Investment Networks and Resilience Evolution in Urban Agglomerations from the Perspective of Enterprise Investment: Evidence from the Yangtze River Delta Urban Agglomeration in China

As economic globalization and industrial restructuring advance, inter-firm interactions have become increasingly close, and the structural characteristics of urban investment networks have undergone significant changes. From an enterprise investment context, this study integrates complex network theory and resilience theory to construct a comprehensive evaluation framework for urban investment network resilience and to conduct corresponding measurements. Drawing on the investment perspectives of the listed companies, this study integrates complex network theory and resilience theory and adopts a three-stage research approach of “network construction–topological analysis–attack simulation” to construct a comprehensive evaluation framework for urban investment network resilience and to conduct corresponding measurements. First, an urban investment linkage network is constructed based on cross-regional investment data of the listed companies; second, network analysis methods are employed to measure static resilience characteristics; and finally, dynamic resilience evolution is evaluated through deliberate attack simulations. The results indicate that, during 2010–2022, the urban network structure in the Yangtze River Delta (YRD) region became increasingly complex, while its risk resistance capacity improved. The scope of inter-city linkages broadened across all cities, yet the pace of development exhibits pronounced spatial heterogeneity—the investment radiation range of core cities expanded from 17 to 39 cities, whereas peripheral cities witnessed relatively sluggish growth in their number of connected partners. The overall urban network exhibited a rising trend in comprehensive resilience, with the composite resilience index increasing from 0.556 to 0.706, indicating a steadily strengthened capacity to withstand and adapt to external shocks. Furthermore, the article further examines policy implications and optimization strategies for the industrial investment network of the Yangtze River Delta urban agglomeration from a resilience perspective.