Abstract:Construct a index system from three aspects: external environment, internal structure and coupling benefits, and calculates the vulnerability index of provincial technology and finance coupling system from 2001 to 2017.Construct a dynamic panel model ,the research shows as follows: in the overall sample, talent agglomeration can effectively reduce the coupling vulnerability, but the technical agglomeration coefficient is positive with a relatively low significance; in the eastern region,talent and financial capital agglomeration have a negative correlation, but technology agglomeration has a positive correlation; in the central and western regions,financial capital agglomeration is still the main driver of coupling vulnerability reduction.Construct the spatial econometric model to consider the effects of spatial heterogeneity: coupling vulnerability shows a significant spatial agglomeration state,which has a positive spillover effect, talent agglomeration can reduce the coupling vulnerability of surrounding areas, while financial capital agglomeration plays a blocking effect.