Research On The Evolution And Driving Factors About The Spatial Pattern Of The Listed Enterprises' Headquarters In Yangtze River Delta Region

At present,Listed enterprises have become the representative of high-quality enterprises with large scale,sound financial system,strong industry driving ability and high level of management,they play an increasingly important role in regional economic development.The headquarters of listed enterprises is the decision-making and control center of enterprises.They have a large number of market resources,information resources and human resources,which play a key role in shaping the regional economic space.The Yangtze River Delta Region is the agglomeration area of Listed enterprises in China,and also the leader of the development of domestic market economy.The following questions are thought-provoking:What is the development process of Listed enterprises in the Yangtze River Delta Region? What are the characteristics of the evolution of the headquarters spatial pattern? What are the driving factors of the headquarters spatial pattern of Listed enterprises in the Yangtze River Delta Region?To clarify the above problems is of great theoretical significance for understanding the core issues of regional scientific research such as the spatial agglomeration of the headquarters of listed enterprises and the evolution of enterprise spatial pattern and its internal mechanism.It is of practical value to optimize the spatial pattern of regional listed enterprises' headquarters and improve the efficiency of capital market operation in the Yangtze River Delta Region.In this study,CSMAR economic and financial research database,Wind economic database and other data are used to construct the information database of listed enterprises' headquarters.Using the statistical yearbooks(2004-2016)of 41 cities above prefecture level of Yangtze River Delta Region to construct the city database.In addition,semi-structured interviews were used to interview and investigate some listed enterprises in the Yangtze River Delta Region.Based on the perspective of enterprise spatial organization,this paper systematically describes the spatial pattern characteristics and driving factors of listed enterprise headquarters in the Yangtze River Delta Region by using nuclear density analysis,standard deviation ellipse analysis,spatial correlation method and panel regression model.The main conclusions are as follows:The Yangtze River Delta Region is one of the areas with the highest concentration of Listed enterprises in China.On the regional dimension,the headquarters of listed enterprises in Zhejiang and Jiangsu grew rapidly at the provincial level,and the headquarters of listed enterprises are concentrated in Shanghai and cities in southern Jiangsu and Northern Zhejiang.On the industry dimension,The headquarters of listed enterprises in manufacturing industry are the largest,and the growth of emerging industries such as information transmission,software and information technology services is accelerating,with obvious regional differences.On the industrial dimension,except that the secondary and tertiary industries in Shanghai are equal,Anhui,Jiangsu and Zhejiang are all concentrated in the secondary industry.On the ownership dimension,private enterprises in Jiangsu and Zhejiang occupy the dominant position,while the two main ownership systems in Shanghai and Anhui are relatively balanced.In the evolution of the spatial pattern of the total amount of headquarters of listed enterprises,it shows the characteristics of "local compact aggregation,scattered clusters around",extending northwest-southeast direction,and gradually shifting south and west.During the study period,the positive Global Moran's I is gradually significant,and the local hotpot is gradually enhanced,but the change is not significant.In the evolution of the spatial pattern of the increased headquarters of listed enterprises,its performance is more decentralized.They are mainly distributedin Shanghai,Hangzhou,Nanjing,Hefei and other high-level cities,as well as in southern Jiangsu and Northern Zhejiang,while the rest of the area is not obvious.The extension direction is also the northwest-southeast direction,but it gradually moves eastward and southward.The Global Moran ' s I is significantly positive,but the spatial relationship is not stable.There is an obvious trend of regional grouping in local hotspot,forming two north-south groupings with Shanghai as the core.In the study of the driving factors of the spatial pattern of listed enterprises' headquarters and new headquarters in the Yangtze River Delta Region,this paper focuses on the influence of the core explanatory variables of market size effect,market congestion effect and cost-of-living effect.The results show that market size,opening to the outside world,financial environment,R&D investment and city level play a positive role in promoting the spatial agglomeration of the headquarters of listed enterprises.On the contrary,far away from Shanghai and high labor costs will make the headquarters of listed enterprises tend to be decentralized.For the increased headquarters of listed enterprises,larger market size,moderate competitive environment,high level of financial environment,and low labor costs will play a role in promoting their spatial agglomeration.Finally,according to the conclusion,this paper puts forward relevant policy enlightenment for the construction of capital market environment and the development of listed enterprises' headquarters in the Yangtze River Delta Region from a strategic view.And it also analyses the shortcomings of the research,and provides ideas for further research in the future.