Global cities are the management and control centers of the world's investment networks. Thus, building a powerful outward investment network will help Shanghai to implement its developmental strategy for becoming an outstanding global city by 2035. We created the A-share listed companies branch network database of Shanghai based on their annual reports in 2005, 2010, and 2017, then used rank-size analysis, social network analysis, and negative binomial regression analysis methods to explore the spatial network structure and its determinants. The results of this empirical research are as follow: 1) Shanghai listed companies' outward investment network agglomerates in Western Europe, North America, South East Asia and East Asia. It is worth noting that cities along the Belt and Road Initiative attracted 155 subsidiaries of Shanghai listed companies from 2005 to 2017. 2) Shanghai listed companies' outward investment agglomerates in overseas central cities initially, then diffuses to nearby cities surrounding the associated central cities. 3) Manufacturing, finance, transportation, warehousing and postal services are the main sectors of the outward investment activities. The outward investment network of manufacturing industry covers the largest number of oversea cities. From 2005 to 2017, the number of oversea cities involved in the outward investment network of Shanghai manufacturing listed companies increased by 102. 4) Social proximity, position in the hierarchy of world city network, lower tax of offshore financial centers, convenient flag countries and sea ports have a positive impact on the evolution of Shanghai listed companies' outward investment network.