Research On Spillover Effects Of Leading Listed Companies From The Perspective Of Whole Industry Chain

In February 2015,President Xi pointed out at the 9th meeting of the Central Financial Leadership Group that Beijing is the capital of a big country,which should not assume too many functions and should be the core of the national “political center,cultural center,international communication center,and scientific and technological innovation center”.He think that ease Beijing “non-capital function”,in which Beijing to ease non-capital function in the background,Beijing should not only develop,but also develop well.We need actively to explore the realization of the path of development,while agglomeration of listed companies provides new ideas for resolving non-capital functions in sight of whole industry chain cluster.Listed companies form the aggregate effect,so that the listed companies to become part of the core and the key to the whole industry chain.The process of agglomerating listed companies is from budding,growth to matured,and the core-listed companies continue to expand through horizontal expansion and vertical extension.It is important that form a leading listed companies as the center of the industrial clusters,promote industrial spill,improve the overall competitiveness of industrial clusters,and become a new growth pole of regional economy.Therefore,it is reasonable to pay attention to the leading role of listed companies from the perspective of industrial layout,create a layout of the entire industry chain,and promote industrial overflow.Based on the previous scholars' research,this article starts from the whole industry chain,which discovers the formation mechanism of the leading industrial chain of leading listed companies,analyzes the spillover effects of the leading listed companies from the perspective of the whole industry chain,and provides theoretical basis for the formulation of government policies.This article first analyzes the motivation and evolution process of the entire industry chain of leading listed companies,and then builds a logical framework for the spillover effect of the leading listed companies from the perspective of the entire industry chain.Then in the empirical study,taking the BOE as an example,a brief overview of its entire industry chain,analysis of its spillover effects,and finally the policy recommendations of this article.The conclusion of this paper is that the leading listed companies have the role of scale promotion and benefit promotion for other enterprises in the entire industry chain,and the spillover effect caused by narrowing income and profit gaps has decreased.The innovation of this article lies in the fact that under the background of dispelling Beijing's “non-capital functions”,it proposes that listed companies should take the lead,build sophisticated industrial structures,and use spillovers,synergies,and mergers and acquisitions as the theoretical basis to creatively discover the leading listed companies.The whole industry chain builds the leading role of the spillover effect on other companies,and the existence of spillover effects is confirmed through empirical analysis,and the conclusion that the spillover effect due to the profit gap is not significant is explained reasonably,providing a reliable reference for the government.The inadequacy of this paper lies in the incompleteness of the selection of sample data,and the reduction of the spillover effect caused by the widening of the performance gap remains to be further added to the empirical study of the economic space model.