A Study On The Geographical Distribution Of Listed Companies From The Perspective Of New Economic Geography

The geographical distribution of listed companies in China is extremely uneven,not only from a nationwide perspective,in a province,even within the same prefecture-level city is also very different.On the whole,listed companies are mainly distributed in the eastern coastal provinces,the number of the central and western regions is far behind.Even in the same provinces,listed companies are mainly concentrated in the provincial capital city or regional central city.The extremely uneven distribution of listed companies is actually the extreme performance of regional economic development differences.Since the emergence of the new economic geography theory,it has been applied in explaining industrial agglomeration,regional disparity and regional financial development.Based on the new economic geography theory,this paper studies the determinants of the geographical distribution of listed companies by using the method of case study and econometric analysis.In the process of theoretical analysis,this paper reviews the main contents and research status of the new economic geography theory through related literature,and then introduces some recent research on the geographical distribution of listed companies.According to actual condition,we make a descriptive summary of the geographical distribution of the listed companies in China and Zhejiang Province.Combined with the author of Shangyu District field research,the microscopic factors of the geographical distribution of listed companies are studied.Then combined with the new economic geography theory,this paper expounds the possible factors that affect the geographical distribution of listed companies from three aspects: traditional geographical factors,new economic geography factors and economic policy factors.Based on the previous theoretical analysis and literature review,the author chooses the appropriate proxy variables and establishes the measurement model and take the panel data of 236 prefecture-level cities in China from 2009 to 2015 for empirical test.According to the results of the F-test,the BP test and the Hausman test,the appropriate regression results were selected,and compares the differences between the East and Midwest regions.Through the analysis of the empirical results,we find: The advantages of provincial and coastal areas make the listed companies concentrated in these cities,and the natural resource endowments have no significant impact;Industry correlation,market size,financial correlation rate and road density have significant positive effects on the number of listed companies in cities,which shows that the currency externalities,financial externalities and reduce of the transportation costs bring the "centripetal force",the negative results of market competition reflect the role of "centrifugal force";The degree of marketization has a positive effect on the distribution of listed companies,while the open degree of the test results were negative significant;In the east regions,the currency externalities are stronger and the technology also have an impact of external positive significant,while the the negative impact of market competition is more obvious in the Midwest,which is more dependent on the export market.On the basis of the above theoretical analysis and empirical research,the author puts forward some relevant policy suggestions: First,the government can speed up industrial restructuring,promote industrial diversification;Second,to create a good financial environment,make full use of the financial externalities;Third,accelerate the construction of infrastructure and focus on the transformation of scientific and technological achievements,thus narrowing the gap between the development of regional companies to promote the coordinated development of regional economy.