Human Capital, Skilled Immigrants, and Innovation
Human Capital, Skilled Immigrants, and Innovation
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DOI：
10.2139/ssrn.2849089
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发表时间：
2017-01
期刊：
影响因子：
--
通讯作者：
Rasha Ashraf;R. Ray
中科院分区：
文献类型：
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作者：
Rasha Ashraf;R. Ray
在2004年移民政策冲击之前，创新的美国公司通过收购技术移民工人的人力资本，有效地利用了对现有（国内）人力资本存量投资的替代方案。后冲击，公司层面的创新成果，衡量专利和引用，下降显着的技术移民依赖型企业。这些公司对政策冲击的反应是先发制人地减少研发投资，保留更多的在职移民工人以抵消新移民雇用的减少，并减少雇用工人。政策冲击对移民依赖型企业的股票收益率没有影响。
Prior to the 2004 immigration policy shock, innovative US firms, by acquiring human capital of skilled immigrant workers, effectively utilized an alternative to investment in the existing (domestic) human capital stock. Post-shock, firm-level innovation outcome, measured by patents and citations, declined significantly for the skilled immigrant-dependent firms. These firms responded to the policy shock by a preemptive reduction in R&D investment, retaining more of the incumbent immigrant workers to offset the reduction in new immigrant hiring, and hiring fewer workers. There has been no impact of the policy shock on the equity return for the immigrant-dependent firms around the shock.