Research On The Migration Motivation And Decision-making Influencing Factors Of Growth-oriented SMEs

Since the reform and opening up,the economy of the Pearl River Delta and the Yangtze River Delta has entered a period of rapid development,with the emergence of a wave of enterprise migration in both places,not only foreign-funded enterprises,but also domestic enterprises are moving to both places.Since 2000,local governments have put forward industrial policies such as "changing cages for birds","retreating into three" and "going out of the city into gardens" to promote enterprises to migrate,and enterprises are also choosing and relocating locations in order to seek the most favorable development.In this context,scholars at home and abroad began to study enterprise migration in China gradually,but mostly used questionnaires or case analysis to analyze and study enterprises in a certain region,and did not use data analysis method to study enterprise migration,and did not focus on growth-oriented SMEs in China.Therefore,the author focused on growth-oriented SMEs from the perspective of research.Most of the listed companies on GEM are small and medium-sized enterprises,engaged in high-tech business,and have high growth.Therefore,this paper uses the data of listed companies on GEM to study the migration motivation and decision-making factors of growing SMEs.This paper is mainly divided into two parts: The first part is based on the content analysis method to analyze the migration announcement of listed companies on GEM from 2009 to 2018,identifying the motivation of enterprise migration;Then,according to the different types of enterprise migration,we classify them,mainly from the migration subject and migration distance,so as to explore the specific migration motivation of different types of enterprise migration.The second part is based on the first part of the study to determine which enterprises have migrated,and use the binary Logit model to measure the impact of internal and external factors and location factors on migration decision-making.The first part aims at explaining why the migrating enterprises migrate;The second part analyses the reasons why some enterprises choose to migrate,while some enterprises remain at their original sites,combining the internal,external and regional characteristics of the enterprises.Through the study of these two parts,the conclusion is drawn,which provides suggestions for the development of enterprises and the government’s investment attraction.The results show that there are four main motivations for the transfer of listed companies on GEM: strategic motivation,economic motivation,policy motivation and emotional motivation.The four motivations include 18 specific motivations;Secondly,in the analysis,we find that the primary motivation is strategic motivation,followed by economic motivation,policy motivation,and finally emotional motivation.In the analysis of the influence of internal(age,scale,nature),external(market)and location(infrastructure)factors on the migration decision-making,it is found that with the increase of age,the migration willingness of enterprises is lower;state-owned enterprises are less likely to migrate than non-state-owned enterprises;the larger the market scale they serve,the more likely they are to migrate;The better the facilities,the less likely they are to migrate.The larger the enterprise scale,the more likely it is to migrate.