| 摘 要： |
The acceleration of urban financialization in China has positioned intercity investment as a key driver of urban economic growth, resulting in the formation of complex network structures. Considering China's unique institutional context, analyzing these networks exclusively through a capital market lens lacks both precision and comprehensiveness. To address the roles of institutional and market factors and their interactions, we use a Valued Exponential Random Graph Model (Valued ERGM) to simulate China's intercity investment networks. Our findings show that these networks exhibit dual characteristics of suction and diffusion, evolving into a multi-centered urban network pattern. Market factors such as capital flows, economic scale, and the business credit environment drive network formation, while surplus labor intensifies competition. Institutional factors, including government interventions and regional policies, significantly impact network evolution. Some government subsidies negatively correlate with network development, but their interaction with market factors does not necessarily hinder progress. Furthermore, the study highlights regional development imbalances revealed by endogenous structures and underscores the critical roles of geographical proximity and path dependence in shaping these networks. This comprehensive analysis offers a nuanced understanding of the interplay between institutional and market factors in shaping China's intercity investment networks. |
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