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Recently, literature on urban network research from the perspective of firm networks has been increasing. Focusing on firms’ multi-location distribution, existing studies use mainly the internal organization structural information of firms to portray one-type industry or all-industry networks, and there are deficiencies in reflecting the authenticity of networks and comparing the differences across industries. In contrast to studies applying intra-firm networks, this study collects real investment data of all listed firms in Jiangsu Province and studies urban networks through quantifying inter-firm linkages. Based on inter-firm investment linkages, this study provides fresh insights on inter-city connections in China. The results show that Nanjing, Suzhou, Shanghai, Beijing and Shenzhen are the constant network centers across different industries. Particularly, Shenzhen has been favored by more investment inflows far beyond its GDP. In China’s unique institutional context, state power, geographical location, market and other factors jointly affect the flow of investment, and the role of state power deserves special attention. Since real economic connections are used to describe urban networks, the findings might contribute to ongoing debates regarding economic centers in China and bring further implications for policy making in investment environment improvement. It enriches the research of urban networks based on real inter-firm connections, and provides ideas for the wider regional study and the combination of econometric techniques and social network analysis.

Mapping Urban Networks through Inter-Firm Investment Linkages: The Case of Listed Companies in Jiangsu, China