Abstract
Abstract: Innovation is the primary driver of modern regional development, and promoting regional innovation growth is important in raising the level of such development. This article examines the role of investment networks in innovation growth by analysing a panel data set of 214 cities in China within 19 urban agglomerations () over the 2005–19 period. This article studies the impact of cross-border capital flows on innovation from a regional perspective rather than a national one, integrating the “buzz-and-pipeline” model into the study of interregional investment networks and innovation. The empirical analysis shows that investment networks significantly promote regional innovation through both the local buzz and global pipeline effects. Further analysis categorises urban agglomerations and cities into four types: noninteractive, outward, inward and networked. The findings indicate that the impact of investment networks on innovation growth varies across these different urban agglomeration and city types.
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