IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i23p15980-d988949.html

The Impact of Science and Technology Finance on Regional Collaborative Innovation: The Threshold Effect of Absorptive Capacity

Author

Listed:
  • Zibiao Li

    (School of Economics and Management, Hebei University of Technology, Tianjin 300401, China)

  • Han Li

    (School of Economics and Management, Hebei University of Technology, Tianjin 300401, China)

  • Siwei Wang

    (School of Economics and Management, Hebei University of Technology, Tianjin 300401, China)

  • Xue Lu

    (School of Economics and Management, Hebei University of Technology, Tianjin 300401, China)

Abstract

The collaborative innovation of Beijing-Tianjin-Hebei region is faced with prominent problems such as the large gap in innovation resources and capability. In addition, science and technology (S&T) finance provides the approach to promote the flow of regional capital, technology and talents, which can facilitate the coordinated development of Beijing-Tianjin-Hebei region. Therefore, this study takes the Beijing-Tianjin-Hebei region as an example to explore the mechanism of different S&T finance on regional S&T collaborative innovation. Based on the provincial panel data of Beijing-Tianjin-Hebei region from 2009 to 2020, this paper constructs a dynamic panel threshold model with different regional absorptive capacities (technology level and economic base) as threshold variables to analyze the impact of public and market S&T finance on regional collaborative innovation. The main findings of this paper are as follows: first, the overall level of regional collaborative innovation in Beijing, Tianjin and Hebei is low, and public and market S&T finance significantly affects regional collaborative innovation in Beijing, Tianjin and Hebei. Specifically, public S&T finance plays an inhibitory role on regional collaborative innovation, and market S&T finance positively affects regional collaborative innovation. Secondly, both types of S&T finance have obvious heterogeneous threshold characteristics of absorptive capacity on regional collaborative innovation. Once the absorptive capacity of both regions breaks through the critical scale, the inhibiting effect of public S&T finance on regional collaborative innovation shows a weakening trend; with the improvement of technology level, the positive influence of market S&T finance on regional collaborative innovation keeps increasing. With the improvement of economic base, it shows a shift from negative to positive. The research findings provide theoretical and practical guidance for accelerating the pace of S&T innovation and the implementation mechanism of regional coordinated development.

