PROGRESS IN GEOGRAPHY ›› 2021, Vol. 40 ›› Issue (8): 1257-1268.doi: 10.18306/dlkxjz.2021.08.001

• Articles •     Next Articles

Change and influencing factors of China’s cross-regional investment network structure

JIAO Jingjuan1(), ZHANG Qilin1, WU Yuyong1, JIANG Runze1, WANG Jiao'e2,3,*()   

  1. 1. School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China
    2. Key Laboratory of Regional Sustainable Development Modeling, Institute of Geographic Sciences and Natural Resources Research, CAS, Beijing 100101, China
    3. College of Resources and Environment, University of Chinese Academy of Sciences, Beijing 100049, China
  • Received:2021-01-20 Revised:2021-05-03 Online:2021-08-28 Published:2021-10-28
  • Contact: WANG Jiao'e;
  • Supported by:
    National Natural Science Foundation of China(41701126);National Natural Science Foundation of China(71872010);National Natural Science Foundation of China(42071147);Beijing Undergraduate Training Program for Innovation and Entrepreneurship(S202110004204)


With the increasing economic interaction between cities, capital flow across regions has gradually become a key factor affecting the regional economic disparities. Cross-regional enterprise investment is regarded as the micro embodiment of capital flows. It is of great significance to explore the characteristics of cross-regional enterprise investment for reducing regional economic disparities. Thus, this study examined the cross-regional investment network using the cross-regional investment data of Chinese listed companies in 1998-2018, and analyzed the characteristics of the spatial evolution of China's cross-regional investment network and its influencing factors at the national and regional levels. The results show that: the spatial agglomeration trend of node centrality in China's cross-regional investment network at the national and regional levels is obvious and the cities with high node centrality are mainly concentrated in the five major urban agglomerations. There are obvious hierarchical structure, spatial heterogeneity, and path dependence of the cross-regional investment network; the net investment inflows and outflows are mainly in the eastern region, and the investment activities tend to develop toward the central and western regions; the influence of city economic development level, industrial structure, and financial environment varies across regions and types of cities with different population scales.

Key words: cross-regional investment, capital flows, corporate linkage, centrality