The evolution characteristics and formation mechanism of capital reterritorialization between development zones in the core area of Yangtze River Delta region
Development zones in developed areas have been facing the problem of over-accumulation,evidenced by the excessive production capacity and declining investment returns,due to long-term capital territorialization and internal circulation.When industrial upgrading and new town construction fail to fully resolve these issues,capital will break through the boundaries of development zones under the guidance of regional policies and achieve spatial fix through reterritorialization.A typical manifestation of deterritorialization and reterritorialization is the strengthening of industrial investment and cooperation between development zones.This process will also drive the development zones to break through the so-called"isolation effect",allowing them to jump from the urban scale to the regional scale.Although existing literature has studied the flow of elements and industrial cooperation between development zones,there is a lack of quantitative measurement of the scale and structure of the capital flow.Against this backdrop,this paper briefly discusses the transformation logic and direction of China's development zones from the perspective of capital reterritorialization.Then,taking the Yangtze River Delta as an example,we examine the actual level and evolutionary characteristics of the investment network between development zones.Following this,the formation and evolution mechanism of the network is revealed using temporal exponential random graph models(TERGMs).The findings suggest that development zones have started to overcome isolation and exhibit increasingly prominent capital flows in the Yangtze River Delta.This trend has become particularly evident since 2016,following the implementation of policies aimed at facilitating the regional integration of the Yangtze River Delta.Development zones located within the same city or province,those with similar dominant industries,and those situated in city dyads with greater economic disparities are more likely to form ties of capital flows.Development zones with higher administrative hierarchies are also more prone to have outbound connections.The above effects also exhibit heterogeneity across different periods and types of business ownership.
development zonescapitalreterritorializationtemporal exponential random graph modelYangtze River Delta
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