Suggested Citation

  • Zibiao Li & Han Li & Siwei Wang & Xue Lu, 2022. "The Impact of Science and Technology Finance on Regional Collaborative Innovation: The Threshold Effect of Absorptive Capacity," Sustainability, MDPI, vol. 14(23), pages 1-18, November.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:23:p:15980-:d:988949
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/23/15980/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/23/15980/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Miguélez, Ernest & Moreno, Rosina, 2015. "Knowledge flows and the absorptive capacity of regions," Research Policy, Elsevier, vol. 44(4), pages 833-848.
    2. Bronwyn Hall & Alessandro Maffioli, 2008. "Evaluating the impact of technology development funds in emerging economies: evidence from Latin America," The European Journal of Development Research, Taylor and Francis Journals, vol. 20(2), pages 172-198.
    3. Zhu, Xiaoyang & Asimakopoulos, Stylianos & Kim, Jaebeom, 2020. "Financial development and innovation-led growth: Is too much finance better?," Journal of International Money and Finance, Elsevier, vol. 100(C).
    4. Guariglia, Alessandra & Liu, Pei, 2014. "To what extent do financing constraints affect Chinese firms' innovation activities?," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 223-240.
    5. Fei Fan & Huan Lian & Song Wang, 2020. "Can regional collaborative innovation improve innovation efficiency? An empirical study of Chinese cities," Growth and Change, Wiley Blackwell, vol. 51(1), pages 440-463, March.
    6. Bronwyn Hall & Alessandro Maffioli, 2008. "Evaluating the impact of technology development funds in emerging economies: evidence from Latin America," The European Journal of Development Research, Taylor and Francis Journals, vol. 20(2), pages 172-198.
    7. Nivedita Mukherji & Jonathan Silberman, 2013. "Absorptive Capacity, Knowledge Flows, And Innovation In U.S. Metropolitan Areas," Journal of Regional Science, Wiley Blackwell, vol. 53(3), pages 392-417, August.
    8. Ang, James B., 2010. "Research, technological change and financial liberalization in South Korea," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 457-468, March.
    9. Audretsch, David B. & Feldman, Maryann P., 2004. "Knowledge spillovers and the geography of innovation," Handbook of Regional and Urban Economics, in: J. V. Henderson & J. F. Thisse (ed.), Handbook of Regional and Urban Economics, edition 1, volume 4, chapter 61, pages 2713-2739, Elsevier.
    10. Myung Hwan Seo & Sueyoul Kim & Young-Joo Kim, 2019. "Estimation of dynamic panel threshold model using Stata," Stata Journal, StataCorp LLC, vol. 19(3), pages 685-697, September.
    11. Valter Giacinto, 2010. "On vector autoregressive modeling in space and time," Journal of Geographical Systems, Springer, vol. 12(2), pages 125-154, June.
    12. Roberto Basile & Roberta Capello & Andrea Caragliu, 2012. "Technological interdependence and regional growth in Europe: Proximity and synergy in knowledge spillovers," Papers in Regional Science, Wiley Blackwell, vol. 91(4), pages 697-722, November.
    13. Freeman, C., 1991. "Networks of innovators: A synthesis of research issues," Research Policy, Elsevier, vol. 20(5), pages 499-514, October.
    14. Yu, Zhi-Feng & Wang, Wen-Quan & Yan, Yan & Liu, Xing-Shun, 2021. "Energy loss evaluation in a Francis turbine under overall operating conditions using entropy production method," Renewable Energy, Elsevier, vol. 169(C), pages 982-999.
    15. Vladimir Bochko, 2015. "The Accelerating And Constraining Factors Of The Coordinated And Balanced Development Of Regions," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(1), pages 39-52.
    16. Wu, Haitao & Hao, Yu & Weng, Jia-Hsi, 2019. "How does energy consumption affect China's urbanization? New evidence from dynamic threshold panel models," Energy Policy, Elsevier, vol. 127(C), pages 24-38.
    17. Yano, Go & Shiraishi, Maho, 2020. "Finance, institutions, and innovation activities in China," Economic Systems, Elsevier, vol. 44(4).
    18. Miguel A. Márquez & Julián Ramajo & Geoffrey JD. Hewings, 2015. "Regional growth and spatial spillovers: Evidence from an SpVAR for the Spanish regions," Papers in Regional Science, Wiley Blackwell, vol. 94, pages 1-18, November.
    19. Xie, Rui & Fu, Wei & Yao, Siling & Zhang, Qi, 2021. "Effects of financial agglomeration on green total factor productivity in Chinese cities: Insights from an empirical spatial Durbin model," Energy Economics, Elsevier, vol. 101(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Wenjuan Su & Jiyu Yu & Lingyun Zhao, 2025. "Can Sci-Tech Finance Policy Boost Corporate ESG Performance? Evidence from the Pilot Experiment of Promoting the Integration of Technology and Finance in China," Sustainability, MDPI, vol. 17(6), pages 1-30, March.
    2. Jingshi He & Yongjun Chen & Haoyang Chen & Jingting Zhao & Chunsheng Wang & Lan Xu, 2025. "Sci-Tech finance, digital economy and high-quality development of regional economy: empirical evidence from 273 cities in China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-16, December.
