While research and development (R&D) spillovers have long been a central argument for the public support of private R&D activities, less is known about the existence and magnitude of innovation policy-induced spillovers. This paper presents a quasi-experimental analysis of the spillover effects of Eurostars R&D subsidies granted to small- and medium-sized firms (SMEs) from 2008 to 2019. We measure spillover effects by relying on employee mobility either between established firms or into employee entrepreneurship. We employ a combination of regression discontinuity (RD) design and difference-in-differences (DiD) methods for causal identification. We find no significant difference in the rate of spinoff creation between subsidized and nonsubsidized firms. However, our findings confirm that spinoffs of subsidized firms have higher rates of survival and employment growth than their counterparts. We also find that the SMEs that hire former employees of subsidized firms perform better in terms of employment, turnover, and value added than do similar firms that hire employees from nonsubsidized firms. We discuss the implications for innovation and labor market policies.

虽然研发（R&D）溢出效应长期以来一直是公众支持私人研发活动的核心论点，但人们对创新政策引发的溢出效应的存在和规模知之甚少。本文对 2008 年至 2019 年授予中小型企业 （SME） 的 Eurostars 研发补贴的溢出效应进行了准实验分析。我们通过依靠员工在成熟公司之间或员工创业中的流动性来衡量溢出效应。我们采用回归不连续性 （RD） 设计和双重差分 （DiD） 方法的组合进行因果识别。我们发现补贴公司和非补贴公司之间的分拆创造率没有显著差异。然而，我们的研究结果证实，受补贴公司的分拆企业比同类企业的生存率和就业增长率更高。我们还发现，雇用补贴企业前雇员的中小企业在就业、营业额和附加值方面的表现优于从非补贴企业招聘员工的同类企业。我们讨论了对创新和劳动力市场政策的影响。