The effects of regional R&D input (RRDI) and intensity of intellectual property protection (IPP) on the relationship between R&D financial subsidies (RDFS) and the sustainable patent output of small and medium enterprises (SMEs) is currently a topic of debate. Regional financial support and necessary IPP are vital to the sustainable patent output of SMEs. However, empirical evidence to investigate the role of RRDI and intensity of IPP is insufficient. Therefore, this study aims to reveal the effect of RDFS on the sustainable patent output of SMEs and analyze the role of RRDI and intensity of IPP in the relationship between RDFS and SMEs’ sustainable patent output. We collected data from the R&D activities of SMEs in 30 provinces of China and performed maximum likelihood estimation (MLE) of six equations. The empirical results show that RDFS have a positive impact on the sustainable patent output of SMEs. Besides, RRDI plays a mediating role in the relationship between RDFS and the sustainable patent output of SMEs. Third, the mediating role of regional R&D personnel input (RRDPI) is more obvious than that of R&D fund input (RRDFI). Finally, the intensity of IPP significantly moderates the direct effect of RDFS on the sustainable patent output of SMEs and the mediation effect via RRDI.

This paper describes the characteristics of financial industry clusters of Beijing and discuss the factors affecting those, using factor analysis to extract common factors from the hypothetical indicators that may affect the financial industry gathering. Research shows that Beijing's financial industry has a high local degree of specialization, and its degree of agglomeration shows a strong positive correlation with the "modernization factor" on behalf of indicators representing the degree of modernization of Beijing's per capita income, level of information and economic system, and "human capital factor" representing Beijing's human capital.