Focusing on the question of headquarters' multi-direction relocation and based on the pulling view of agglomeration advantage, this paper reveals the impact of internal resource span, which means the distance of the internal resource position and the alternative region, on the relocating headquarters' location choice. With the data of Chinese listed companies, our empirical study indicates that internal resource span has decisive and direct influence on the relocating headquarters' location choice, which is the locked-in view of internal resources. Three conclusions are revealed. First, in accordance with the pulling view of agglomeration advantage, Chinese listed companies prefer relocating their headquarters to the regions with more headquarters agglomerating advantage span. Second, Chinese listed companies prefer relocating their headquarters to the regions with less internal resource span, which has decisive influence on region choice in comparison with headquarters agglomeration span. Third, different types of internal resource span have different influences for different types of companies. Thus, this paper reveals the core influence of internal resource span in firm level on the region choice of headquarters relocation, which promote the researches on the headquarters relocation, especially on the question of headquarters' multi-direction relocation.
