This paper analyzes the spillover effects of corporate training between listed
companies after financial crisis. Spillover effects in this study are defined as
the effects of one company’s knowledge formation activity to the other’s
knowledge formation activity. Characteristic of knowledge or skill as stock was
applied to analysis by estimating Education and Training stock. The
technological nearness between companies was applied to analysis by
estimating the proximities of the companies in technology space from patent
data, too. Empirical results identified spillover effects. This means skill or
knowledge is formed cumulatively between companies and has positive
externality. And the short-term oriented company management and expanding
external labor market after the financial crisis caused less investment on
corporate training. These causes had more influence on large enterprises
which play an important role of knowledge formation over the entire economy
through the spillover effects.