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Abstract Existing research on inter‐regional capital flows commonly applied the proxy simulation method based on the location of financial firms in static snapshots, and took cities' centrality as the research object when discussing network influencing factors. It remains unclear how inter‐regional capital flow networks are present actually and how city‐dyad linkages are shaped. Based on real investment connections between listed firms and their investees in Yangtze River Delta (YRD) from 2005 to 2019, this study provides fresh insights into the spatial pattern and influencing factors of intercity capital flows from the perspective of dynamic urban bilateral relations. Results indicate that the network in the YRD is in the transition stage of provincial integration and cross‐border integration. The central and western regions of the YRD are the current network “depression districts”, with cities in Anhui forming an independent network. The physical spatial scale of the origin city was the most robust facilitator of capital outflow, but it is not evident that obvious node attributes can match the destination city. Cultural proximity and functional proximity effectively promoted the shape of investment connections, but they also reflected the lack of long‐distance intercity links and cross‐border links. The establishment of metropolitan areas with overlapping members and the joint construction of industrial circles, living circles and transportation circles within metropolitan areas are effective ways to facilitate intercity capital flows in YRD.
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