Does Trading Spur Specialization? Evidence from Patenting
(with Chunrui Liu and Xuan Tian)
Exploiting staggered establishments of patent exchanges in China, we examine how patent trading affects firm innovation and specialization. We find that patent trading and in-house innovation are complements for patent sellers, whereas they are substitutes for the buyers. Our findings demonstrate 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 R&D efficiency. All these three specialization patterns indicate that a firm's response to an emerging market for technology hinges on its comparative advantages. Firms with a comparative advantage in creating innovation redirect their resources from advertising to patenting activities, whereas firms with a comparative advantage in commercializing innovation switch their effort from patenting to advertising activities. Moreover, enhanced patent trading contributes to improved firm performance and increasing market concentration. Our findings suggest patent trading promotes comparative-advantage-based specialization and enhances firm performance.
韩鹏飞，2018年毕业于宾夕法尼亚大学，获得经济学博士学位，并于同年加入北京大学光华管理学院金融系任助理教授。他的研究领域是科技创新和风险投资，他的研究尤为关注中国问题以及中美比较。他的论文发表于International Economic Review，他的研究获得了2021中国金融国际年会(CICF)最佳论文奖。他最近的研究课题包括中美科技脱钩、移动支付的跨国比较、后新冠时代的创业融资，以及中国的知识产权交易。