Abstract
Based on the data of Beijing-Tianjin-Hebei Economic Circle from 2010 to 2019, this paper uses the spatial Durbin model to empirically analyze the impact of financial development and technological innovation on industrial agglomeration. The following are the conclusions of this study: (1) financial development has a positive effect on industrial agglomeration; however, a significant difference exists in the weight effect of the geographic distance matrix compared to the weight of the economic distance matrix; (2) in the spatial Durbin model with two matrix weights, technological innovation has a significant positive effect on industrial agglomeration; and (3) in the spatial Durbin model with two matrix weights, the interaction has a significant negative effect on industrial agglomeration. Therefore, the government should further implement the coordinated development strategy, promoting regional technological innovation for a long time to realize its integration with financial development.
Highlights
We need to vigorously develop industrial clusters to promote product technology innovation [1]. e industrial agglomeration in this region should use both finance tools and new technology. erefore, it is indispensable to optimize the urban structure and industrial layout. e impact mechanism of innovation on industrial agglomeration can be described as follows: the financial system improves the competitiveness of regional industries by mobilizing funds. e financial system promotes the development of emerging industries by providing diversified financial services
The spillover effect is significant industrial growth [12]. e view held by Li et al is that financial support can help enhance the level of industrial agglomeration, and the realization of this goal requires the help of the transmission mechanism established by technological innovation, which will stimulate the increase in total factor productivity, transformation, and spillover [13]
The subject is based on two matrix weights, sets the Beijing-Tianjin-Hebei Economic Circle as the survey object, and creates a spatial measurement model that combines the interaction of finance and technology with each other. is paper will use the data of Beijing-TianjinHebei Economic Circle from 2010 to 2019 to empirically analyze the impact of financial development and its interaction on industrial agglomeration
Summary
In 2015, Moran’s I index of independent variable X2 was significant if it can meet the requirement of the level of 10%; after comparison, the significance of Moran’s I index of other years fluctuated between 0.13 and 0.33, which can vividly show that a significant spatial positive correlation exists between industrial agglomeration, financial development, and technological innovation in the Beijing-Tianjin-Hebei economic circle. In order to clearly find the determinants of industrial agglomeration in the Beijing-Tianjin-Hebei economic circle, based on the perspective of spatial correlation, selecting financial development and technological innovation as basic indicators, a Moran’s I index change trend chart was produced, through the dependent variable y and independent variables X1 and X2 to express, and see Figure 1.
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