Abstract
Enhancing urban development vitality and optimizing the allocation of regional industrial factors require a comprehensive analysis of listed companies, such as the overall distribution network, agglomeration evolution trend, industrialization layout, and driving mechanism. Using 1,624 A-share listed companies in China's Yangtze River Economic Belt as research area, this study integrated trend surface analysis (TSA), exploratory spatial data analysis (ESDA), standard deviation ellipse (SDE), and spatial regression model methods. The main results are as follows: (1) The overall quantity scale of the listed companies in the Yangtze River Economic Belt has achieved significant growth, but the spatial difference of location selection persists. The spatial configuration formed a hierarchical urban distribution pattern with the Yangtze River Delta region as the agglomeration core and the provincial capitals as the fulcrum. (2) Listed companies accelerate the expansion of the Yangtze River Delta region. Chengdu, Wuhan, Changsha, and other central-western provincial capitals gradually increased the region’s attractiveness. High-high and low-low agglomerations remain the main forms of agglomeration. (3) There are significant differences in the location selection of listed companies with varying specialization levels, forming a relatively different alienated high-value distribution structure among various industry types. (4) The levels of knowledge spillover, city scale, and policy support level are major factors affecting the location selection process of listed companies in the Yangtze River Economic Belt. For low-level city network with few listed companies, city scale and knowledge spillover levels are significant determinants for the development of headquarters’ economy. For high-level city network, along with the level of knowledge spillovers and policy support, globalization level has an important contribution to the shaping of the location advantages of attracting the layout of listed companies.
Highlights
With the rise of cross-border trade and emerging technological revolutions, the dominant production factor inputs have been gradually shifting from capital and labor into innovation, technology, and information
This study aims to provide a basis for fully understanding the spatial preference and temporal changes of the location selection of listed companies in the Yangtze River Economic Belt (YEB) region and provide targeted suggestions for improving the networked layout of listed companies in the YEB region, as well as different levels of city networks along the line to enhance the location attractiveness of listed companies and shape the location advantages of industrial agglomeration
Listed companies had the Yangtze River Delta region as the first choice for their headquarter location, followed by provincial capitals. e location attraction of other cities in the central and western regions had been insufficient, leading to the formation of a strict urban hierarchy growth order [21]. e spatial autocorrelation analysis shows that the spatial agglomeration of listed companies in the YEB region has been increasing gradually, indicating that cities with high-scale listed companies have the ability to radiate economic activities and can form coordinated growth structures with surrounding cities. e spatial center-of-gravity shifted from the west to the east coast, but the rate of migration slowed. ese findings highlight the strength of the eastern region in cultivating and attracting headquarters of listed companies
Summary
With the rise of cross-border trade and emerging technological revolutions, the dominant production factor inputs have been gradually shifting from capital and labor into innovation, technology, and information. A listed company is a market-oriented modern enterprise formed by the agglomeration of various production factors. It reflects the level of capital securitization and direct financing capacity of a particular region and, to a certain extent, represents the dominant position of a country or region in the global division of labor system and the international innovation pattern [2, 3]. Majority of the studies have focused on country, state, and provincial levels [2, 9] and have paid little attention to the change of attractiveness of new urban forms (e.g., urban agglomerations, metropolitan areas, and economic belts) in the location selection of listed companies. Adapting to the rapid development of urbanization and urban hierarchical systems in emerging countries is complex and difficult. us, establishing a comprehensive analytical framework with multiple methods is essential for the study of the location of spatial agglomeration of listed companies in the new urban agglomeration
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