Exploring the role of technical and financial support in upgrading the marine industrial structure in the Bohai Rim region: Evidence from coastal cities

Abstract

This study examines the role of technical and financial support in promoting the upgrading of the marine industrial structure in the Bohai Rim region. Using panel data from coastal cities around the Bohai Sea from 2006 to 2020, the study applies financial constraint theory and resource endowment theory to analyze the spatial spillover of technical and financial support on the marine industry. The results indicate that technical and financial support positively affects the upgrading of the marine industrial structure. Still, technical support negatively affects coastal cities around the Bohai Sea. The study also reveals that financial support has a threshold effect, and once this threshold is crossed, the government can promote the upgrading of the marine industrial structure through financial intervention, environmental regulation, and improving market opening. The findings also suggest that upgrading the marine industry will promote local economic growth but may have a siphon effect and inhibit economic growth in surrounding cities. However, it will optimize the local environment and show a significant positive spillover effect on the environmental optimization of surrounding cities. The study's conclusions can inform the construction of cross-regional industry-university research platforms and facilitate the high-quality development of marine-related industries in the Bohai Rim region.