    3. Debao Dai & Mingzhu Fu & Liang Ye & Wei Shao, 2023. "Can Digital Inclusive Finance Help Small- and Medium-Sized Enterprises Deleverage in China?," Sustainability, MDPI, vol. 15(8), pages 1-19, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sergio Destefanis & Valter Di Giacinto, 2025. "The Heterogeneous Effects of EU Structural Funds: A Spatial VAR Approach," Journal of Regional Science, Wiley Blackwell, vol. 65(2), pages 497-517, March.
    2. Shengrui Li & Leyi Chen & Yushuang Li & Ling Liu, 2024. "Financial Density and Innovation Quality: Evidence from the Geographic Distribution of Financial Institutions in China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(4), pages 16868-16912, December.
    3. Tulio Cravo & Caio Piza, 2016. "The Impact of Business Support Services for Small and Medium Enterprises on Firm Performance in Low -and Middle- Income Countries: A Meta-Analysis," IDB Publications (Working Papers) 94938, Inter-American Development Bank.
    4. Lukasz Konopielko & Lukasz Sykala & Krzysztof Wozniak & Dmytro Verbovyy, 2021. "Suburbanization in the Context of R&D Projects Fund Allocation," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 790-805.
    5. Frank, Alejandro Germán & Gerstlberger, Wolfgang & Paslauski, Carolline Amaral & Lerman, Laura Visintainer & Ayala, Néstor Fabián, 2018. "The contribution of innovation policy criteria to the development of local renewable energy systems," Energy Policy, Elsevier, vol. 115(C), pages 353-365.
    6. Junguo Shi & Bert M. Sadowski & Xinru Zeng & Shanshan Dou & Jie Xiong & Qiuya Song & Sihan Li, 2023. "Picking winners in strategic emerging industries using government subsidies in China: the role of market power," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 10(1), pages 1-8, December.
    7. Ugur, Mehmet & Trushin, Eshref, 2018. "Asymmetric information and heterogeneous effects of R&D subsidies: evidence on R&D investment and employment of R&D personel," Greenwich Papers in Political Economy 21943, University of Greenwich, Greenwich Political Economy Research Centre.
    8. Sven Wardenburg & Thomas Brenner, 2021. "Analysing the spatio-temporal diffusion of economic change - advanced statistical approach and exemplary application," Working Papers on Innovation and Space 2021-01, Philipps University Marburg, Department of Geography.
    9. Shu Yu & Takaya Yuizono, 2021. "A Proximity Approach to Understanding University-Industry Collaborations for Innovation in Non-Local Context: Exploring the Catch-Up Role of Regional Absorptive Capacity," Sustainability, MDPI, vol. 13(6), pages 1-19, March.
    10. Stjepan Srhoj & Michael Lapinski & Janette Walde, 2019. "Size matters? Impact evaluation of business development grants on SME performance," Working Papers 2019-14, Faculty of Economics and Statistics, Universität Innsbruck.
    11. Ömer Tuğsal Doruk, 2024. "The Link Between R&D and Financing Constraints in Manufacturing Sectors for Two Emerging Markets," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 12596-12621, September.
    12. Wadho, Waqar & Chaudhry, Azam, 2020. "Innovation Strategies and Productivity Growth in Developing Countries: Evidence from Pakistan," GLO Discussion Paper Series 466, Global Labor Organization (GLO).
    13. Czarnitzki, Dirk & Lopes-Bento, Cindy, 2013. "Value for money? New microeconometric evidence on public R&D grants in Flanders," Research Policy, Elsevier, vol. 42(1), pages 76-89.
    14. Antonioli,Davide & Marzucchi,Alberto & Montresor,Sandro, 2012. "Regional innovation policy and innovative behaviours. A propensity score matching evaluation," INGENIO (CSIC-UPV) Working Paper Series 201205, INGENIO (CSIC-UPV).
    15. Emanuela Marrocu & Raffaele Paci & Stefano Usai, 2022. "Direct and indirect effects of universities on European regional productivity," Papers in Regional Science, Wiley Blackwell, vol. 101(5), pages 1105-1133, October.
    16. Pan, Xia & Cheng, Wenyin & Gao, Yuning, 2022. "The impact of privatization of state-owned enterprises on innovation in China: A tale of privatization degree," Technovation, Elsevier, vol. 118(C).
    17. Kim, Dong-Hyeon & Liu, Peiyao & Lin, Shu-Chin, 2025. "Nonlinearity in the nexus between financial development and wealth inequality," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 99(C).
    18. Wadho, Waqar & Chaudhry, Azam, 2022. "Innovation strategies and productivity growth in developing countries: Firm-level evidence from Pakistani manufacturers," Journal of Asian Economics, Elsevier, vol. 81(C).
    19. Beck, Mathias & Lopes-Bento, Cindy & Schenker-Wicki, Andrea, 2016. "Radical or incremental: Where does R&D policy hit?," Research Policy, Elsevier, vol. 45(4), pages 869-883.
    20. Adel Ben Khalifa, 2018. "Government Supports and Technology Adoption: Evidence from Tunisia," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 43(4), pages 41-70, December.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:23:p:15980-:d:988949. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.