This paper analyzes the spillover effects of corporate training between listedcompanies after financial crisis. Spillover effects in this study are defined asthe effects of one company’s knowledge formation activity to the other’sknowledge formation activity. Characteristic of knowledge or skill as stock wasapplied to analysis by estimating Education and Training stock. Thetechnological nearness between companies was applied to analysis byestimating the proximities of the companies in technology space from patentdata, too. Empirical results identified spillover effects. This means skill orknowledge is formed cumulatively between companies and has positiveexternality. And the short-term oriented company management and expandingexternal labor market after the financial crisis caused less investment oncorporate training. These causes had more influence on large enterpriseswhich play an important role of knowledge formation over the entire economythrough the spillover effects.