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Industrial clusters, financial flow of enterprises, and the enhancement of regional economic resilience

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  • Yao, Fengge
  • Yu, Jiayi

Abstract

The relationship between industrial clusters, corporate financial flows, and regional economic resilience is experimentally analyzed in this paper using panel data from different provinces, cities, and firms in China between 2012 and 2023. The research shows that industrial clusters can make regions more resilient economically. However, the effect is stronger in regions with a more advanced industrial structure. The ways in which industrial clusters affect regional economic resilience vary across regions. The effect of corporate financial flows on regional economic resilience differs greatly across regions, with the most noticeable differences in central regions compared to western and eastern regions. However, overall, corporate financial flows have a positive effect on regional economic resilience. This moderating effect varies significantly across regions with different tax burdens; in high tax burden regions, the moderating effect of corporate financial flows on the relationship between industrial clusters and regional economic resilience is stronger than in low tax burden regions. Corporate financial flows serve as a moderating factor in the relationship between industrial clusters and regional economic resilience.

Suggested Citation

  • Yao, Fengge & Yu, Jiayi, 2026. "Industrial clusters, financial flow of enterprises, and the enhancement of regional economic resilience," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025899
    DOI: 10.1016/j.frl.2025.109340
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    References listed on IDEAS

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