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1、外文文献翻译原文及译文标题：Firminvestmentinhumanhealthcapital作者：SaraHolland期干ij:JournalofCorporateFinance,卷:46,页码：374-390年份：2on字数：译文5500多字原文FirminvestmentinhumanhealthcapitalSaraHollandAbstractIn2005,U.S.employersspentmorethan$500billiononhealthinsurance・Iarguethatfirmsinvestinworkerhealthtomi
2、tigatethedepreciationinhumancapitalthatoccurswhenworkersgetsick,whichincreasestheproductivityofhumanandphysicalcapital.Usingfirm-levelhealthinsurancedata,Ifindfirmsthathavehigherlaborproductivity,spendmoreonresearchanddevelopment,andarelargerinvestmoreinhealthcapital.Further,healt
3、hcapitalinvestmentpositivelyaffectsfirmvalueandoverallproductivity.Toidentifytheseeffects,Iinstrumentforinsurancewithstatemandatesandthenumberofpersonscoveredbyinsurancecontracts・Keywords:Humancapital,Healthinsurance,Intangibleassets,Investment,Marketvaluation1・IntroductionIn2005,
4、employersintheUnitedStatesspentmorethan$500billionongrouphealthinsurance,roughly7%oftotalcompensation.Onaverage,inlargepubliclytradedfirms,healthinsurancepremiumsare12%ofcapitalexpenditures,varyingfrom1%intheenergyindustryto20%inthehealthcareindustry.Offirmswithpositiveresearchand
5、developmentexpenditures,healthinsurancepremiumsareonaverage54%ofR&D,varyingfrom19%intheenergyindustryto144%inthemanufacturingindustry.Whydofirmsspendsomuchonthehealthoftheiremployees,andhowdoesitaffectfirmvalue?Iarguethatfirmsusehealthinsurancetoinvestintheirworkers1healthcapital.
6、Firmsusephysicalandhumancapitalinproduction,andthereforetheytoovalueworkerhealth.Workerhealthcandepreciate・Whenaworkerissick,heorsheislessproductiveorevenabsent.Otherworkersandmachinesthatdependonthesickworkerarethenlessproductive・Firmsinvestinhealthcapital,mitigatingthisdepreciat
7、ionandmakingcomplementaryhumanandphysicalcapitalmoreproductive・Previousresearchinfinance,however,hasnotanalyzedfirms*expendituresonemployeehealthasaninvestmentinhumanhealthcapital.Withthispaper,Iaimtofillagapinthecurrentliterature.Mypapercomplementsresearchthatfindsinvestmentinphy
8、sicalcapitalpositivelyaffectsshar
