地理学报 ›› 2013, Vol. 68 ›› Issue (4): 449-463.doi: 10.11821/xb201304002

• 产业与交通地理 • 上一篇    下一篇

区域视角下中国上市企业总部的迁址研究

潘峰华1, 夏亚博1, 刘作丽2   

  1. 1. 北京师范大学地理学与遥感科学学院城市与区域规划研究所, 北京 100875;
    2. 北京市社会与经济发展研究所, 北京 100120
  • 收稿日期:2012-08-20 修回日期:2013-02-21 出版日期:2013-04-20 发布日期:2013-06-20
  • 作者简介:潘峰华(1982- ), 男, 江苏金坛人, 博士, 讲师, 中国地理学会会员(S110008390M), 美国地理学会会员, 主要研究方向为经济地理, 金融地理, 城市与区域发展。E-mail: panfenghua@bnu.edu.cn
  • 基金资助:

    中国科学院区域可持续发展分析与模拟重点实验室2012年度开放基金课题;国家自然科学基金青年基金项目(41200396);中央高校基本科研业务费专项资金项目

The relocation of headquarters of public listed firms in China:A regional perspective study

PAN Fenghua1, XIA Yabo1, LIU Zuoli2   

  1. 1. School of Geography, Institute of Urban and Regional Planning, Beijing Normal University, Beijing 100875, China;
    2. Beijing Municipal Institute for Economic and Social Development, Beijing 100120, China
  • Received:2012-08-20 Revised:2013-02-21 Online:2013-04-20 Published:2013-06-20
  • Supported by:

    Key Laboratory of Regional Sustainable Development Modeling, IGSNRR, CAS; National Natural Science Foundation of China, No.41200396; the Fundamental Research Funds for the Central Universities

摘要: 企业总部的区位及其迁移对城市和区域发展具有重要的影响。本研究以上市企业为对象,考察2001-2012 年期间,中国上市企业的总部和注册地址迁移情况。主要有以下发现:①上市企业的迁移以东部地区为主要目的地,西部和东北地区的上市企业净迁出量最大,东部沿海的长三角地区和北京是上市企业的主要迁入地。② 上市企业迁移以上行迁移为主,即迁往高行政等级城市,北京、上海吸引了最多的上市企业迁入,而在省内迁移则是主要迁往省会城市。③ 从企业总部和注册地址的迁移指向,以及企业总部和注册地址分离的情况看,北京和上海在国内公司地理格局中的控制力还在提高,尤其是北京,以较大的优势吸引了国内最多的企业总部迁入。④ 不同产业的总部迁移率存在差异,总体上服务业迁移率比制造业更高,采掘业和房地产业是迁移率最高的产业。⑤ 拥有集聚经济带来的专业化、多元化的产业环境和优质配套条件,以及高行政等级带来的信息和政策优势,是企业总部迁往经济发达以及高行政等级城市的重要原因。⑥ 上市企业的总部和注册地址迁移主要是由于企业的兼并重组造成的,这与中国资本市场的制度有关。⑦ 企业总部的迁移之后,并没有带来企业经营绩效的显著增长,即使有也非常有限,且持续时间很短;同时企业总部的上行迁移也没有比平行和下行迁移对企业经营绩效的改善更有帮助。

关键词: 企业迁移, 上市企业, 企业总部, 总部经济, 注册地址

Abstract: The location and relocation of headquarters have significant impacts on urban and regional development in the long term, which has been largely neglected in China for various reasons. Drawing on the latest data of public listed firms from 2001 to 2012 in China, this study investigates the relocation of headquarters as well as registered addresses of those listed firms from 2001 to 2012. The main findings of this study are as follows: (1) Firms mainly relocate the headquarters and registered addresses to eastern China, especially to Yangtze River Delta and Beijing, and the western and northeastern parts of China have the largest net loss of firms. (2) Most cases are upward relocations, which mean that they tend to be relocated in cities with higher political level. Beijing and Shanghai are the most attractive destination cities for inter-province relocations. For those relocations within provinces, firms are more likely to move to the capital cities. (3) According to the relocation pattern of both headquarters and registered addresses of firms, and the separation of headquarters and registered address for some firms, Beijing and Shanghai have become more dominant in the overall corporate geography in China. Beijing is extraordinarily influential and attracts the most relocated firms. (4) Most relocations are caused by merger and acquisition, which explains half of the relocation cases of headquarters and over 70% of the registered addresses. (5) There exist significant variations of relocation frequencies and rates among different industries. In general, firms of service industry are more likely to be relocated than those of manufacturing industry. Firms of mining and real estate industry have the highest relocation rates. (6) The operating performance is not necessarily improved after the relocation of headquarters. The performance improvement is quite weak and lasts only a very short time. Moreover, the upward relocation does not benefit firms more compared to downward or parallel relocation.

Key words: corporate relocation, public listed firms, corporate headquarter, headquarter economy, registered address