1990—2019年中国上市公司总部分布变迁及影响因素

Distribution Change and Influencing Factors of Headquarters of Chinese Listed Companies from 1990 to 2019

利用社会网络分析工具研究了1990—2019年中国上市公司总部时空演变特征,并探究了影响中国上市公司总部分布变迁的关键因素。结果表明:(1)中国上市公司数量经历了探索增长、平稳增长、快速增长和转型增长等四个阶段,形成了以主板市场为主体,中小板、创业板和科创板协同发展的格局。(2)中国上市公司总部分布逐渐从早期的点状分布格局演进为以京津冀、长三角、珠三角三大密集分布区为核心,串联东部沿海地区为弧,京广轴为弓弦,长江轴为弓箭的网络化空间结构。而总部迁移网络则逐渐形成以京津冀、长三角、珠三角和成渝地区为顶点,以连接这些顶点为边的菱形迁移联系结构,菱形空间区域内集中了80%以上的上市公司总部迁移联系。(3)主板上市公司和劳动力密集型上市公司总部更容易发生迁移,不同类型上市公司在区位选择时趋于一致性。(4)QAP回归分析表明区域经济发展水平、信息化水平、金融便利度、交通便利度、智力丰度和国际化程度等因素深刻影响着上市公司总部空间布局。

This paper uses social network analysis to analyze the temporal and spatial characteristics and influencing factors of headquarters of China’s listed company from 1990 to 2019.The results show that:1) The changes in the number of China’s listed companies have roughly gone through four stages which are exploration growth stage,steady growth stage,rapid growth stage and transitional growth stage,and form a pattern with the Main Board Market as the main body and the coordinated development of SME Market,GEM Market and STAR Market.2) The headquarters of listed companies have evolved from a dot-shaped distribution pattern to a network distribution pattern which takes BeijingTianjin-Hebei urban agglomeration,Yangtze River Delta urban agglomeration and Pearl River Delta urban agglomeration as centers,and the transportation lines of Beijing-Guangzhou,Yangtze River and eastern coast region as the axes.The headquarter migration network gradually forms four apexes which are Beijing-Tianjin-Hebei,Yangtze River Delta,Pearl River Delta,Chengdu and Chongqing respectively,more than 80% migration contacts of the listed company headquarters are concentrated in the diamond-shaped space area formed by these four apexes.3) Main Board listed companies and labor-intensive listed company headquarters are more prone to migration,different types of listed companies tend to be consistent in location selection.4) The level of economic development,informatization,financial convenience,transportation convenience,intellectual abundance and internationalization have a profound impact on the spatial layout of listed company headquarters.