首先，我们探讨了选择中国国内企业作为合作伙伴组建合资企业的特点。最有可能被选为合资企业伙伴的中国企业规模更大，生产率更高(以全要素生产率衡量)，从事的创新和专利活动更多，出口导向性更强。这种处于创新前沿的具有生产力的、成熟的公司具有吸收和学习能力，能够从前文提出的代际技术转让效应中获益。

As evidence for the internal technology transfer effect, we show that joint venture firms operate very well along several dimensions of performance. Controlling for other firm characteristics, joint venture firms are on average more productive (by about 30 percent asmeasured by total factor productivity), secure higher sales, and engage in more patenting relative to other, non-joint venture Chinese firms. This is evidence consistent with the beneficial transfer of technology from the foreign investor firm.

作为内部技术转让效应的证据，我们的分析表明合资公司在如下几个方面的表现都很好。在控制其他企业特征的情况下，与中国其他非合资企业相比，合资企业的平均生产率更高(以全要素生产率衡量约为30%)，销售收入更高，专利申请也更多。这也证明引入外国投资者有助于技术转移。

We then investigate whether the domestic Chinese partners in joint venture relationships are also better performers as aresult of their indirect exposure to foreign knowledge. Importantly, we control for the fact that these partner firms are typically better performers even before the formation of the joint venture. We account for this endogeneity using two approaches. First, we construct our sample in such a way that domestic partner firms are matched with domestic non-partner firms that have similar attributes to ensure that the treatment and control groups are similar. Second, we control for firm-level fixed effects to capture the underlying characteristics that make domestic firms more attractive to foreign investors looking to form a joint venture.