Financial technology, collaborative innovation patent networks, and the formation of innovation clusters in emerging industries

Dan Zhang and Na Zhao

Economic Analysis and Policy, 2025, vol. 88, issue C, 1566-1576

Abstract: As financial technology continues to advance rapidly, its influence on the formation and dynamics of innovation clusters in emerging industries has become an increasingly important topic of research. This study draws on patent cooperation data from China’s artificial intelligence and blockchain sectors spanning 2015 to 2023. By applying social network analysis and multiple regression modeling, the paper systematically investigates how the development level of FinTech influences the formation and evolution of innovation clusters in emerging industries. The analysis incorporates policy support as a moderating variable and examines regional heterogeneity across eastern, central, and western China. The main findings are as follows: (1) FinTech development significantly fosters the formation of innovation clusters, evidenced by improvements in network centrality and the diversification of structural holes; (2) Policy support not only directly enhances innovation clustering but also strengthens the positive impact of FinTech on cluster evolution; (3) Regionally, the moderating effect of policy support is markedly stronger in the eastern region compared to the central and western regions. This study contributes to the literature by offering a novel perspective on the intersection of FinTech and innovation networks, while also providing empirical insights for refining regional innovation policies and optimizing FinTech resource allocation.

Keywords: Fintech; Innovation clusters; Social network analysis; Policy support; Regional heterogeneity (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecanpo:v:88:y:2025:i:c:p:1566-1576

DOI: 10.1016/j.eap.2025.10.020

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