Analyzing the Characteristics and Causes of Location Spatial Agglomeration of Listed Companies: An Empirical Study of China’s Yangtze River Economic Belt

Enhancing urban development vitality and optimizing the allocation of regional industrial factors require a comprehensive analysis of listed companies, such as the overall distribution network, agglomeration evolution trend, industrialization layout, and driving mechanism. Using 1,624 A-share listed companies in China's Yangtze River Economic Belt as research area, this study integrated trend surface analysis (TSA), exploratory spatial data analysis (ESDA), standard deviation ellipse (SDE), and spatial regression model methods. The main results are as follows: (1) The overall quantity scale of the listed companies in the Yangtze River Economic Belt has achieved significant growth, but the spatial difference of location selection persists. The spatial configuration formed a hierarchical urban distribution pattern with the Yangtze River Delta region as the agglomeration core and the provincial capitals as the fulcrum. (2) Listed companies accelerate the expansion of the Yangtze River Delta region. Chengdu, Wuhan, Changsha, and other central-western provincial capitals gradually increased the region’s attractiveness. High-high and low-low agglomerations remain the main forms of agglomeration. (3) There are significant differences in the location selection of listed companies with varying specialization levels, forming a relatively different alienated high-value distribution structure among various industry types. (4) The levels of knowledge spillover, city scale, and policy support level are major factors affecting the location selection process of listed companies in the Yangtze River Economic Belt. For low-level city network with few listed companies, city scale and knowledge spillover levels are significant determinants for the development of headquarters’ economy. For high-level city network, along with the level of knowledge spillovers and policy support, globalization level has an important contribution to the shaping of the location advantages of attracting the layout of listed companies.