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The collaborative effects of digital financial development and multi-dimensional proximity on regional tech innovation efficiency

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  • Zhao, Zhihua
  • Ren, Jiawei
  • Heng, Chuang
  • Wei, Wei

Abstract

Amid growing scientific collaboration, interactions among China's regional innovation actors have intensified. Despite notable improvements in innovation capacity, technology integration and restructuring remain ongoing processes. Persistent issues like inefficient resource utilization continue to hinder regional innovation efficiency. This study examines how digital finance and multi-dimensional proximity jointly influence regional innovation efficiency, using panel data from 30 Chinese provinces (2006–2023) through a two-stage SBM model and Tobit regression analysis. Results indicate that digital finance significantly boosts innovation efficiency. It shows strong synergistic effects with technological, informational, and geographical proximity. These findings provide new theoretical insights into the synergistic mechanisms between digital finance and proximity in the digital era, and offer empirical support for crafting differentiated regional innovation policies.

Suggested Citation

  • Zhao, Zhihua & Ren, Jiawei & Heng, Chuang & Wei, Wei, 2026. "The collaborative effects of digital financial development and multi-dimensional proximity on regional tech innovation efficiency," Finance Research Letters, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finlet:v:91:y:2026:i:c:s1544612325025061
    DOI: 10.1016/j.frl.2025.109257
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