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Exploring the Impact of Geographic Factors on Urban Financial Innovation in China: Insights from the Banking, Insurance, and Securities Industries

Author

Listed:
  • Lichao Lin

    (Guangdong University of Science and Technology)

  • Ziling Huang

    (Dongguan City University)

  • Chen Pan

    (Guangdong University of Petrochemical Technology)

  • Xiaofeng Wang

    (Dongguan City University)

Abstract

This research paper delves into the complex dynamics of Urban Financial Innovation (UFI) within the context of Dongguan City (DGC), with a specific focus on the insurance, banking, and securities industries. The study employs rigorous geographical analysis and utilizes cross-sectional data from 2013, 2016, 2019, and 2022 to investigate the spatiotemporal evolution of financial agglomeration across the four districts and twenty-eight towns in DGC. Our findings reveal several key insights. Firstly, the analysis demonstrates an overall upward trend in the Urban Financial Index (UFI) over time, although growth rates in the insurance, banking, and securities sectors exhibit a declining pattern. Secondly, our panel data analysis identifies clear correlations between financial sub-industries and critical factors, including public services, transit accessibility, economic development, the number of enterprises, population density, and residential quantity. Notably, there is no statistically significant correlation with vegetation coverage. Furthermore, this study sheds light on the impact of the COVID-19 pandemic on the financial sub-sectors, with observed negative effects on the securities and insurance sectors, while the banking sector remained relatively unaffected. Theoretical implications of our research contribute to scholarly discussions by providing insights into the intricate relationship between geographical context and financial events. Additionally, the practical implications for management and policy highlight the importance of enhancing connectivity, promoting financial technology innovation centers, and attracting foreign investment through favorable policies. This study advances our understanding of financial agglomeration in dynamic geographic contexts, providing valuable knowledge for policymakers, industry stakeholders, and researchers interested in the economic development of Dongguan City and similar regions.

Suggested Citation

  • Lichao Lin & Ziling Huang & Chen Pan & Xiaofeng Wang, 2025. "Exploring the Impact of Geographic Factors on Urban Financial Innovation in China: Insights from the Banking, Insurance, and Securities Industries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 6481-6516, June.
    • Handle: RePEc:spr:jknowl:v:16:y:2025:i:2:d:10.1007_s13132-024-01796-1
    DOI: 10.1007/s13132-024-01796-1
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