Empirical analysis on factors affecting R&D spillovers

The article builds a model of factors affecting R&D spillovers and makes use of GMM to have an empirical test. We found that variables such as institutional factors, R&D intensity, human capital, industry growth and industry innovation capacity significantly affect R&D spillovers. However, the role of various elements on R&D Spillovers is different in different models. In the model of international inter-industry R&D spillovers, the coefficient of R&D intensity is the most. While in the model of domestic inter- industry R&D spillovers, the role of human capital is the largest, followed by the industry growth. In the model of domestic intra- industry R&D spillovers, the order of affecting factors is consistent with inter- industry R&D spillovers model's.