As the S&T service industry is an important link of the deep integration of innovation chain and industrial chain,and plays a crucial role in the realization of innovation-driven"high-quality development"of manufacturing industry,it is of great significance to explore how the agglomeration in the S&T service industry promote the innovation behavior of manufacturing enter-prises.To explore this problem,this paper made a theoretical analysis of the connotation characteristics and service content of the S&T service industry.Then,based on the data of A-share listed manufacturing companies in Shanghai and Shenzhen stock ex-changes from 2008 to 2019 and the panel Tobit regression model,the impact and action mechanism of agglomeration in the S&T service industry on manufacturing enterprises innovation were empirically analyzed.The research conclusions are as follows:The agglomeration in the S&T service industry at provincial level significantly promotes the high-level innovations represen-ted by invention patent authorization,but has no significant impact on low-level innovations.The promotion is affected by the positive moderating effect of regional technological market development and the negative moderating effect of corporate financing constraints.To further analyze these phenomena above,the authors divided the companies into SOE group and non-SOE group,high-tech industry group and middle-and low-tech industry group,as well as eastern region group and central and western regions group.The analysis of heterogeneity showed that the impact of agglomeration in the S&T service industry on promoting enterprise innovation is more significant in the eastern region,high-tech manufacturing industry and non-state-owned enterprises.The middle and low technology manufacturing industry and enterprises in the eastern regions are more likely to benefit from the devel-opment of technology transaction market.The high-tech manufacturing industry,non-state-owned enterpriseand enterprises in the central and western regions are significantly benefit from the innovation spillover of the agglomeration in the S&T service in-dustry with the financing constraint alleviated.In summary,this study confirmed that the agglomeration in the S&T service industry have a significantly positive effect on promoting innovation at the micro-level of enterprises,and will provide new insights on effectively improving the innovation service support system for manufacturing enterprises.
agglomeration in the S&T industrymanufacturing enterpriseenterprise innovationregional technology marketfinan-cial constraint
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