Financial Agglomeration and Regional Innovation: Spatial Effect and Mechanism

XIE Li-juan; DING Huan-feng; WANG Lu

Volume 38 Issue 2

Mar. 2023

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2023 > 38(2): 19-31

XIE Li-juan, DING Huan-feng, WANG Lu. Financial Agglomeration and Regional Innovation: Spatial Effect and Mechanism[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(2): 19-31.

Citation:

XIE Li-juan, DING Huan-feng, WANG Lu. Financial Agglomeration and Regional Innovation: Spatial Effect and Mechanism[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(2): 19-31.

XIE Li-juan, DING Huan-feng, WANG Lu. Financial Agglomeration and Regional Innovation: Spatial Effect and Mechanism[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(2): 19-31.

Citation:

XIE Li-juan, DING Huan-feng, WANG Lu. Financial Agglomeration and Regional Innovation: Spatial Effect and Mechanism[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(2): 19-31.

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Financial Agglomeration and Regional Innovation: Spatial Effect and Mechanism

1.
School of Economics and Finance, South China University of Technology, Guangzhou 511400
2.
School of Economics and Trade, Guangdong University of Finance, Guangzhou 510006, China

Received Date: 2022-10-09
Available Online: 2023-07-07
Publish Date: 2023-03-28

Abstract

Abstract

Finance is an important factor in promoting innovation. Based on the panel data of 269 cities from 2011 to 2019, this paper constructs a Spatial Durbin Model (SDM) to verify the spatial effect of financial agglomeration on regional innovation, and explores its mechanism. It is found that financial agglomeration can not only effectively promote the improvement of regional innovation level, but also generate positive spatial spillovers for innovation in neighboring regions; heterogeneity analysis shows that financial agglomeration has a significant positive spatial spillover effect on substantive innovation in eastern regions and central cities, while exhibiting a "siphon effect" in western regions; mechanism analysis indicates that financial agglomeration can promote regional innovation through two channels: financial development and human capital accumulation. Currently, it is necessary to optimize the spatial layout of finance, give full play to the positive spatial spillover effect of financial agglomeration, implement differentiated innovative development strategies in line with local conditions, and eliminate various institutional obstacles to strengthen regional collaborative cooperation.
- financial agglomeration,
- regional innovation,
- spatial spillover effect,
- overall innovation,
- substantive innovation,
- financial spatial layout

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References(38)

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