Abstract:    Against the backdrop of national efforts to promote the commercialization and utilization of patented technologies, this study investigated whether early patent application disclosure can alleviate information asymmetry and foster prosperity in the technology transaction market. Employing the instrumental variable method to construct a two-stage least squares regression model, this research systematically analyzed the causal relationship between early patent application disclosure and technology transactions. The empirical results demonstrated that early patent application disclosure alleviates market failures in technology transactions and significantly facilitates their occurrence. Specifically, its positive impact is more pronounced in patents within complex technological domains, patents held by state-owned enterprises, and patents represented by professional patent agencies. Moreover, the effect primarily manifests before patent grant and is concentrated in patent transfers. Based on these findings, this study will offer targeted recommendations from three perspectives: institutional designers, patent administrators, and corporate patent departments, and it will provide insights for optimizing the design and implementation of patent systems.

Key words: early patent application disclosure, technology transaction, information asymmetry