Abstract
Land finance for economic development is common in developing countries, but little is known about how land financialization affects regional innovation capacity. This study explores the complex relationship between land financialization and regional innovation capabilities in China from 2005 to 2021, using panel data from 31 provincial units. Our research reveals a non-linear relationship between land financialization and innovation, with initial facilitating effects followed by diminishing returns. Two key mechanisms emerge: land financialization hampers firms' R&D investment, thereby hampering innovation, while its over-reliance distorts market factors, negatively affecting innovation capacity.
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