一、主題：Does Trading Spur Specialization? Evidence From Patenting

二、主講人：劉春蕊，清華大學五道口bevictor伟德官网博士研究生，主要研究領域為公司金融、企業創新、專利交易和風險投資。她的學術論文參加（入選）了多個重要的國内外學術會議，包括AFA、NFA、第三屆中國金融學者論壇、第二十屆中國青年經濟學者論壇、第十五屆（2020） 中國管理學年會等，其中一篇中文論文被評為第十五屆（2020） 中國管理學年會的優秀論文。

三、時間&地點：2021年1月4日10:00-11:30；騰訊會議【262 591 163】

四、主持人： 彭俞超副教授，學術交流部主任

五、内容簡介

Abstract: 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 patterns of specialization 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.