We compare winning and losing firms in lotteries for H-1B visas, matching administrative data on these lotteries to administrative tax data on US firms and to approved US patents. Winning one additional H-1B visa crowds out about 1.5 other workers at the firm. Additional H-1Bs have insignificant and at most modest effects on firm innovation. More general evidence from the universe of US firms and the universe of H-1B visas using alternative estimation strategies is consistent with these results. Firms that hire H-1Bs grow faster and innovate more because they are different in other ways from firms that do not.

中文翻译：

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高技能移民政策对公司的影响：来自签证彩票的证据

我们比较 H-1B 签证抽签中的赢家和输家公司，将这些抽签的行政数据与美国公司的行政税数据和已批准的美国专利进行匹配。赢得一个额外的 H-1B 签证挤占了该公司大约 1.5 名其他员工。额外的 H-1B 对公司创新的影响微不足道，至多是适度的。来自美国公司领域和使用替代估计策略的 H-1B 签证领域的更普遍证据与这些结果一致。雇用 H-1B 的公司增长更快，创新更多，因为它们在其他方面与不提供 H-1B 的公司不同。