自由现金流量与公立医院过度投资关系研究 ——以B地区公立医院为例

基于自由现金流量假说理论，结合公立医院所面临的融资、盈余分配制度、医疗费用的支付方式以及公立医院面临的市场风险等，提出自由现金流量对公立医院过度投资影响的理论假设；然后，以固定资产过度投资为因变量，自由现金流量以及医院等级等为自变量，并控制医院的规模、现金存量以及上期资本支出因素，构建多元回归模型，以B地区公立医院的实际数据对研究假设进行实证检验。研究结果表明：自由现金流量是公立医院过度投资的重要诱因之一，且三级医院比二级医院更容易发生自由现金流量过度投资。

Empirical Study on the Relationship Between Free Cash Flows and Public Hospitals Over-investment in Fixed Assets: Evidence from B Region

Based on the theory of free cash flow, combined with the regulation on the financing, distribution of earnings, medical payment of public hospital and market risk, the Hypothesis of the impact of free cash flow on over-investment in public hospitals was proposed. Then, the fixed assets excessive input is regarded as the dependent variable, the cash flow and hospital level are regarded as the independent variable, the hospital scale, cash storage and prior capital expenditure factors are controlled, a multiple regression mode is built and the empirical test of the hypothesis with the data of B regional public hospitals is established. The results show that freedom cash flow is one of the important causes of over-investment in public hospitals, and tertiary hospitals are more likely to have over-investment of free cash flow than the second level hospitals.