地理研究 ›› 2021, Vol. 40 ›› Issue (2): 402-418.doi: 10.11821/dlyj020190991

• 研究论文 • 上一篇    下一篇

中国上市公司总部与注册地跨城市分离的格局、形成过程和影响因素

胡国建1,2(), 金星星1,2, 陆玉麒1,2,3,4(), 陈娱1,2,3,4, 李恩康1,2   

  1. 1.南京师范大学地理科学学院,南京 210023
    2.南京师范大学乡村振兴研究院,南京 210023
    3.江苏省地理信息资源开发与利用协同创新中心,南京 210023
    4.南京师范大学虚拟地理环境教育部重点实验室,南京 210023
  • 收稿日期:2019-11-13 接受日期:2020-06-30 出版日期:2021-02-10 发布日期:2021-04-10
  • 通讯作者: 陆玉麒
  • 作者简介:胡国建(1992-),男,江西九江人,博士研究生,研究方向为经济地理、企业地理。E-mail: guojianhu1992@163.com
  • 基金资助:
    国家自然科学基金重点项目(41430635);国家111引智计划(D19002);江苏省研究生科研创新计划(KYCX20_1175)

Study on the separation of listed companies' headquarters from registered cities and their influencing factors

HU Guojian1,2(), JING Xingxing1,2, LU Yuqi1,2,3,4(), CHEN Yu1,2,3,4, LI Enkang1,2   

  1. 1. College of Geography Science, Nanjing Normal University, Nanjing 210023, China
    2. College of Rural Vitalization, Nanjing Normal University, Nanjing 210023, China
    3. Jiangsu Center for Collaborative Innovation in Geographical Information Resource Development and Application, Nanjing 210023, China
    4. Key Laboratory of Virtual Geographic Environment, Ministry of Education, Nanjing Normal University, Nanjing 210023, China
  • Received:2019-11-13 Accepted:2020-06-30 Online:2021-02-10 Published:2021-04-10
  • Contact: LU Yuqi

摘要:

企业总部与其注册地的跨城市分离现象十分普遍,且没有受到学者的重视。基于Wind提供的数据和历年年报的追踪,从跨省分离和省内跨市分离两个层面,对中国A股上市公司“总-注”的跨城市分离格局及其形成的主要过程——“总-注”非一致性的跨城市迁移进行了研究,并借助Logistic模型分析了“总-注”跨城市分离的影响因素。结果表明:① 截至2018年,A股上市公司中总部与其注册地位置不符的公司占比达31.45%,其中跨省分离和省内跨市分离的公司分别占5.01%和2.97%。② “总-注”跨省分离的上市公司,其总部主要分布在北京和上海,而省内跨市分离中的上市公司,其总部主要在省会和计划单列市;与之相比,注册地主要分散在普通地级市。③ “总-注”非一致性的跨城市迁移是导致两者跨城市分离的主要原因,其中总部以上行迁移为主,主要迁入直辖市、省会和计划单列市,而注册地以下行迁移为主,主要迁入普通地级市。④ 所属行业、组织形式、是否重组、是否ST以及夜间灯光所反映的注册地城市规模对上市公司“总-注”的跨城市分离产生影响,且大部分影响因子在跨省分离和省内跨市分离中的显著性和影响程度差异明显。

关键词: 上市公司, 总部, 注册地, 空间分离, 地址迁移, Logistic模型

Abstract:

The inconsistency between a company's headquarters and its registered location not only violates Chinese laws, but also has a series of negative effects on the company itself and the government. However, the spatial separation of the company's headquarters from its registered place is very common in China, but this phenomenon and its effects have not received the attention of scholars. Therefore, based on the data provided by Wind Financial Terminal, this paper studies the pattern of the cross-city separation of the headquarters and registered place of China's A-share listed companies, and examines the formation process of the cross-city separation by tracking the company's annual report, and finally analyzes the impact of different indicators on the cross-city separation of headquarters and registered sites by using the binary Logistic regression model. The results show that: (1) as of July 13, 2018, 31.45 percent of listed companies with headquarters and registrations were found in different cities, of which, 177 in different provinces and 105 in different cities in the province. In addition, there are 21 listed companies with two headquarters, and at least one headquarters is not in the same city as the place of registration. (2) For listed companies with headquarters and registration signed up in different provinces, their headquarters are generally concentrated in economically developed provinces and cities, especially in Beijing and Shanghai. For companies with headquarters and registered cities separated in the province, their headquarters are mainly located in provincial capitals and cities specifically designated in the state plan. In contrast, the distribution of registration sites in both types of companies is more dispersed and registration sites are mainly in ordinary cities. (3) Inconsistencies between headquarters and registrants in cross-city migration are the main reasons for their separation between cities. The frequency of headquarters migrations is much greater than that of registrations. Headquarters are usually moved to higher-level cities such as Beijing and Shanghai, or provincial capitals, and the migration is concentrated. In contrast, the place of registration generally moves into the ordinary city, and the migration has a certain degree of diffusion. (4) The age of the listed company has no impact on the separation of the address of the listed company. The industry, organization form, registration city night light intensity, ST and whether to reorganize have an impact on the separation of listed companies' addresses across cities, but the influences in intra-provincial separation and inter-provincial separation are quite different.

Key words: listed company, headquarters, registration place, spatial separation, address migration, Logistic model