Higher education, fintech, and regional entrepreneurship: Insights from China's innovation ecosystem

This study investigates the impact of higher education development on regional entrepreneurial vitality in China, using panel data from 31 provinces between 2011 and 2021. The findings demonstrate that advanced higher education systems significantly enhance regional entrepreneurship by supplying high-level talent, fostering research innovation, and driving resource agglomeration—especially in economically advanced regions. From an international business and finance lens, the study underscores higher education as a strategic economic asset that strengthens innovation capacity and competitiveness in regional markets. Crucially, the development of financial technology (fintech) significantly moderates this relationship by enabling more efficient capital flows, expanding financial inclusion, and accelerating commercialization of innovation. Additionally, regional innovation networks serve as transmission channels, amplifying the impact of higher education through talent mobility, industrial clustering, and cross-sector collaboration. Trust-based partnerships within these networks reduce innovation risks and support smoother exchange of resources. The integration of fintech further enhances network scale and connectivity, fostering dynamic, multi-path entrepreneurial ecosystems. Policy recommendations include region-specific strategies for higher education investment, strengthening cross-regional innovation infrastructure, and deepening the integration of education, fintech, and industry to support globally oriented, innovation-led growth.