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Supply Chain, Innovation Factors, and Industrial Synergistic Agglomeration: Evidence from a natural experiment in China

Author

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  • Wang, Weijing
  • Yang, Shunyu
  • Zhang, Yingjie
  • Guo, Wei
  • Cui, Hui
  • Sun, Qilong

Abstract

Against the dual backdrop of promoting industrial structural transformation and upgrading and enhancing supply chain resilience, it is crucial to clarify the implementation effects of the national industrial policy of "Supply Chain Innovation and Application Demonstration Zones." This paper uses prefecture-level panel data from China spanning 2009 to 2023 as the research sample to examine the relationships among supply chain demonstration zone construction, the agglomeration of innovation factors, and regional industrial synergistic agglomeration. The findings reveal: there is a significant positive relationship between the construction of supply chain demonstration zones and regional industrial synergistic agglomeration; the positive impact of demonstration zone construction on regional industrial synergistic agglomeration exhibits significant heterogeneity between regions with high versus low levels of informatization; the agglomeration of innovation factors plays a mediating role in the relationship between demonstration zone construction and regional industrial synergistic agglomeration; the mediating effect of innovation factor agglomeration is significant in regions with high levels of technological innovation investment but not in regions with low levels of such investment.

Suggested Citation

  • Wang, Weijing & Yang, Shunyu & Zhang, Yingjie & Guo, Wei & Cui, Hui & Sun, Qilong, 2026. "Supply Chain, Innovation Factors, and Industrial Synergistic Agglomeration: Evidence from a natural experiment in China," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325025632
    DOI: 10.1016/j.frl.2025.109314
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