<p>This paper analyses the effect and mechanism of industry-university-research collaboration on the spatial allocation of innovation factors from the perspective of agglomeration and radiation effect. Based on theoretical analysis, the effect of industry-university-research collaboration on the spatial allocation of innovation factors is empirically tested, by using the matched data of Chinese A-share listed companies and cities. It is found that industry-university-research collaboration continuously strengthens the regional agglomeration ability of innovation factors. This is mainly due to the fact that university-industry-research collaboration can accelerate the flow of innovation factors, broaden technological diversity, and thus have an agglomeration effect on the spatial allocation of innovation factors. Further research shows that industry-university-research collaboration can promote the efficiency of innovation factors allocation, and drive the innovative development of surrounding cities through the radiation effect, realizing the convergence of regional gaps. Accelerating the industry-university-research collaboration is of great significance in enhancing the effectiveness of the innovation system and the coordinated development of regions.</p>