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上海上市公司对外投资网络演变及其影响因素研究
引用本文:徐宁,李仙德.上海上市公司对外投资网络演变及其影响因素研究[J].地理科学进展,2020,39(4):553-566.
作者姓名:徐宁  李仙德
作者单位:上海师范大学环境与地理科学学院,上海 200234
基金项目:国家自然科学基金项目(41730642);国家自然科学基金项目(41301168);上海师范大学理工科科研发展基金项目
摘    要:全球城市是世界投资网络的管理和控制中心。加强对外投资网络建设有助于上海落实2035年建成“卓越的全球城市”的发展战略目标。论文挖掘A股上市公司年报合并财务报表等信息,基于城市尺度建立上海上市公司对外投资数据库(2005、2010、2017年),利用位序-规模分析、社会网络分析、负二项回归分析等方法,研究上海上市公司对外投资网络演变及其影响因素。研究发现:① 上海上市公司对外投资网络集中于西欧、北美、东南亚、东亚等地,2005—2017年,“一带一路”沿线区域吸引的上海上市公司子公司增加了155家。② 上海上市公司对外投资网络呈现出先向国外中心城市等级扩散,再向其周边城市邻近扩散的态势。③ 上海对外投资的上市公司主要来自制造业、金融业、交通运输仓储和邮政业等,其中制造业投资网络覆盖的国外城市最多。2005—2017年,上海制造业领域的上市公司对外投资网络涉及的国外城市数量增长了102个。④ 社会邻近性、城市在世界城市网络中的等级、离岸金融中心以及方便旗国、海港对上海上市公司对外投资网络的演变具有正向的影响。

关 键 词:对外投资网络  上市公司  网络结构  上海  
收稿时间:2019-04-17
修稿时间:2019-06-10

Evolution of Shanghai listed companies’ outward investment network and its determinants
XU Ning,LI Xiande.Evolution of Shanghai listed companies’ outward investment network and its determinants[J].Progress in Geography,2020,39(4):553-566.
Authors:XU Ning  LI Xiande
Institution:School of Environmental and Geographic Sciences, Shanghai Normal University, Shanghai 200234, China
Abstract:Global cities are the management and control centers of the world's investment networks. Thus, building a powerful outward investment network will help Shanghai to implement its developmental strategy for becoming an outstanding global city by 2035. We created the A-share listed companies branch network database of Shanghai based on their annual reports in 2005, 2010, and 2017, then used rank-size analysis, social network analysis, and negative binomial regression analysis methods to explore the spatial network structure and its determinants. The results of this empirical research are as follow: 1) Shanghai listed companies' outward investment network agglomerates in Western Europe, North America, South East Asia and East Asia. It is worth noting that cities along the Belt and Road Initiative attracted 155 subsidiaries of Shanghai listed companies from 2005 to 2017. 2) Shanghai listed companies' outward investment agglomerates in overseas central cities initially, then diffuses to nearby cities surrounding the associated central cities. 3) Manufacturing, finance, transportation, warehousing and postal services are the main sectors of the outward investment activities. The outward investment network of manufacturing industry covers the largest number of oversea cities. From 2005 to 2017, the number of oversea cities involved in the outward investment network of Shanghai manufacturing listed companies increased by 102. 4) Social proximity, position in the hierarchy of world city network, lower tax of offshore financial centers, convenient flag countries and sea ports have a positive impact on the evolution of Shanghai listed companies' outward investment network.
Keywords:outward investment network  listed companies  network structure  Shanghai Municipality  
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