Abstract
This paper quantitatively measures the incoming effect and outgoing effect of R&D spillovers using a two-tier stochastic frontier model and then empirically analyzes their separate and net roles in operating performance with a cross-section data of Chinese GEM listed enterprises over the period 2009–2017. We find that on average the incoming effect is larger than the outgoing effect at the observation level. However, the incoming effect and outgoing effect of R&D spillovers show heterogeneous characteristics in individual enterprises, and the incoming (outgoing, net) effect has a significant and positive (negative, positive) impact on operating performance.
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