我院鲁建坤教授论文在《Journal of Risk and Insurance》发表

2024-03-04 09:37:39

近日,我院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。


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.