Impacting of Capital Vitality on Regional Innovation Capability and Spatial Spillover Effects

As a key factor in activating regional innovation momentum, capital vitality has increasingly prominent strategic value. Based on panel data of 31 provinces in China from 2000 to 2023, the study constructs a capital vitality index from three core dimensions, including capital supply liquidity, capital market activity, and capital allocation efficiency ratio. Findings indicate that capital vitality positively promotes regional innovation capability. For every 1% increase in capital vitality, regional innovation capacity increases by an average of 0.566%.Meanwhile,the scale of high-tech enterprises plays a partial mediating role, and a significant spatial spillover effect exists between capital vitality and regional innovation capability. The above findings provide decision-making references for China's current implementation of the innovation-driven development strategy and enhancement of regional innovation capability.