The income included £88m of spending by tourists visiting Scotland for the tournament, along with £52m in marketing benefit to a global audience.
The Scottish government said this was the biggest ever impact of a golf tournament in the UK or Ireland.
The Sheffield Hallam University study said 93,000 people attended at Open.
Total spectator admissions were 237,024, with more than a quarter of spectators coming from overseas.
The direct windfall is almost double what was brought in by the 2010 tournament, also in St Andrews, which had an impact of £47.5m.
Commenting on the news, First Minister Nicola Sturgeon said the "excellent figures" showed that the connection between golf and its "spiritual home" in Scotland was "as strong and productive as ever".
She said: "It is always a special homecoming for players and spectators alike when The Open returns to the Old Course - they have the opportunity to experience not only one of the finest courses in the world, but also take in such a stunning setting on the Fife coast.
"Hosting such events is a tremendous opportunity to showcase Scotland internationally as the perfect stage for events as well as generating spend for local businesses, restaurants and hotels, and the wider Scottish economy."
Hosting the Open golf championship in St Andrews brought £140m into the Scottish economy, an independent assessment has found.