中國大陸營利性醫療機構資本市場上市之研究： 以愛爾眼科醫院集團為例

Abstract

醫療健康產業進入資本市場已經成為國際趨勢與潮流，透過資本市場籌資管道取得長期資金，使醫療機構更具經營效率和經濟規模，包括引進懂醫療、懂資本市場及懂管理的複合性人才，透過所有權與經營權分開的方式，使醫療機構得以永續經營。台灣私立醫療機構包括醫院、診所、檢驗所、護理中心、老人照護中心及療養院等，都需以具有專業醫護執照的醫師、護士、檢驗師、護理師等來申請設立登記為負責人(即所有權人)，無法以股份制所有權型式經營醫療機構，亦不允許營利法人經營醫療機構，受限於前述醫療專業人士在財力上及經營管理能力上的局限，都無法產生像大型社會資本企業般的經營效率和經濟規模，更欠缺進入資本市場公開發行股票籌措長期資金之主觀及客觀條件，無法與國際醫療服務產業接軌與競爭。 中國大陸營利性醫療機構組織型態與進入資本市場的關係有下列幾點特色： 1. 法定代表人之設計讓法人或非醫師身份之自然人，可以投資醫療機構。 2. 主要負責人必須為醫師身份，確保醫療機構醫療專業之屬性。 3. 所有權形式可以為股份合作制，透過股權買賣的方式併購醫療機構。 4. 營利性醫療機構可透過股份持有比例計算盈餘分配。 5. 股票可以公開發行，進入資本市場籌募長期資金。 本研究首先介紹台灣現行醫療相關法令對醫療機構進入資本市場之限制與影響，進一步分析台灣上櫃公司如何繞過法令的限制迂迴經營醫療機構，及其對相關財務報表表達與揭露之影響。透過中國第一家營利性醫療機構，在深圳証券交易所創業板公開發行上市的現況進行個案研究，深入了解中國大陸社會資本實際投資醫療機構的商業模式。 並以中國大陸營利性醫療機構進入資本市場的現況，提出若干建議，作為解決台灣私立醫療機構進入資本市場障礙之參考。

Entering the capital market has become an international trend for healthcare industry around the world. The stock exchange listing of healthcare companies acts as a financing conduit to facilitate not only obtaining long-term funds but also achieving operational efficiency and economies of scale. These benefits include attracting multi-talented experts with the knowledge of medical care, capital market and management skill, and realizing the separation of ownership and management. As a result of these benefits, medical care institutions in Taiwan can be sustainable in the long run. Taiwan's private medical care institutions, including hospitals, clinics, clinical laboratory, care centers, elderly care centers and nursing homes, etc., are required to designate a medical professional licensed physicians, nurses, examiner, nurse, etc. as a person in charge (i.e., the owner of business) when applying for registration. In accordance with the Medical Care Act and other regulations, Taiwan's private medical care institutions are not allowed to be incorporated limited by shares or profit seeking. Subject to the requirements of medical professionals as persons in charge and owners of private medical care institutions, the resulting impact on their financing and management capacities hinders or obstructs them to have easy access to long-term funds through capital market financing and to enhance operational efficiency and economies of scale, and to gain internationally competitive edge in the medical services industry. Chinese profit-seeking medical care institutions and organizations are allowed to be incorporated limited by shares. The characteristics of Chinese profit-seeking medical care institutions entering the capital market are summarized as the following: 1. The design of statutory representative allows the legal person or natural person of non-medical professional licensed physicians to invest medical care institutions. 2. The main person responsible for the identity of the physician must ensure that the medical profession of medical properties. 3. The form of ownership can stock cooperative system, medical care institutions by way of acquisition of equity trading. 4. Profit-seeking medical care institution may calculate the distribution of profits by proportion of shares held. 5. The public offering of stock can enter the capital market to raise long-term funds. This study describes the first medical-related laws and regulations in force in Taiwan to enter the capital market restrictions and the impact of medical institutions, further analysis of how Taiwan OTC companies to bypass the detour statute of limitations run medical care institutions and their impact on the relevant financial statements and disclosure of expression. The Shenzhen Stock Exchange GEM public offering case studies on the current status of China's first through profit medical institutions, in-depth understanding of the actual investment in China social capital medical institutions business model. And Chinese profit-seeking medical care institutions to enter the capital market status, made several recommendations as to solve the Taiwan private medical care institutions to enter the reference to the capital market barriers.