中文摘要
我们研究技术市场（借助中国专利交易所的建立而形成）如何影响创新专业化。我们发现，技术市场促成了(i)专利买方与卖方之间的专业化、(ii)专利许可方与被许可方之间的专业化，以及(iii)基于企业研发效率的专业化。这三种专业化模式均表明，技术市场促进了基于比较优势的创新专业化。在创新创造上具有比较优势的企业将资源转向专利生产，而在创新商业化上具有比较优势的企业则将努力转向推出新产品。企业还会收缩其创新范围，并在技术邻近度更高的技术领域进行发明。金融摩擦阻碍创新专业化，而缓解技术市场中的交易摩擦能够减轻这一负面后果。本文由金融领域编辑Lin William Cong接收。基金资助：P. Han感谢中国国家自然科学基金[资助号72103003]的资助。C. Liu感谢中国国家自然科学基金[资助号72202034]的资助。X. Tian感谢中国国家自然科学基金[资助号72425002]的资助。补充材料：在线附录与数据文件可在https://doi.org/10.1287/mnsc.2022.03174获取。
Abstract
We study how the market for technology (facilitated by the establishment of patent exchanges in China) affects innovation specialization. We find that the market for technology induces (i) specialization between patent buyers and sellers, (ii) specialization between patent licensors and licensees, and (iii) specialization based on a firm’s research and development efficiency. All these three specialization patterns indicate that the market for technology promotes comparative advantage–based innovation specialization. Firms with a comparative advantage in creating innovation redirect their resources toward producing patents, whereas firms with a comparative advantage in commercializing innovation switch their effort toward launching new products. A firm also shrinks its scope of innovation and invents in technological fields with greater proximity. Financial friction hampers innovation specialization and relieving trading friction in the market for technology mitigates such negative consequences. This paper was accepted by Lin William Cong, finance. Funding: P. Han acknowledges financial support from the China’s Natural Science Foundation [Grant 72103003]. C. Liu acknowledges financial support from the China’s Natural Science Foundation [Grant 72202034]. X. Tian acknowledges financial support from the China’s Natural Science Foundation [Grant 72425002]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.03174 .