企业海外融资和区域发展：基于全球金融网络的研究

Financial globalization has enabled the enterprises of developing countries to obtain financial supports from the global capital market. Under such a background, a large number of Chinese enterprises have been listed in overseas capital markets or supported by international venture capital institutions. Overseas financing has had an important impact on the development of enterprises and local economy in China. The concept and research framework of the global financial network (GFN) have provided an important theoretical tool for the study of this phenomenon. Based on this most recent framework, this project aims to investigate the process and mechanism of overseas financing of China's enterprises and its impact on regional development, which will develop and enrich the theories and empirical studies in financial geography. This project will study the behavior and process of Chinese enterprises' overseas financing. It will show and depict the integration of Chinese enterprises into the GFN. By mapping the geographical structure and urban networks, this study will deepen our understanding of the basic structure and evolution of the GFN. At the same time, the project will investigate the impacts of the integration of regional economy into the GFN, which will significantly advance the empirical studies in this area. In addition, this project is aimed to advance the theoretical framework of the GFN. In particular, this project will explore the power relations between various actors and geographical unites in the GFN, and reveal the coupling process and mechanism of the GFN and regional economy. Finally, the project also hopes to provide policy recommendations on how to promote regional development through integration into the GFN based on the study of Chinese firms and regional economies.

金融全球化使得发展中国家的企业有机会从全球资本市场获得融资。在这样的背景下，大量中国企业到海外资本市场上市或获得国际风险投资机构的支持，对企业和区域经济发展产生了重要影响。金融全球网络的提出为研究企业海外融资提供了重要理论工具，本项目将依托该理论框架，考察中国企业海外融资的过程、机制及其对区域发展的影响，丰富该领域的理论和实证研究。本项目将研究中国企业海外融资的行为和过程，展示和刻画中国企业融入全球金融网络的地理结构和城市网络，深化对全球金融网络基本格局和过程的认识；同时，将研究视角从企业层面拓展到区域发展层面，深入考察全球金融网络对区域发展的影响。本项目将深化和完善现有的全球金融网络分析框架，总结全球金融网络中各个主体之间的权力关系，揭示全球金融网络和区域发展的耦合过程和机制。最后，本项目还将通过对中国的案例研究，为如何通过全球融资促进区域发展提供政策建议。

金融全球化使得发展中国家的企业有机会从全球资本市场获得融资。在此背景下，大量中国企业到海外资本市场上市或获得国际风险投资机构的支持，对企业和区域经济发展产生了重要影响。金融全球网络（GFN）的提出为研究企业海外融资提供了重要理论工具。负责人基于GFN框架，通过调研访谈和企业数据，并发展了城市网络的研究方法，系统探讨了中国企业海外融资的过程、机制及如何影响区域发展。研究发现中国企业在海外融资过程中，首先会在百慕大、开曼群岛和英属维尔京群岛等离岸管辖区注册，并通过纽约、新加坡和香港等国际金融中心提供的承销等高级商业服务以及北京、上海和深圳等中国大陆金融中心提供的法律和部分金融服务，成功融入GFN。本研究提出了融入GFN促进地方企业和经济发展的核心机制在于建立了全球资本通道和全球知识通道，并强调GFN理论为理解金融化和金融全球化时代的全球-地方经济联系提供了新框架。主要研究成果包括四个方面：一是刻画中国企业海外融资的地理结构和城市网络，深化对全球金融网络基本格局和关键空间单元的认识；二是深入研究地方海外融资对区域发展的影响；三是通过研究人民币国际化的空间格局、中资银行的海外扩张和北京金融企业的空间格局，更全面地理解中国背景下全球金融网络扩张的动力和过程；四是构建了中国城市高端金融中介行业发展指数，对认识和指导我国金融中心建设具有方法和政策价值。