GEOGRAPHICAL RESEARCH ›› 2021, Vol. 40 ›› Issue (2): 402-418.doi: 10.11821/dlyj020190991

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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;


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