Previous literature finds that larger downstream markets fuel the innovation of new technologies by incentivizing firms to spend more on R&D. Our evidence shows that larger markets also increase the extent of licensing-based cooperation between upstream innovators and downstream commercializers....

From the perspective of credit allocation, this paper analyzes the effects of credit market development on the innovative capacities of industrial firms in the People's Republic of China. Using a large dataset of industrial firms in 31 provinces in the People's Republic of China, we find that...