Abstract:    Collaborative innovation is an important mode of enterprise innovation, which is influenced by the technology market environment. Collaborative innovation can fully mobilize innovation resources and improve the efficiency and quality of innovation resources. Technology market is an important place for high-tech enterprises to trade technology commodities. The development of technology market can drive the development of innovation and promote collaborative innovation. Strengthening the cultivation and development of technology market can optimize the innovation environment of high-tech enterprises and promote the transformation of scientific and technological achievements. Based on market design theory and collaborative innovation theory, it is of great theoretical and practical value to study technology market fluency and technology market thickness for collaborative innovation. Based on the relevant data of the statistical yearbook of China′s high-tech industry from 2009 to 2016, this paper studies the linear and nonlinear effects of technology market fluency and technology market thickness on corporate collaborative innovation, as well as the interaction mechanism among the three.
   It can be analyzed that the effect mechanism of technology market fluency and technology market thickness on corporate collaborative innovation from general perspective and life cycle perspective. From a general perspective, technology market fluency promotes collaborative innovation through information media, innovation intermediary level and identification of technology resources, while the technology market thickness plays a role in collaborative innovation through market pull effect and push effect. From a life cycle perspective, when the high-tech market is in the initial stage, with low market thickness and market fluency, small and micro enterprises are faced with great pressure for innovation, and they are difficult to find collaborative innovation partners and market for technology products. Although large and medium-sized enterprises have strong strength, because the technology market is not developed enough, it will reduce the speed and quality of collaborative innovation. When the high-tech market enters the growth stage, the market thickness and market fluency develop rapidly, the collaborative innovation of some small and micro enterprises is still greatly affected, but the effect on large and medium-sized enterprises is little. When the high-tech market enters the mature stage, the technology market is mature, with high market thickness and market fluency, it has a positive effect on the collaborative innovation of all enterprises. On the other hand, from both perspectives, collaborative innovation has a certain feedback mechanism on technology market fluency and technology market thickness.
    On the basis of analyzing the influence mechanism of technology market fluency and technology market thickness on corporate collaborative innovation, four hypotheses are proposed. Hypothesis 1: Technology market fluency has a positive contribution to corporate collaborative innovation. Hypothesis 2: The elasticity of technology market fluency to corporate collaborative innovation is decreasing. With the improvement of corporate collaborative innovation level, the elasticity of technology market fluency to corporate collaborative innovation is decreasing. Hypothesis 3: The effect of technology market thickness on corporate collaborative innovation is not significant. Hypothesis 4: The contribution of technology market thickness to corporate collaborative innovation has the threshold effect of corporate collaborative innovation. When corporate collaborative innovation is up to a high level, the elasticity of technology market thickness to corporate collaborative innovation is the highest.
   Besides, this paper studies the interaction between technology market fluency, technology market thickness and corporate collaborative innovation through panel data model, panel threshold model, Granger causality test and panel vector auto regression model. The panel data model is used to analyze the static linear relationship between them, the panel threshold model is used to analyze the nonlinear relationship between them, the Granger causality test and the panel vector auto regression model are used to analyze their interaction.
    The empirical results show that first of all, the technology market thickness is not conducive to corporate collaborative innovation. Although China′s technology market and collaborative innovation have made great progress and development, the overall technology market still needs to be further cultivated and developed, and the average level of corporate collaborative innovation still needs to be improved. On the one hand, the effect of technology market thickness is not obvious when the level of collaborative innovation is not high. On the other hand, because the technology market thickness itself depends on the number of technology transactions, if the technology market is not cultivated enough, cultivation quality is not high and the protection of intellectual property rights is weak, the enthusiasm of enterprises for technology transactions may be affected. 
    Secondly, the technology market fluency can promote corporate collaborative innovation. The technology market fluency often depends on the government′s science and technology policy, which indicates that the existing government science and technology policy for the technology market is relatively perfect. 
    Thirdly, the technology market thickness has long-term effects on corporate collaborative innovation, the development of technology market thickness is entering a transition period, it shows that the elasticity of technology market thickness to corporate collaborative innovation is not significant, but the long-term dynamic effect is better, this fully shows that China is entering the threshold of the rapid development of technology market, once across the stage, it will have a long-term positive effect on the collaborative innovation. 
    Fourthly, the technology market fluency has a significant short-term effect on corporate collaborative innovation. The technology market fluency essentially reflects the management level of the technology market. When the government formulate technology market management policy, they must pay attention to the long-term mechanism of the policy, which should not only have short-term effect, but also be more conducive to the management of technology market in the long run. 
   Fifthly, the feedback effect of collaborative innovation on the technology market fluency is greater than the technology market thickness. It indicates that when the level of corporate collaborative innovation improves, it is relatively easy to promote the technology market fluency. From the perspective of management, it is relatively fast to introduce policies, and the effect is better. However, the improvement of technology market thickness requires the majority of enterprises to carry out technology innovation, which is difficult to have an effect in the short term, but in the long run, the effect will be more significant.

Key words:  technology market, collaborative innovation, market fluency, market thickness, high-tech industry