热带地理2025，Vol.45Issue(11)：1988-2002,15.DOI:10.13284/j.cnki.rddl.20250215
中国资本流动网络结构演化与驱动机制研究:企业异地投资视角
Structural Evolution and Driving Mechanisms of China's Capital Flow Network:A Perspective from Cross-Regional Corporate Investment
摘要
Abstract
Under the strategic context of building a unified national market and promoting regional coordinated development,investigating the structural evolution and driving mechanisms of capital flow networks is crucial for optimizing resource allocation.Utilizing cross-regional investment data from Chinese listed companies(2008-2023),this study constructed a provincial capital flow network and employed blockmodel analysis,motif detection,and temporal exponential random graph models(TERGM)to identify structural dynamics and driving factors.Key findings are as follows:(1)From 2008 to 2018,network density and centralization increased,whereas the average path length decreased,signaling enhanced equilibrium and efficiency in capital allocation.After 2019,external shocks triggered fluctuations in network efficiency,revealing systemic vulnerability.Capital flows exhibited"dispersed outflow and concentrated inflow,"with eastern coastal regions dominating capital exports and central-western areas gradually strengthening absorption capacity,reflecting a dynamic shift toward regional equilibrium.(2)The network is differentiated into four functional modules:primary beneficiary(e.g.,Beijing and Shanghai),broker(e.g.,Anhui and Sichuan),bidirectional spillover(e.g.,Hebei and Shaanxi),and primary spillover(e.g.,Jilin and Qinghai).The spatial distribution displayed a"club effect,"where geographically adjacent provinces assumed similar roles.The core eastern regions intensified capital absorption through industrial upgrading,whereas the resource-rich central-western provinces achieved bidirectional capital interactions via policy incentives.Underdeveloped regions faced persistent net capital outflows owing to developmental constraints.(3)Capital transmission exhibited coexisting closed reciprocity and chain diffusion.Declining closed motifs indicated deepening market segmentation from local protectionism,whereas rising chain motifs indicated intensified capital agglomeration in economically active regions,exacerbating core-periphery disparities.This duality reflects inefficient resource allocation and entrenched regional imbalances.(4)The network demonstrated strong temporal path dependence and limited innovation capacity.Key drivers included product market vitality,government efficacy,and labor quality,which attracted significant capital inflows.Conversely,excessive government intervention and high local debt suppressed capital attractiveness and outflow capacity.Notably,capital flows thrived between regions with large economic disparities,while geographical proximity and cultural similarity enhanced flow intensity by reducing transaction costs and information asymmetry.Theoretically,this study advances the geographical understanding of capital spatiality by integrating blockmodeling and motif analysis to decode the functional modular architecture and micro-level transmission mechanisms.Methodologically,this study pioneers the application of TERGM to decipher the temporal evolution mechanisms of networks,thereby addressing the limitations of static analytical frameworks.Practically,the findings provide actionable insights for optimizing inter-provincial capital allocation,mitigating market fragmentation through targeted governance,and fostering cross-regional coordination to balance efficiency and equity in China's unified market construction.关键词
资本流动/时间指数随机图模型(TERGM)/企业异地投资/资本传导路径/全国统一大市场Key words
capital flows/cross-regional corporate investment/temporal exponential random graph model/capital transmission pathways/unified national market分类
管理科学引用本文复制引用
宋天浩,王亚楠,汪喜悦..中国资本流动网络结构演化与驱动机制研究:企业异地投资视角[J].热带地理,2025,45(11):1988-2002,15.基金项目
国家自然科学基金面上项目(72473036) （72473036）
教育部人文社会科学研究规划基金项目(24YJA790069) （24YJA790069）
江苏省社会科学基金青年项目(22GLC014) （22GLC014）
