Sharing the Labs: Open R&D Infrastructure and Corporate Innovation
利用中国强制开放国家研发设备的政策作为自然实验，发现开放研发基础设施显著促进企业创新，尤其缓解融资约束企业的设备瓶颈，促使企业将研发投入转向人力资本，提升创新效率与多样性。
ABSTRACT This study investigates the impact of open R&D infrastructure on firm innovation. We exploit a Chinese policy mandating access to national R&D equipment as a natural experiment. We find that greater access significantly increases firm innovation, especially for firms facing tighter financing constraints or more limited prior access to such infrastructure. Firms respond by reallocating R&D inputs away from equipment investment and towards human capital, particularly inventors, thereby improving innovation efficiency and diversity. More broadly, the results highlight how the governance and sharing of quasi‐public R&D infrastructure can shape private innovation.