Technological Transactions, Intermediary And The Development Of China's Technology Market

In this paper, the dynamic mechanism of technological transactions, the effect of technological intermediary on the matching efficiency of technological transactions, the role of intermediary in eliminating adverse selections and the structure model of intermediary are studied deeply and systematically. The development strategies of China's technology market are proposed based on the result of researches and the existing situation.There are seven chapters. The main contents are as follows:1. Analysis on the dynamic mechanism of technological transactions efficiency. From the characteristics of technological transactions, the factors of affecting the efficiency are explored. That is an essential procedure for lowering the cost of technological transactions and for developing the technological market. The dynamic mechanism model is built. And then, the model is tested by cases empirically. Institution, technological intermediary and the structure of contracts are the main factors affecting the efficiency of technological transactions.2. Analysis on the mechanism of the impact of technological intermediaries on the technological transaction efficiencies. The efficiencies are composed of two parts: the matching efficiency and the performing efficiency. In this chapter, the affecting mechanism of the matching efficiency is analyzed with the theoretical models. We have found: (1) there are sources of inefficiencies in the process of technological transactions; (2) technological intermediary can have a negative as well as a positive welfare effect.3. Analysis on the mechanism of eliminating adverse selections. The adverse selections in the technological market are researched, and the efficiency of technological intermediary to eliminate the adverse selections is analyzed. We have found: (1) from the view of costs and powers, the third party other than the two transacting sides should signal the creditable "marketing signals"; (2) if the technological intermediary gives off these signals by his own reputations and professional power, the efficiency and the welfare will increase as a whole; (3) the roles of the intermediary are constrained by some conditions. It ispossible that the intermediary can not improve the efficiency in the simple dealing sites.4. Analysis on the impact of the technological intermediary's organizational model. In this chapter, we analyze the change of the behavior of technology buyers due to the intermediary's investment in the expertise. And then, the efficiency of different running models of intermediary is discussed. We have found :(1) the intermediaries aiming at maximizing expectation revenues can obtain higher efficiency than those targeting on commercializing maximum technological achievements; (2) under the condition of finite technological supply, the competitive organizations will decrease the efficiency of technological transactions; (3) professional organizations (such as targeting on a particular sector or area) could eliminate the negative influence caused by the competition among intermediaries to a certain extent. 5. The development of China's technology market. In this chapter, the reasons of scale expansion of China's technology market and lower performing rate of technological transactions are analyzed. We have found: (1) the reason of scale expanding in China is demand-pull but not technology-push; (2) the lower performing rate mainly results from the incompleteness of formal mechanism and informal mechanism, except for the characteristics of technology.6. The development strategies of China's technology market. On the basis of the above research results, considering the existing obstacles to the innovation of China's technological transaction market, the development strategies in this field are proposed.