Exploring spatial impacts of transportation infrastructure on financial agglomeration: A moderating role of knowledge spillovers

IF 6.3 2区工程技术 Q1 ECONOMICS

Transport Policy Pub Date : 2025-05-02 DOI:10.1016/j.tranpol.2025.04.031

Ke Lu, Yunlin Wei

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引用次数: 0

Abstract

With the rapid development of economy and ongoing financial reform in China, the phenomenon of financial agglomeration has aroused considerable attention. Currently, the determinants for financial agglomeration have been extensively studied. However, there remains a dearth of research exploring the relationship between transportation infrastructure and financial agglomeration from the perspective of external factors. To better understand the impact of transportation infrastructure on financial agglomeration, this study considers knowledge spillovers as a moderating factor. An empirical analysis was conducted using data collected in China from 2003 to 2022. The Spatial Durbin Model was employed to analyze the spatial impact of transportation infrastructure on financial agglomeration. Moreover, the moderating effect of knowledge spillovers and heterogeneity across geographical regions and urban scales was investigated. The results indicate that: (1) The development of transportation infrastructure has been evidenced to promote financial agglomeration. (2) Knowledge spillovers, as a moderating variable, weakens the driving effect of transportation infrastructure on financial agglomeration. (3) Transportation infrastructure enhances financial agglomeration in eastern and large-scale regions. Conversely, in western and small-scale regions, its impact is not significant. The findings shed light on the understanding of relationship between transportation infrastructure and financial agglomeration, and provide practical insights for policymakers.

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交通基础设施对金融集聚的空间影响：知识溢出的调节作用

随着中国经济的快速发展和金融改革的不断深入，金融集聚现象引起了人们的广泛关注。目前，金融集聚的决定因素已经得到了广泛的研究。然而，从外部因素的角度探讨交通基础设施与金融集聚关系的研究还很缺乏。为了更好地理解交通基础设施对金融集聚的影响，本研究将知识溢出作为调节因素。利用2003年至2022年在中国收集的数据进行实证分析。采用空间Durbin模型分析交通基础设施对金融集聚的空间影响。在此基础上，研究了知识外溢的调节效应以及跨地域和城市尺度的异质性。研究结果表明：(1)交通基础设施的发展对金融集聚具有促进作用。(2)知识溢出作为调节变量，削弱了交通基础设施对金融集聚的驱动作用。(3)交通基础设施促进东部和大区域金融集聚。相反，在西部和小规模地区，其影响并不显著。研究结果有助于理解交通基础设施与金融集聚之间的关系，并为政策制定者提供实践见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Transport Policy Multiple-

CiteScore

12.10

自引率

10.30%

发文量

282

期刊介绍： Transport Policy is an international journal aimed at bridging the gap between theory and practice in transport. Its subject areas reflect the concerns of policymakers in government, industry, voluntary organisations and the public at large, providing independent, original and rigorous analysis to understand how policy decisions have been taken, monitor their effects, and suggest how they may be improved. The journal treats the transport sector comprehensively, and in the context of other sectors including energy, housing, industry and planning. All modes are covered: land, sea and air; road and rail; public and private; motorised and non-motorised; passenger and freight.