Reiter Kristin L, Song Paula H
Department of Health Policy and Management, The University of North Carolina at Chapel Hill, Chapel Hill, North Carolina, USA.
J Health Care Finance. 2011 Spring;37(3):38-50.
Many not-for-profit hospitals hold large portfolios of financial investments, making them vulnerable to fluctuations in market performance. This article examines the association of bond and equity market performance with investment in property, plant, and equipment by 194 not-for-profit general hospitals in California over the period 1997 to 2006. The study combines retrospective panel data from the California Office of Statewide Health Planning and Development with year-end returns on the S&P 500 and ten-year US Treasury bonds. Using fixed-effects regression, we find a significant positive association between S&P 500 performance and hospitals' capital investment; investment is not correlated with ten-year Treasury bond performance.
许多非营利性医院持有大量金融投资组合，这使它们容易受到市场表现波动的影响。本文研究了1997年至2006年期间加利福尼亚州194家非营利性综合医院的债券和股票市场表现与财产、厂房及设备投资之间的关联。该研究将加利福尼亚州全州卫生规划与发展办公室的回顾性面板数据与标准普尔500指数和美国十年期国债的年终回报相结合。通过固定效应回归分析，我们发现标准普尔500指数表现与医院资本投资之间存在显著的正相关关系；投资与十年期国债表现无关。
