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Abstract By using the data of the GEM companies from 2012 to 2016 as a sample,we tested the impact of industry leaders' R&D information disclosure qualities on R&D spillover effects of companies in the same industry,and consider the difference of this effect between the different motivations (industry status) and capacities (financing constraints) of companies in the same industry.The result shows that:The quality of industry leaders' R&D information disclosure is significantly positively correlated with the R&D spillover effect,and this effect is more obvious for companies in the same industry with higher industry status and lower financing constraints.In addition,we find that the influence of R&D information disclosure on the R&D spillover effect is mainly in the research stage.
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| Fund:国家自然科学基金项目（71572009） |
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