关键词: 数字金融集聚, 空间分布模式, 区域创新能力, 传导路径

Abstract: For a long time, the research on the influence of digital finance on regional innovation capability has been a hot topic in the field, and the fact that the development of digital finance drives the improvement of regional innovation capability has been verified accordingly. However, there is still room for deepening: the expectation of “digital finance driving innovation” may not be effectively achieved under the condition of heterogeneity of spatial distribution patterns of digital financial agglomeration. The differences among provinces are not only explained by the scale and quantity, but are also caused by the spatial heterogeneity of urban development. What kind of spatial distribution patterns of digital financial agglomeration is more conducive to the improvement of regional innovation ability? How to rationally plan the spatial distribution patterns of digital financial agglomeration in different cities to promote regional innovation? In the existing research, most of the literatures focus on the impact of the scale of digital finance development on regional innovation capability, while ignoring the effect of the spatial distribution patterns of digital financial agglomeration on regional innovation capability and the influence mechanism.
Therefore, based on the panel data of China's provincial and prefecture-level cities from 2011 to 2018, this paper uses static panel patterns, intermediary patterns, etc., to empirically analyze the impact of monocentric and polycentric spatial distribution patterns of digital financial agglomeration on regional innovation capability and its mechanism from the perspective of spatial heterogeneity. The main findings are as follows:(1)The monocentric spatial distribution pattern of digital financial agglomeration can inhibit the regional innovation ability, while the polycentric spatial distribution pattern can enhance the regional innovation ability, and with the increase of the polycentric intensity of urban spatial distribution pattern, this enhancement effect is more obvious;(2)The monocentric spatial distribution patterns of digital financial agglomeration promotes the excessive geographical centralization of consumption expenditure and education investment, which in turn inhibits the improvement of regional innovation capability, while the rational spatial allocation of consumption expenditure and education investment driven by polycentric spatial distribution pattern can promote the improvement of regional innovation capability.
Compared with previous studies, this paper has expandedthe relevant research in the following aspects: Firstly, it applies the heterogeneity of digital financial agglomeration at the city level within the provincial system as the breakthrough point, and takes into account the influence of monocentric and polycentric spatial distribution patterns of digital financial agglomeration on regional innovation; Secondly, it identifies the transmission path in the process that the spatial distribution pattern of digital financial agglomeration affects the regional innovation capability. The conclusion of the study contains policy implications such as establishing a collaborative system of digital financial development among cities, rationally adjusting the spatial distribution patterns of regional digital financial agglomeration, and strengthening the dependence of residents' consumption expenditure and educational investment path. Furthermore, it enriches the theoretical research on the relationship between digital financial development and regional innovation capability, and provides experience for relevant departments in formulating digital financial reform system and innovation development strategy.

Key words: Digital Financial Agglomeration, Spatial Distribution Patterns, Regional Innovation capability, Transmission Path