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| Does theSpatial Structure of Financial Supply Affect Regional Innovation Capabilities |
| He Jian1,2,Wei Tao1,Dong Chunfeng3,Qiao Zhihong1 |
| (1. School of Economics and Management, Shihezi University, Shihezi 832000,China; 2. School of Finance, Xinjiang University of Finance and Economics, Urumqi 830000, China; 3.School of Urban and Regional Science,Shanghai University of Finance and Economics, Shanghai 200082,China) |
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Abstract How to focus on the improvement of regional innovation capabilities from the financial supply side is a strategy that cannot be ignored in the steady promotion of innovation-driven development strategies. Based on the panel data of 275 prefecture-level cities in China from 2004 to 2018, this paper empirically analyzes the internal relationship between the spatial structure of financial supply and regional innovation capabilities based on the perspectives of regional financial center construction and local financial development. The research finds that the construction of a regional financial center has both a local effect and a space spillover effect on the improvement of regional innovation capabilities, and the development of local finance also has a significant role in promoting regional innovation capabilities. Further research finds that there is a general spatial spillover effect of regional financial development on regional innovation, but it is affected by the heterogeneity of spatial location, city size, and degree of marketization. And this kind of spatial spillover effect has the characteristic of attenuation with increasing geographic distance. Within 60 kilometers, it is a dense area of spillover effect. The spatial spillover effect will no longer be significant, when the geographic distance between cities spans 200 kilometers.
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Received: 04 January 2021
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