中文摘要：

目的从财务视角分析公立医院补偿机制改革成效。方法构建财务指标体系，利用2008年至2016年的中国卫生（和计划生育）统计年鉴数据，比较不同年份的公立医院收入构成比和环比增长率。结果2015年公立医院医疗收入增速有所回落；药品收入占比下降，但检查和材料收入占比逐渐上升，技术劳务收入增速和占比下降；药品收支结余增速逐年下降，医疗服务活动持续呈亏损扩大状态；医药费用增速放缓，资产负债率增至45．3％，人员经费占比升至30．6％。结论补偿机制改革对公立医院的影响已经显现，医疗收入增速放缓，药品补偿功能下降，结余率降低，资产负债率升高，财务风险不容忽视。应激励公立医院主动控费，强化医疗服务物化成本控制，切实保证政府财政补偿到位和持续，通过多方筹资化解公立医院债务。

英文摘要：

Objective To analyze the outcomes of the subsidy mechanism reform for Chlna＇s public hospitals through a financial perspective. Methods An evaluation index system was buih using data fl＇om China＇s health （family planning） statistics yearbooks 2009 -2016, for comparison of the constituent ratio and chain relative ratio growths of public hospitals in various years. Results Year 2015 found a lower growth rate of medical revenues of these hospitals; year-by-year drop of drug income ratio, yet a gradual rise of income from examinations and materlaIs, and a drop of technical service income growth and its ratio of the total income; a year-by-year drop of drug income surplus growth, and an expanding deficit in medical services; a slower growth of medicine expense growth, with the asset-liability ratio rising to 45.3%, and salary ratio rising to 30.6%. Conclusions The reform on compensating mechanism at public hospitals is demonstrating its impacts on public hospitals, namely slower growth of medical revenue, weakened compensating role of drug income, lower surplus, and higher asset-liability ratio among other financial risk exposure. These hospitals are encouraged to take proactive measures to control costs, including tighter medical service cost control, to secure sufficient and timely government fiscal subsidy, and other funding measures to cope with debts of the hospitals.