Journal
ELECTRONIC RESEARCH ARCHIVE
Volume 30, Issue 12, Pages 4635-4656Publisher
AMER INST MATHEMATICAL SCIENCES-AIMS
DOI: 10.3934/era.2022235
Keywords
regional innovation efficiency; digital finance; dynamic Durbin model; spatial spillover
Categories
Funding
- Ministry of Science and Technology of China [2020AAA0108400]
- National Natural Science Foundation of China [71825007]
- Strategic Priority Research Program of CAS [XDA2302020]
- Xinjiang University young person incubation program [22cpy042]
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Digital finance has a significant impact on regional innovation efficiency, with a notable spatial spillover effect.
Digital finance, as a new financial model, is increasingly attracting attention for its potential influence on regional innovation. By focusing on the nexus between digital finance and regional innovation efficiency, we first analyze the mechanism by which digital finance affects regional innovation efficiency, and then we empirically investigate its spatial spillover effect by employing the dynamic spatial Durbin model on the basis of a sample set of 31 Chinese provinces from 2011 to 2020. The results reveal that regional innovation efficiency had a significant spatial correlation and time dependence, globally, during the study period. Digital finance significantly contributes to regional innovation efficiency improvement, and such an effect has a significant positive spatial spillover. The spatial effect decomposition results report that the spatial spillover effect of digital finance affecting regional innovation efficiency is stronger than the direct effect. Besides, all three sub-dimensions of digital finance have spatial spillover effects, and the heterogeneity between eastern and central-western regions is mainly reflected in the spatial spillover effects of digital finance.
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