How Chinese Financial Centers Integrate into Global Financial Center Networks: An Empirical Study Based on Overseas Expansion of Chinese Financial Service Firms

Pan, Fenghua; He, Ziyun; Sigler, Thomas; Martinus, Kirsten; Derudder, Ben

doi:10.1007/s11769-017-0913-7

Cited by 47 publications

(32 citation statements)

References 45 publications

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“…Along with the network approaches being introduced into China, the last decade has witnessed a growing literature on China's urban network (Lai, 2012;Taylor et al, 2014a;Pan et al, 2018). Some of the recent studies discussed the limitations of applying the interlocking network approach to China's urban network.…”

Section: Why Quantitatively Precise Inter-city Business Flows Are Crimentioning

confidence: 99%

Examination and Interpretation of the Quantitative Validity in China’s Corporate-based Urban Network Analysis

Tang

2021

Chin. Geogr. Sci.

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As a matter of expediency, most existing corporate-based urban networks can only be quantitatively measured by either counting the number of linkages or calculating the product of estimated service values. However, the impreciseness arising due to the limits of quantitative analysis may prove fatal to studies about non-market economies like China. Employing the capital investment dataset as an example, we build a capital-weighted intervention network as well as an unweighted control network to carry out an examination of the quantitative validity in China's corporate-based urban network analysis. Both the overall spatial pattern and top city-dyads within the capital-weighted network witness Beijing, as the most dominant city, overshadow the performance of the others, and the unweighted network shows multilateral interactions between China's top cities including Beijing, Shanghai, Shenzhen, and Guangzhou. To further interpret the noticeable differences, we divide the overall network into two subnetworks, inferred by focusing on state-owned enterprises (SOEs) and private enterprises. The results show that the public and private sectors have separately created vastly different subnetworks in China and that SOEs play a much more significant role in terms of capital. Besides fresh insights into China's urban network, this study provides a cautionary tale reminding researchers of the essentiality and complexity when making a quantitative distinction between different linkages.

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Section: Why Quantitatively Precise Inter-city Business Flows Are Crimentioning

confidence: 99%

Examination and Interpretation of the Quantitative Validity in China’s Corporate-based Urban Network Analysis

Tang

2021

Chin. Geogr. Sci.

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“…To construct the UESDN model, scholars weakened the location attributes of the city, instead emphasizing the reintegration of flowing spaces, infrastructure organization, and enterprise organization. Flowing spaces were analyzed through urban associations formed by capital, information, products, and personnel on facilities (e.g., road traffic and information networks) [29][30][31], while infrastructure and enterprise organizations were analyzed through the relationship between cities through business activities [32][33][34].…”

Section: Urban Economic Synergetic Development Network (Uesdn)mentioning

confidence: 99%

Research on the Sustainable Synergetic Development of Chinese Urban Economies in the Context of a Study of Industrial Agglomeration

Wang

Meng

2020

Sustainability

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Synergetic development is the basis and means for the sustainable development of regional economies. Research on the synergetic economic relationship between cities and the exposure of the internal structure and evolution mechanisms of the Urban Economic Synergetic Development Network (UESDN) in the context of industrial agglomeration promote the construction and sustainable development of such a system. Industrial agglomeration not only affects the spatial distribution of industrial structures and enterprise activities but also causes differences in city positions. Using input–output theory, this study constructed a UESDN for China in 2005, 2010, and 2015, and employed social-network analysis to analyze the spatial and temporal evolution characteristics of China’s synergetic development pattern. The degree centrality, betweenness centrality, and cohesive subgroups of the UESDN were computed using models in complex-network theory. This study found that the synergetic development pattern of Chinese urban economies has gradually developed from the hub-spoke model focused on Eastern provincial capitals to the network model of eastern and central cities over the period of 2005–2015. A few key cities act as intermediaries that carry economic factors with the shortest path in the UESDN. The Yangtze River economic belt, the axis belt of the Eastern coast and that of the Western economic belt were gradually formed. The number and strength of the correlation between cities within the subgroups have also continually increased. In our conclusion, we offer some suggestions for establishing a system of synergetic development between cities to improve urbanization levels.

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“…Offshore jurisdictions, such as the Cayman Islands and British Virgin Islands (BVI), are an 'integral component within a framework that examines global flows and networks of investment and profits' (Coe et al, 2014, p. 764), as they are widely used by corporations, individuals and also states themselves to arrange the financial flows strategically by setting up investment vehicles in these places to deal with tax, legal and regulatory matters (Coe et al, 2014). For instance, a large number of Chinese firms, including those overseas listing firms, are incorporated in the Cayman Islands, BVI, Hong Kong and Singapore (Buckley, Sutherland, Voss, & El-Gohari, 2015;Pan, He, Sigler, Martinus, & Derudder, 2018). Owing to the importance of offshore jurisdictions in accounting for global financial activities, they are integral to the GFN framework.…”

Section: Exploring Overseas Listing and Regional Development From The Gfn Perspectivementioning

confidence: 99%

Linking global financial networks with regional development: a case study of Linyi, China

Pan

Yang

et al. 2019

Regional Studies

Self Cite

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This study applies the global financial network (GFN) framework to investigate the process and consequences of global financing for a regional economy in a financial globalization era. Using Linyi, a prefectural-level city in China as a case study, it illustrates how the regional economy has been linked with GFN via overseas listings of the lead regional firms. By incorporating in offshore jurisdictions, listing on overseas stock exchanges in world cities and through interaction with international advanced business services firms, since the early 2000s the lead firms and regional economy of Linyi have established global capital and knowledge pipelines.

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How Chinese Financial Centers Integrate into Global Financial Center Networks: An Empirical Study Based on Overseas Expansion of Chinese Financial Service Firms

Cited by 47 publications

References 45 publications

Examination and Interpretation of the Quantitative Validity in China’s Corporate-based Urban Network Analysis

Examination and Interpretation of the Quantitative Validity in China’s Corporate-based Urban Network Analysis

Research on the Sustainable Synergetic Development of Chinese Urban Economies in the Context of a Study of Industrial Agglomeration

Linking global financial networks with regional development: a case study of Linyi, China

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