Region Vibrancy And Co-movement In Corporate Investment

In the past 30 years of reform and opening up,China's economy has achieved remarkable success.Similar to the experience of some other economies in the world,investment growth has played a key role in promoting China's economic growth.But behind the rapid economic growth,there are many problems such as insufficient investment and low investment efficiency.The extensive investment model of China's reform process is not enough to support the sustained growth of the economy,at the same time,the investment scale and investment efficiency of listed companies need to be improved.China is a country with many areas and her industrial development is not balanced.If the research on region vibrancy start from a unique perspective,which focusing on the mutual infection and linkage between enterprise because of the people-based interactions,we can speed up the communications of enterprise technology,knowledge and talent,promote regional economic growth,and active the development in all aspects of the region,as well as promote the coordinated development between regions and industry to a great extent.The purpose of this paper is to study whether the Chinese company's investment has regional co-movement,and to show that region vibrancy is one of the important factors of co-movement in corporate investment.Based on the 997 data of China's A-share listed companies from 2001 to 2015,this paper uses Casey Dougal and other methods to measure the vitality of the region,and studies the role of region vibrancy in the co-movement of corporate investment.This research has important meaning both in theory and practice.The innovation of this paper lies in that making the analysis of our country's region vibrancy and corporate investment in the same research framework,and studying co-movement in corporate investment based on the dynamic of the region vibrancy.First of all,this paper defined the region vibrancy as spillover effect caused by a certain area within the scope of the company in the economic activities by human endogenous interaction,influence the other company nearby by infectious and diffusion.Followed by the combination of theoretical and practical analysis and found that during the researching period,the samples of different regions in China whose corporation investment rate have obvious difference in value,and this difference is consistent,which means corporate investment has regional characteristics.Then based on the research methods of econometrics and drawing on previous studies,we use the related data for empirical analysis,finally draw the conclusion: the co-movement in corporate investment in the company of same area is exist.Next,we explore the causes of corporate investment from the dynamic interaction among synchronous area characteristics,macro factors,vibrancy between companies.Through the analysis of comparative study and empirical research,we exclude the “non-vibrancy” factors and make the point of "vibrancy" factors.We describe the problem by housing land and other real estate value changes as an example.Finally,some policy suggestions are put forward to enhance the vitality of our country and promote economic growth.Policy recommendations make a comprehensive interpretation from multiple perspectives.On the one hand,enterprises should strengthen their independent innovation capability as well as their management and construction.On the other hand,the society and the government also need to improve the relevant policies and measures,establish good talent mechanism,promote the rapid development of high technology industry,speed up industrial structuring,accelerate industrial restructuring and upgrading,promote the sustainable development of regional economy.