摘要
研究基于1993-2020年上市企业首次公开募股活动,计算城市投资银行服务总值以揭示中国投资银行服务能力的空间分布格局,并建立双向固定效应回归模型分析影响城市投行服务能力空间分布的影响因素。研究发现:(1)中国投资银行服务格局以北京、深圳和上海3个城市为主中心,形成东南部地区密集,东北、西北、西南稀疏的分布格局,总体上中国投行服务资源分配不均,且呈现空间集聚化发展趋势;(2)北京是中国的投行服务中心,除沪深外,广州、南京、福州、杭州等城市表现出色,“北京-深圳”“北京-上海”相互服务程度高,合作密切,北京自服务值最高,深圳、广州、上海自服务占比较低;(3)城市人力资本水平、行政级别和城市创新力对城市投资银行服务能力有显著正向影响,异质性分析揭示其对东部地区投行服务能力有显著的正向影响,而在中部、西部和东北部地区均影响不明显或呈负向影响。本文关注中国投资银行的地理格局,对该行业服务能力的空间差异及其影响因素提供了知识性证据,为进一步加强区域间金融合作和研究中国区域经济发展格局提供借鉴和参考。
In China,investment banks play an important role as intermediaries in companies’initial public offerings.The economic geography of investment banks is one of the keys to understanding economic dynamics.However,the existing literature pays little attention to the geographical pattern and influencing factors of China’s investment banks.Therefore,this paper takes Chinese investment banks as the research object and studies the spatial pattern and influencing factors of the service capability of investment banking departments of Chinese securities companies through their initial public offering(IPO)business.In the study of spatial pattern,this paper constructs a database of Chinese A-share IPOs from 1993 to 2020.Based on the significance of IPO amount to investment banking services,this paper puts forward a method to calculate the total value of urban investment banking services,and increases the weight of urban investment banking services according to IPO amount.In this paper,the consumer price index(CPI)is used to unify the purchasing power of the initial public offering amount of A-share listed companies in the past 30 years,and the data are standardized.In terms of the research on influencing factors,this paper collected the data of all 35 cities with investment banking service capability from 2006 to 2020,and established a two-way fixed effect regression model for analysis.The explained variable is the total value of city investment banking services,and the explanatory variables are human capital factor,city level and city innovation power.The main findings of the study are as follows:1)China’s investment banking service pattern is primarily centered in Beijing,Shenzhen,and Shanghai,forming a dense distribution pattern in the southeastern region and a sparse distribution in the northeast,northwest,and southwest China.Overall,the allocation of investment banking service resources in China is uneven,and there is a trend of spatial agglomeration;2)Beijing is China’s investment banking service center.In addition to Shanghai and Shenzhen,cities such as Guangzhou,Nanjing,Hangzhou,and Fuzhou have performed well.The mutual service levels between“Beijing-Shenzhen”and“Beijing-Shanghai”are high,and the cooperation is close.Beijing has the highest self-service value,while Shenzhen,Guangzhou,and Shanghai have relatively low selfservice ratios;3)Urban human capital level,administrative level,and urban innovation capability have significant positive impacts on urban investment banking service capabilities.Heterogeneity analysis reveals that they have significant positive impacts on the investment banking service capabilities in the eastern region,while the impacts in the central,western,and northeastern China are not obvious or negative.This paper focuses on the geographical pattern of investment banks in China,and provides informative evidence on the spatial differences and influencing factors of the service capabilities of the industry,which makes up for the lack of geographical attention to investment banks in existing studies.On the other hand,from the perspective of financial geography,this paper deepens the understanding of regional development imbalance,and provides reference for further strengthening inter-regional financial cooperation,building financial center cities and studying the pattern of regional economic development in China.
作者
赵欣宇
潘峰华
张旭晨
蔡周迁吉
Zhao Xinyu;Pan Fenghua;Zhang Xuchen;Cai Zhouqianji(Faculty of Geographical Science,Beijing Normal University,Beijing 100875,China)
出处
《地理科学》
CSSCI
CSCD
北大核心
2024年第12期2083-2092,共10页
Scientia Geographica Sinica
基金
国家自然科学基金优秀青年基金项目(42022006)
国家自然科学基金面上项目(41871157)资助。
关键词
投资银行
服务联系
金融地理
高级商业服务业
investment banks
service contact
financial geography
Advanced Business Service
