Regional Linkage Of Enterprise Investment And Influencing Factors

Investment is an important aspect of stimulating economic growth.Corporate investment is the most important component of investment and plays a decisive role in promoting regional economic growth.Meanwhile,the resources and environment of the region also profoundly affect the investment of enterprises.A large number of studies have found that our business headquarters are clustered into some developed cities,and the headquarters of enterprises as the brain and heart of enterprises dominate the investment decisions of enterprises.Most of the previous studies are in the perspective of enterprises seeking the best location to consider the problem of the agglomeration of enterprise headquarters to the developed cities.With the highly developed Finance and economy,the close and complex relationship between enterprises has become a typical feature.More and more studies show that the endogenous interaction between enterprises affects the performance and behavior of enterprises,which is ignored by past investment theories.This paper selects the data of A share listed companies from January1998 to December 2015,and Learn from Dougal et al.^[1]models to empirically study the comovement of enterprises'investment level in the region.The conclusions of this paper are mainly three:?1?Corporate investment is affected by the investment of other companies headquartered in the same geographical area.It is shown that the investment level of a company is positively related to the investment level of other companies,and the phenomenon that the investment level of a company whose headquarters is located in the same geographical area rises and falls along the same level,that is,the investment of the company exists Regional linkage.?2?The regional linkage of corporate investment is less than industry linkage,which is approximately 1/3 of the industry linkage.?3?Economic policy uncertainty is positively correlated with the regional linkage of corporate investment.That is,increased uncertainty in economic policies will lead to an increase in regional linkages in corporate investment.This enhancement is even more pronounced in the private sector.This paper discusses the factors that affect the regional linkage of corporate investment,Including the following three aspects:?1?Entrepreneurial vitality is the cause of the regional linkage of corporate investment.Energetic entrepreneurship indicates frequent information exchange between entrepreneurs,especially when communicating with the same group of people,the easier it is to form similar judgments.?2?Corporate loans cause regional linkages in corporate investment,through affecting external financing of companies.?3?the higher degree of informatization in an area,the more convenient information exchange,the stronger regional linkage linkage of enterprise investment.Our study expands the research field of geographical linkage.For the first time,a study has been conducted on the regional linkage of Chinese corporate investments.For the first time,a study has been discussed the influence of endogenous factors such as entrepreneurial vitality,corporate loans,and informational degree on the regional linkage of corporate investment.On the micro level,the research in this paper is of great significance for the selection of the headquarters and expansion of the information source channel.At the macro level,the study of this paper is of great significance for the selection of headquarters and expanding information source channels.At the macro level,Investment is the central government's most passionate macro-control method and the most effective and Most used for local governments to increase their GDP.Therefore,this study provides a reference for the central and local governments to implement macro-control.