Research On The Trust Mechanism And Role In Technology Transactions

After forty years of reform and opening-up,technology trading in our country has leaped ahead,principally in the form of technological development,consultation,transfer and service,increasingly contributing to the economic growth.The growth in technology trading efficiency has great influence on promoting the construction of national technological innovation system and on stimulating the transformation of scientific and technological achievements.Although the total volume of technological transactions is soaring,our technology trading market still encounters diverse practical problems,which are mainly reflected in the linear growth of technology-related contract disputes.For example,in 2016,there are 1211 new technology-related cases in Jiangsu province in just one year,and the mediation rate of such cases is very low,because technology trading is a complex dynamic system.Compared with ordinary commodities,technology trading possesses specific features,such as information asymmetry,uncertainty,silence,and public goods attribute.These special attributes objectively provide a broad living space for opportunism in trading process and for free-rider behavior,both of which cannot be automatically and effectively eliminated by market mechanism,so the growth of technology trading efficiency will be severely restricted.In view of the above problems,scholars have attempted to carry out relevant researches from multiple perspectives,but few of them have tapped into the perspective of trust in the growth of technology trading efficiency.The research results of trust in economic field are remarkable,and it has long been recognized by academia that trust can reduce transaction costs and act as lubricant of economic cooperation.In this case,is trust also needed in technology transactions?What is the mechanism of trust in technology trading?Is it possible to improve efficiency by strengthening trust between both sides of technology trading?These problems are worth researching and exploring.Thus,this article analyzes the decision-making behaviors of main participants in technology transaction from the perspective of trust,employs theoretical knowledge such as information asymmetry and transaction cost to clarify problems such as trust mechanism,function mechanism and trust building in technology trading,and proposes an effective method to improve the trading efficiency by strengthening trust between both sides of technology trading.This paper first discusses whether the trust between both sides of technology trading will have a decisive impact on efficiency,and then reveals the trust mechanism in technology trading.In practice,technology trading mainly involves three kinds of participants:the supplier,the demander,and the intermediary.Due to the different labor division,the three kinds of participants have different purposes,leading to two trading modes-with and without intermediary participation-and manifesting their distinct characteristics.Therefore,this paper applies evolutionary game theory to analyze the basis of trust decision between both sides of technology trading in diverse situations,and discusses the direct influence of different decision choices on technology trading results.The research results show that,regardless of technology intermediary,both sides of technology trading will choose trust decision,and trust will have a decisive impact on the outcome of a transaction.Technology intermediary,as long as positively providing an effective identification of information and maintaining a fair and impartial role,will increase the possibility of trust decision making,safeguard the stability of trust on both sides,improve transaction profits,and eventually boost technology trading efficiency.After clarifying the role of trust mechanism,this paper further explores the specific function of trust in technology trading practice.Research of this article argues that it is specific features of technology trading such as information asymmetry and uncertainty that make trust vital to trading;meanwhile,the ability,reputation,trust tendency,personality and cooperation experience of both sides can also affect the establishment of trust.Based on information asymmetry theory,when one party builds trust,main participants will have an inner driving force to actively transfer this trust to another party in order to achieve mutual trust,and this force will contribute to rising investment in specific assets.Rising investment in specific assets targets three goals:to make a commitment to the recipient,to demonstrate the technical capability of completing the transaction,and to deliver goodwill to the recipient.Therefore,this paper chooses the specific asset as the sign of trust,and structures a trust sign transfer model to distinguish the level of trust.The result reveals that technology trading activities adopt a logic framework,a "trust-information sharing-technology trading efficiency" line.This logic line is not unilateral but interactive and dynamic,which means both sides with mutual trust will achieve a bilateral investment in specific assets,form an interlock to gain a high level of information sharing,and promote efficiency of technology trading.According to the theoretical research results,this paper constructs a theoretical model of technology transaction efficiency-that is,"technology intermediary-trust-information sharing-transaction efficiency"-and analyzes the relationship between the four factors.This research collects data in questionnaires,investigates 343 samples,formulates a structural equation model,and employs software programs such as Amos24.0 and SPSS24.0 to conduct path analysis and intermediary effect analysis.Results confirm that technology intermediary,trust relationship and information sharing have considerably positive effects on trading efficiency,and the influence of trust relationship is more powerful than that of intermediary or information sharing;the participation of technology intermediary can effectively improve the level of trust and information sharing between the two parties.Trust and information sharing have intermediary effects on technology intermediary and transaction efficiency;technology intermediary raises trading efficiency by improving trust relationship of both sides or the level of information sharing;technology intermediary generates a strikingly positive influence on transaction efficiency,successively through trust and information sharing.Finally,based on the research results,this paper puts forward following proposals.From the micro perspective of technology trading practice,the main participants should reinforce "honest trade" in organizational trust culture construction,establish barrier-free information communication channels,and formulate trading incentive modes conforming to technical maturity.From the macro perspective,three aspects can promote technology trading efficiency:innovating technology trading mode,expanding the breadth and depth of intermediary participation,and perfecting the credit system construction.