The Influence of Financial Agglomeration on the Export Trade in the Guangdong-Hong Kong-Macao Greater Bay Area: An Analysis Based on Mediation Effect of Technological Innovation

Abstract

So far, the relation between financial agglomeration and export trade is complex and there are few related studies. However, research on this topic will be of great value to the development of the Guangdong-Hong Kong-Macau Greater Bay Area (the Greater Bay Area). This paper aims to use the mediation model to analyze the role of technological innovation as an mediator variable between financial agglomeration and export trade. Based on the relevant data of the Greater Bay Area from 2009 to 2018, regression analysis was performed using the three equations of the mediation model. The mediator variable was then replaced to conduct a robustness test, and it was found that there is indeed an mediation effect; technological innovation acts as an mediator variable between financial agglomeration and export trade. Therefore, it can be concluded that the financial agglomeration in the Greater Bay Area can effectively promote technological innovation, while technological innovation will inhibit exports to a certain extent.