DOES ORGANIZATIONAL FORM AFFECT INVESTMENT DECISIONS?*
利用美国医院行业数据，研究组织形式变化（纵向整合）是否影响医院的投资决策，发现整合后的医院增加更多医疗服务，且HMO覆盖率扩大时差异更显著。
I investigate whether organizational changes affect investment decisions using evidence from the hospital industry in the United States. During the 1990s, hospitals and physicians have reorganized the way they trade with each other, vertically consolidating the provision of healthcare services. I provide empirical evidence that hospitals adopting the new organizational forms add more healthcare services over time than hospitals that are independent of their physicians. I also find that when the average percentage of county population covered by each HMO increases, the differences in investment behavior between vertically consolidated and independent hospitals become larger.