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。
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.
[1] Semple K. Recent trends in the spatial concentration of corporate headquarters. Economic Geography, 1973, 49(4): 309-318.
[2] Taylor M, Thrift N. Large corporations and concentrations of capital in Australia: A geographical analysis. Economic Geography, 1980, 56(4): 261-280.
[3] Semple K, Phipps A. The spatial evolution of corporate headquarters within an urban system. Urban Geography, 1982, 3 (3): 258-279.
[4] Strickland D, Aiken M. Corporate influence and the German urban system: Headquarters location of German industrial corporations, 1950-1982. Economic Geography, 1984, 60(1): 38-54.
[5] Holloway S R, Wheeler J O, Corporate headquarters relocation and changes in metropolitan corporate dominance, 1980-1987. Economic Geography, 1991, 67: 54-74.
[6] Lyons D I. Changing patterns of corporate headquarters influence, 1974-89. Environment and Planning A, 1994, 26: 733-747.
[7] Meyer S, Green M. Headquarters in Canada: An analysis of spatial patterns. Urban Geography, 2003, 24(3):232-252.
[8] Klier T. Where the headquarters are: Location patterns of large public companies, 1990-2000. Economic Development Quarterly, 2006, 20(2): 117-128.
[9] He Canfei. Agglomeration of corporate headquarters and its spatial evolution. China Soft Science, 2007, (3): 59-68. [贺 灿飞. 公司总部地理集聚及其空间演变. 中国软科学, 2007, (3): 59-68.]
[10] Tonts M, Taylor M. Corporate location, concentration and performance: Large Company headquarters in the Australian urban system. Urban Studies, 2010, 47(12): 2641-2664.
[11] Rice M. The urban geography of subsidiary headquarters in North America: Explorations by sector and foreign linkage. Urban Geography, 2010, 31(5): 595-622.
[12] Rice M, Lyons D. Geographies of corporate decision-making and control: Development, applications, and future directions in headquarters location research. Geography Compass, 2010, 4(4): 320-334.
[13] Holloway S R, Wheeler J O. Corporate headquarters relocation and changes in metropolitan corporate dominance, 1980-1987. Economic Geography, 1991, 67(1): 54-74.
[14] Zhao Hong. Headquarters Economy. Beijing: China Economic Publishing House, 2004. [赵弘. 总部经济. 北京: 中国经 济出版社, 2004.]
[15] Shi Zhongliang, Shen Hongbing. A study on form of headquarters economy and development in China. China Industrial Economy, 2005, (5): 58-65. [史忠良, 沈红兵. 中国总部经济的形成及其发展研究. 中国工业经济, 2005, (5): 58-65.]
[16] Testa W. Headquarters research and implications for local development. Economic Development Quarterly, 2006, 20 (2): 111-116.
[17] Card D, Hallock K, Moretti E. The geography of giving: The effect of corporate headquarters on local charities. Journal of Public Economics, 2010, 94(3/4): 222-234.
[18] Baaij M, Bosch F, Volberda H. The international relocation of corporate centres: Are corporate centres sticky? European Management Journal, 2004, 22(2): 141-149.
[19] Strauss-Kahn V, Vives X. Why and where do headquarters move? Regional Science and Urban Economics, 2009, 39 (2): 168-186.
[20] Wei Houkai, Bai Mei. Actuality and characteristics on relocation of listed company headquarters. China Industrial Economy, 2008, (9): 13-24. [魏后凯, 白玫. 中国上市公司总部迁移现状及特征分析. 中国工业经济, 2008, (9): 13-24.]
[21] Eisenberg J H, Friedland R. Corporate headquarters relocation. Real Estate Issues, 1990, 15(Fall/Winter): 38-41.
[22] Bel G, Fageda X. Getting there fast: Globalization, intercontinental flights and location of headquarters. Journal of Economic Geography, 2008, 8(4): 471-495.
[23] Lovely M E, Rosenthal S S, Sharma S. Information, agglomeration, and the headquarters of U.S. exporters. Regional Science and Urban Economics, 2005, 35(2): 167-191.
[24] Davis J, Henderson V. The agglomeration of headquarters. Regional Science and Urban Economics, 2008, 38: 445-460.
[25] Henderson J, Ono Y. Where do manufacturing firms locate their headquarters? Journal of Urban Economics, 2008, 63: 431-450.
[26] Wu Qianbo, Ning Yuemin. Headquarter locations of top 500 enterprises of Chinese manufacturing industries. Acta Geographica Sinica, 2010, 65(2): 139-152. [武前波, 宁越敏. 中国制造业企业500 强总部区位特征分析. 地理学报,2010, 65(2): 139-152.]
[27] Wu Qianbo, Ning Yuemin, Li Yinghao. The concentration of top 500 enterprises of Chinese manufacturing industries and its regional effects. Economic Geography, 2011, 31(2): 177-182. [武前波, 宁越敏, 李英豪. 中国制造业企业500 强 集中度变化特征及其区域效应分析. 经济地理, 2011, 31(2): 177-182.]
[28] Wang D, Zhao S X, Gu F et al. Power or market? Location determinants of multinational headquarters in China. Environment and Planning A, 2011, 43: 2364-2383.
[29] Gregory R, Lombard J, Seifert B. Impact of headquarters relocation on the operating performance of the firm. Economic Development Quarterly, 2005, 19(3): 260-270.
[30] Chan H S, Gau G W, Wang K. Stock market reaction to capital investment decisions: Evidence from business relocations. Journal of Financial and Quantitative Analysis, 1995, 30(1): 81-100.
