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Theories and Methods of Science of Science

The Impact of the Spatial Correlation Network of Digital Finan⁃ cial Inclusion on Innovation Resilience: A Social Network Analy⁃ sis Perspective 

Kong Xiaoni, Jin Shuliang, Wang Hefei 

(School of Economics, Zhengzhou University of Aeronautics, Zhengzhou 450046, China)

Abstract: With digital technology as its core advantage, digital financial inclusion signifi⁃ cantly enhances the accessibility and availability of financial services, becoming a key engine  for stimulating technological innovation. Based on data from 59 cities in the Yellow River Basin  from 2011 to 2022, this paper constructs a regional innovation resilience indicator system from  three dimensions: resistance, recoverability, and adaptability. Utilizing a modified gravity model  and social network analysis method, it analyzes the overall and individual network characteris⁃ tics of the spatial correlation network of digital financial inclusion. Furthermore, a two-way fixed  effects model is constructed to explore the impact of the digital financial inclusion spatial corre⁃ lation network on regional innovation resilience and its heterogeneity. The results show that: ①The degree of spatial correlation of digital financial inclusion in the Yellow River Basin has  gradually increased, presenting a complex network structure characterized by interwoven and  multidirectional flows. Network density and network efficiency have improved; the number of net⁃ work correlation relationships shows a "V" -shaped fluctuation; the network hierarchy has de⁃ clined; network connectivity remains stable at a high level. ②The individual network exhibits a  distinct "spillover-benefit" spatial characteristic. Cities such as Ordos, Yulin, and Zhengzhou, with high degree centrality, closeness centrality, and betweenness centrality, occupy core posi⁃ tions in the network, demonstrating strong financial resource output and control capabilities, and  serve as key hubs for regional spatial connections. The main reasons are that resource-based cit⁃ ies like Ordos and Yulin possess substantial capital accumulation, focus on digital R&D, and  seek cooperation and industrial transformation opportunities through digital financial inclusion  platforms, while cities like Zhengzhou, as regional economic centers, have well-established re⁃ gional financial hub functions. ③The digital financial inclusion spatial correlation network can  significantly enhance regional innovation resilience, a conclusion that holds after a series of ro⁃ bustness and endogeneity tests. Heterogeneity analysis indicates that the impact of the digital fi⁃ nancial inclusion spatial correlation network on regional innovation resilience shows a basin dif⁃ ference in geographical location: "downstream > upstream > midstream"; at the city cluster  level, the impact effect is stronger in the "three major urban agglomerations" compared to "nonthree major urban agglomerations". Accordingly, this paper proposes three recommendations: First, regarding how to optimize the regional development pattern, it is essential to synchronize  core radiation with the rise of the periphery, and coordinate synergistic strategies for promoting  balanced regional development. Second, regarding how to build a long-term development mecha⁃ nism, it is necessary to adhere to the dual drive of network optimization and policy environment, constructing a coordinated development mechanism for digital financial inclusion and technologi⁃ cal innovation. Third, regarding how to consolidate the foundation for integrated development, ef⁃ forts should be made to strengthen the linkage between financial literacy and technological inno⁃ vation, building a new ecosystem for the integration of digital financial inclusion and technologi⁃ cal innovation, to promote the development of regional innovation resilience. 

Key words: digital financial inclusion; regional innovation resilience; spatial correlation net⁃ work; heterogeneity; new quality productive forces; digital economy; digital transformation; artifi⁃ cial intelligence