Research equipment is as essential for researchers as modes of transportation are for travelers. Thus, to ascertain the extent to which research equipment affects research performance, this study employed project and performance information to examine the relationships between the quality and quantity of papers and patents and the presence and prices of research equipment for research and development (R&D) projects supported by the Korean government from 2011 to 2014 using the Heckman selection model. We discovered that (1) when the equipment was directly constructed using the R&D budget of a project, it had a positive influence on both papers and patents. Further, (2) equipment prices had negative impacts on papers and patents. At the individual R&D project level, understanding of input and output processes ensures project accountability and improvement. This study presents a new perspective on allocation of public R&D resources and promotes improvement in R&D project results using research equipment.