Abstract:In the context of modern industrial system construction, the role of technology finance in facilitating Chinese-style modernization has received significant attention. Currently, the implementation of the Beijing-Tianjin-Hebei integration strategy has entered a new phase. However, the flow and impact of financial resources and industrial development-related elements within the Beijing-Tianjin-Hebei region, as well as their spatial dependence, have not received sufficient attention from the academic community. Therefore, taking the 13 cities in the Beijing-Tianjin-Hebei region as the research object, from the perspective of spatial effects, this study constructs an industrial structure upgrade index through the rationalization, advancement, and high-techization of the industrial structure. By comprehensively using the "0-1" adjacency matrix, geographic distance matrix, and economic distance matrix, the Spatial Auto-regressive Model (SAC) is preferred to study the impact of technology finance agglomeration on industrial structure upgrade in the Beijing-Tianjin-Hebei region. The empirical results show that there is a significant spatial spillover effect on the upgrade of industrial structure among cities in the Beijing-Tianjin-Hebei region. The agglomeration of technology finance also has a spillover effect on local and neighboring areas. Among them, human capital elements and the degree of government intervention play a positive role in the upgrade of industrial structure, while the direction of fixed asset investment is not conducive to the upgrade of industrial structure. Foreign direct investment, infrastructure, and the level of economic development have not formed a clear impact on the upgrade of industrial structure. Thus, the main policy implications include giving full play to the spatial spillover effect of technology finance, innovating technology finance products and services, improving the technology finance system, enhancing the level of infrastructure sharing, and optimizing resource allocation.