一、主题：Does Trading Spur Specialization? Evidence From Patenting
二、主讲人：刘春蕊，清华大学五道口金融学院博士研究生，主要研究领域为公司金融、企业创新、专利交易和风险投资。她的学术论文参加（入选）了多个重要的国内外学术会议，包括AFA、NFA、第三届中国金融学者论坛、第二十届中国青年经济学者论坛、第十五届（2020） 中国管理学年会等，其中一篇中文论文被评为第十五届（2020） 中国管理学年会的优秀论文。
三、时间&地点：2021年1月4日10:00-11:30；腾讯会议【262 591 163】
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.