Skilled Immigration, R&D Concentration, and Industry Consolidation
研究发现H1B签证限制迫使企业将研发支出和员工转移到海外，调整能力弱的企业减少基础研究和专利，行业集中度和企业加价率上升，这是技术移民限制的意外后果。
Abstract We demonstrate a novel link between skilled immigration restrictions, corporate innovation, and industry consolidation. Binding restrictions on H1B visas are a shock to firms’ R&D labor supply, leading firms to shift R&D expenditures and employees overseas. Organizationally and financially constrained firms are less able to adjust to the restrictions. They reduce basic research and patenting, are less able to acquire other firms for intellectual property, and are more likely to exit. Industry concentration and firm-level markups increase when firms are better able to adjust. This increase in market power is an unintended consequence of skilled immigration restrictions.