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谢伏瞻
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李培林
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    2016~2017年社会办医投融资研究

    摘要

    国务院鼓励社会资本参与医院建设的一系列政策点燃社会办医热情,以上市公司为主体的社会投融资办医活动尤为活跃。从投资额和投资数量看,2016年国内迎来社会办医的高峰。2016~2017年,社会资本办医模式呈现多样化,当前运作最成熟的模式是专科连锁模式;公立医院改制成为当前民营资本办医的一大热点,但改制后社会资本的逐利性和公立医院的公益性存在矛盾;PPP模式继公立医院改制后成为社会投融资办医热点。中国社会投融资办医方兴未艾,商业健康保险主导的医院投资模式有可能是下一个浪潮。

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    Abstract

    A series of policies,made by the state council of the PRC in the purpose of encouraging more social capitals to take a role in hospital establishment,have ignited the enthusiasm of the society to engage in more medical setups. This is particularly evident in the investment actives of the public listed companies. Based on the number and amount of investments,the year of 2016 has proved to be a peak of social-capital involved-hospital-establishment。From year 2016 to 2017,there has been an increased diversity/variety of the models of social-capital-involved-hospital-establishment. Social capitals investing in large-scale general hospitals can hardly achieve substantial return in short run,due to its nature of high investment and long payback period. The investment opportunity resulting from the public hospital reform has become overwhelmingly attractive to social capitals. However,post public-hospital-reform has left an unsolved conflict:should a hospital be profit-seeking or non-profit seeking. The PPP has become a major form of establishing social-capital-invested hospitals. The Chinese society has been,and will be,experiencing a growing trend of social investments involving in medical setups. We think the most possible next leading investment model in hospital establishment will be dominated by commercial health insurance companies.

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    作者简介
    孙笑悦:孙笑悦,任职于国金证券医药健康研究中心,研究方向为医疗服务行业政策与投资趋势。
    李敬雷:李敬雷,国金证券医药健康中心董事总经理,研究方向为医药产业政策与投资趋势。
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