Health Care Costs and Corporate Investment
研究发现美国企业医疗成本上升会减少资本支出和研发投入，财务受限、高技能员工多、对保险公司议价能力弱的企业受影响更大，政策不确定性也抑制投资。
Abstract Health care costs for U.S. employers have tripled over the past 20 years. Using firm-specific health expense data, I show that firms negatively adjust capital expenditures and R&D expenses in response to increases in health care costs. The effects are more pronounced for firms that are financially constrained, employ more high-skilled workers, and have less bargaining power relative to insurers. Furthermore, policy uncertainty surrounding health care costs is substantial and discourages capital investment. These findings suggest that an elevated level of health care costs and the associated uncertainty limit a firm’s ability to expand physically or through innovation.