近日，公司鲁建坤教授为通讯作者合作的研究论文《How does medical insurance contribution affect corporate value? Evidence from China》正式发表在《Journal of Risk and Insurance》2024年第1期。《Journal of Risk and Insurance》是由美国风险管理与保险学会（American Risk and Insurance Association）主办的学术季刊，是风险管理与保险学领域的国际顶级学术期刊。

该研究表明，以改善医保等形式提高职工待遇，并不会通过劳动成本效应损害企业价值，反而会通过效率提升效应等增加企业价值。直观来讲，企业花在员工身上的钱，不能只看作是成本，也应当看成是投资，而且是让企业在市场经济中受益的优质投资，市场更认可愿意花钱在员工身上的企业。从社会角度看，适当提升劳动保障的相关政策，能在微观层面上维护和改善人力资本，真正有竞争力的市场主体可以化劳动成本为转型动力，有利于高质量发展。

摘要：Using medical insurance (MI) to shift employees' health risks outside is an important risk management tool for modern firms. Existing studies usually treat firms' contributions to employees' MI only as a labor cost. However, contributing to MI also has indirect benefits, such as improved labor productivity and R&D innovation, which consequently increase corporate value. This paper studies the impact of firms' MI contributions for employees on corporate value, using social insurance collection system reform in China as a natural experiment. Results show that, first, the reform increases firms' contributions to employees' MI funds. Second, the increase has a positive impact on firms' market-to-book ratio. These effects can be explained by enhanced labor productivity, firm efficiency, and innovation. Heterogeneity analysis suggests that the effects are more pronounced for firms in high R&D industries, areas with high pollution, or areas with better medical and labor supplies.

全文访问地址DOI:https://doi.org/10.1111/jori.12448