation characteristic is the result of the asymmetric information and the institutional obstacles in the process of crossing the administrative boundary.