Research on innovative mechanisms of financial agglomeration enabling green coordinated development in the Yangtze River Delta of China
Exploring innovative mechanisms for financial agglomeration affecting the green coordinated development of China's Yangtze River Delta is important for the city to take advantage of financial and innovative resources to promote high-quality green development. Using panel data from 41 cities in...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2023-03-01
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| Series: | Heliyon |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405844023013798 |
| _version_ | 1797851845673091072 |
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| author | Fuqiang Wu Xiaoli Yang Yujia Chen |
| author_facet | Fuqiang Wu Xiaoli Yang Yujia Chen |
| author_sort | Fuqiang Wu |
| collection | DOAJ |
| description | Exploring innovative mechanisms for financial agglomeration affecting the green coordinated development of China's Yangtze River Delta is important for the city to take advantage of financial and innovative resources to promote high-quality green development. Using panel data from 41 cities in the Yangtze River Delta region from 2003 to 2019, the intermediate effects model and spatial Durbin model are conducted to deeply explore the impact of financial agglomeration on coordinated green development and the intermediary role of innovation. Results show that, first, financial agglomeration can drive green technology innovation to significantly improve the coordinated development of “production greening - social optimization - environmental protection deepening”. Second, financial agglomeration significantly improves the green coordinated development in neighboring areas through inter-city innovative spatial connections, and the spatial spillover effect tends to decay with the critical point of the maximum impact range at 240 km. Third, the intermediate mechanism of green technology innovation performs well in the high-level financial agglomeration and financial capital agglomeration areas. The Banking and securities industries are the leading factors in financial capital agglomeration. Low-level financial agglomeration and financial personnel agglomeration cannot play the “driving green” role of the innovation mechanism. |
| first_indexed | 2024-04-09T19:23:18Z |
| format | Article |
| id | doaj.art-534120ae76534a9aaa5ce016f1dc1a5b |
| institution | Directory Open Access Journal |
| issn | 2405-8440 |
| language | English |
| last_indexed | 2024-04-09T19:23:18Z |
| publishDate | 2023-03-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj.art-534120ae76534a9aaa5ce016f1dc1a5b2023-04-05T08:21:07ZengElsevierHeliyon2405-84402023-03-0193e14172Research on innovative mechanisms of financial agglomeration enabling green coordinated development in the Yangtze River Delta of ChinaFuqiang Wu0Xiaoli Yang1Yujia Chen2Jiangsu Normal University Business School, Xuzhou, ChinaCorresponding author. No. 101 Shanghai Road, Tongshan District, Xuzhou City, Jiangsu Province, China.; Jiangsu Normal University Business School, Xuzhou, ChinaJiangsu Normal University Business School, Xuzhou, ChinaExploring innovative mechanisms for financial agglomeration affecting the green coordinated development of China's Yangtze River Delta is important for the city to take advantage of financial and innovative resources to promote high-quality green development. Using panel data from 41 cities in the Yangtze River Delta region from 2003 to 2019, the intermediate effects model and spatial Durbin model are conducted to deeply explore the impact of financial agglomeration on coordinated green development and the intermediary role of innovation. Results show that, first, financial agglomeration can drive green technology innovation to significantly improve the coordinated development of “production greening - social optimization - environmental protection deepening”. Second, financial agglomeration significantly improves the green coordinated development in neighboring areas through inter-city innovative spatial connections, and the spatial spillover effect tends to decay with the critical point of the maximum impact range at 240 km. Third, the intermediate mechanism of green technology innovation performs well in the high-level financial agglomeration and financial capital agglomeration areas. The Banking and securities industries are the leading factors in financial capital agglomeration. Low-level financial agglomeration and financial personnel agglomeration cannot play the “driving green” role of the innovation mechanism.http://www.sciencedirect.com/science/article/pii/S2405844023013798Financial agglomerationInnovation-drivenCoordinated developmentSpillover effectAgglomeration effect |
| spellingShingle | Fuqiang Wu Xiaoli Yang Yujia Chen Research on innovative mechanisms of financial agglomeration enabling green coordinated development in the Yangtze River Delta of China Heliyon Financial agglomeration Innovation-driven Coordinated development Spillover effect Agglomeration effect |
| title | Research on innovative mechanisms of financial agglomeration enabling green coordinated development in the Yangtze River Delta of China |
| title_full | Research on innovative mechanisms of financial agglomeration enabling green coordinated development in the Yangtze River Delta of China |
| title_fullStr | Research on innovative mechanisms of financial agglomeration enabling green coordinated development in the Yangtze River Delta of China |
| title_full_unstemmed | Research on innovative mechanisms of financial agglomeration enabling green coordinated development in the Yangtze River Delta of China |
| title_short | Research on innovative mechanisms of financial agglomeration enabling green coordinated development in the Yangtze River Delta of China |
| title_sort | research on innovative mechanisms of financial agglomeration enabling green coordinated development in the yangtze river delta of china |
| topic | Financial agglomeration Innovation-driven Coordinated development Spillover effect Agglomeration effect |
| url | http://www.sciencedirect.com/science/article/pii/S2405844023013798 |
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