【摘要】 在长三角核心区等发达地区，资本循环已突破开发区边界，试图通过再地域化在区域尺度实现空间修复，这成为开发区资本空间运动的新趋势。当前文献已分析了多种形式的开发区间联系，但有待对开发区间资本流动进行专门研究。为此，采用长三角核心区的企业投资数据，借助网络分析和时序指数随机图模型，检验开发区间投资网络的发育水平、演化特征和影响因素。研究发现：(1)长三角核心区的开发区之间已出现日益明显的资本流动，2016年后，随着长三角一体化的深入推进，该趋势更为明显；(2)资本以单向流动为主，且资本流动在省域间存在明显分割，但2016年后跨省联系也开始快速增加；(3)网络的形成和演化受开发区间产业相似性、发展势差的影响，也受开发区所在城市的行政级别以及省、市行政边界的影响，且该影响在不同发展阶段之间、投资企业的不同所有制类型之间存在异质性。更多还原

【Abstract】 Development zones in developed areas have been facing the problem of overaccumulation, 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 socalled “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.更多还原