Do innovation and entrepreneurship vitality enhance university-industry collaboration? Roles of financial development and educational investment

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-08-05 DOI:10.1016/j.iref.2025.104412

Hui Xuan , Cheng Guo , Jiapeng Dai

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Abstract

This study investigates whether regional innovation and entrepreneurship vitality drives university-industry collaboration and examines how financial development and educational investment condition this relationship. Drawing on panel data from Chinese listed firms from 2009 to 2023, the analysis applies two-way fixed effects, endogeneity checks, and a Heckman two-step model to address selection concerns. The findings indicate that firms in regions with higher innovation and entrepreneurship activity tend to collaborate more frequently with universities. Further, regions featuring well-developed financial systems and stronger educational investment show a heightened positive impact of regional innovation vitality on collaboration. Heterogeneity tests suggest that government intervention, city centrality, and local education levels moderate these effects. The results emphasize the importance of fostering not only vibrant entrepreneurial ecosystems, but also complementary factors—such as financial resources and robust higher education—to enhance innovation-driven partnerships.

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创新创业活力能促进校企合作吗？金融发展与教育投资的作用

本研究考察了区域创新和创业活力是否推动了校企合作，并考察了金融发展和教育投资如何调节这种关系。利用2009 - 2023年中国上市公司的面板数据，运用双向固定效应、内生性检验和Heckman两步模型来解决选择问题。研究结果表明，创新创业活动越活跃的地区，企业与大学的合作越频繁。金融体系发达、教育投入力度大的地区，区域创新活力对协同效应的正向影响更大。异质性检验表明，政府干预、城市中心性和地方教育水平调节了这些影响。研究结果强调，不仅要培育充满活力的创业生态系统，还要培育互补因素，如财政资源和健全的高等教育，以加强创新驱动的伙伴关系。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.