The Establishment of Standards Leads to Market Prosperity:A Study on the Promoting Effect of Technology Standards on Patent Transactions
Technological uncertainty is an important factor constraining the development of the technology factor market,yet existing re-search has not sufficiently explored this issue.This paper uses the issuance of national standardization-guiding technical documents as an ex-ogenous shock that reduces technological uncertainty.Based on nationwide patent transaction data,a difference-in-differences(DID)model is constructed to conduct an empirical study.The findings are as follows.(1)The introduction of technology standards promotes a 7.1％increase in patent transactions within the industry.(2)In terms of industry characteristics,this promotional effect is stronger in industries with higher search costs,information asymmetry,and lock-in risks.In terms of standard types,technology standards that are technically content-rich,mar-ket-oriented,and sustainably effective have a stronger impact on promoting patent transactions.In terms of transaction entities,this effect is primarily observed among corporate buyers.(3)This promotional effect also optimizes the structure and efficiency of the patent transaction mar-ket by increasing the number of market participants,reducing participant concentration,facilitating cross-industry transactions,and enhancing the value of patents post-transaction.The conclusions of this paper suggest that enhancing the role of technology standards in reducing techno-logical uncertainty is an effective approach to promoting high-quality development in the technology factor market and optimizing the alloca-tion of technological resources.
technological uncertaintytechnology standardspatent transactionsoptimization of technological resource allocation
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