Knowledge Spillover Effect of Inter-firm Technology Transfer:Evidence from Patent Transfers
The technology market is a key channel for allocating innovation resources and enhancing the diffusion of innovation outcomes.It also serves as an important link in promoting the integration of technological innovation with economic and social development.As firms play pivotal roles in both technological innovation activities and technology market transactions,they are imperative to driving innovation.This study explores how inter-firm technology transfers can contribute to building a national innovation system in China,thereby fostering the prosperity and development of technological innovation.Based on Chinese patent data from the IncoPat global patent database and Chinese firm data from the Chinese Annual Survey of Industrial Firms from 1998 to 2013,we constructed a comprehensive firm-level dataset that includes the innovation performance,technology transfer activities,and operational characteristics of firms.By identifying inter-firm technology transfers through patent assignee information and related innovation metrics,we empirically examined the impact of these transfers on the innovation performance of recipient firms and the underlying mechanisms.Identifying the causal effect of technology transfer on firm innovation is challenging due to the endogenous decision of whether to engage in technology transfer.To address this,we employed a difference-in-differences(DID)approach,comparing the innovation performance of firms that received patent transfers(treatment group)with those that did not(control group).The analysis includes balancing the data as much as possible,conducting dynamic effects tests using event study methods,and constructing instrumental variables to address potential endogeneity issues.Robustness checks further enhance the reliability of the causal identification results.We find that inter-firm technology transfers significantly enhance the innovation performance of recipient firms.Compared with firms that have never received patent transfers,those that received had considerable improvements in innovation quantity,quality,and overall performance.Specifically,technology transfers significantly increase the intensive and extensive margins of innovation quantity,indicating growth in innovation output in existing technological fields and expansion into new ones.Moreover,technology transfers enhance the centrality of recipient firms'innovations in their respective technological fields,underscoring their increased importance in innovation networks.The mechanism analysis reveals that knowledge spillover effects drive these improvements in innovation performance.Inter-firm technology transfers lead to significant enhancements in R&D investment and efficiency for recipient firms.However,these spillover effects are most pronounced among firms located in the same city as the transferring firm,whereas improvements in innovation quality are more significant among firms in different industries or technological fields.Further analysis reveals that inter-firm technology transfers also improve the operational performance of recipient firms,demonstrating benefits extend beyond innovation.This study makes several key contributions to the literature.First,it provides a systematic empirical analysis of the impact of technology market activities on firm innovation.By leveraging patent transfer information to identify firm-level patent transfer and constructing a DID model,the study adds new empirical evidence to the existing literature.Second,it enriches research on China's innovation development by focusing on the technology market.Unlike previous studies that primarily examined drivers of China's innovation growth,this study highlights the impact of inter-firm technology transfers on innovation performance and investigates the underlying mechanisms.Third,the research emphasizes the importance of acquiring knowledge through inter-firm technology transfers in promoting innovation activities.The rich firm-level dataset offers insights into the effects of these transfers on innovation performance.The findings also provide reliable policy insights for the development of the technology market and the construction of a national technology transfer system.By demonstrating the positive effects of inter-firm technology transfers,the study supports the formulation of policies that encourage technological collaboration and knowledge sharing between firms.This study concludes that technology transfers between firms play a crucial role in enhancing innovation and operational performance.This highlights the need for policies that facilitate inter-firm collaboration and the sharing of technological advancements.
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