As to unrelated diversification, we find a significantly negative moderating effect of group diversification on the R&D spillover effect once group diversification exceeds a threshold level.

• 就集团非相关多角化而言，则发现在集团进入高度非相关多角化区段后，随著非相关多角化的程度继续增加，研发的外溢效果反而降低。