近年来，以SARS、H1N1为代表的系列突发性公共卫生事件，引发了人们对公共卫生和健康的诸多思考。国外对健康投资、健康人力资本的研究由来已久，不论理论还是实证都证实了健康对经济社会发展具有重要影响，而国内相关领域的研究则并不完全。如何认识健康投资和健康资本在我国长期经济增长中的作用、如何通过投资健康来促进我国经济社会的可持续发展，是非常值得我们探讨的问题。本研究旨在通过对健康投资及健康投资与经济增长关系的研究，促使人们对于健康投资、健康人力资本能有一个科学而清晰的认识，明确健康投资对经济社会发展的作用方式和影响效果。在已有文献的基础上，文章对健康投资进行了全面的总结分析，并在内生经济增长理论框架下研究了健康投资对经济增长的影响。理论方面，本文从健康投资的性质出发，总结健康投资对经济增长的作用途径和影响机制，说明了健康投资能够通过减少疾病带来的损失、提高劳动生产率直接影响经济增长，同时通过促进人力资本积累和物质资本实现间接影响经济增长。这也就形成了本文关于健康投资对我国长期经济增长具有正效应的假说。实证方面，本文以我国1980-2008年的相关数据为基础，运用ADF单位根检验、Johansen协整检验、OLS回归等方法，经验分析了我国健康投资与长期经济增长的关系，验证了理论部分的结论。除此之外，本研究还证实了我国健康投资主要通过间接方式影响经济增长，并且公共健康投资具有比私人投资更高的收益率。这就为政府调整健康投资方向、合理分配健康资源、通过健康投资促进我国经济增长提供了经验参考。本研究的直接政策含义是，加大健康投资的公共支持力度，提高健康投资水平，对我国经济可持续发展具有长远意义；在主要依赖物质资本拉动的经济增长模式下，尤其需要调整发展思路，通过增加健康投资支出提高人力资本对经济增长的贡献。

A series of sudden public health incidents，represented by SARS and H1N1, has caused public concern about public health in recent years. Study on health investment, human capital of health go a long way, both theory and evidence have confirmed that health has an important influence on economic and social development. While domestic researches in related fields are quite incomplete. How to evaluate the status and role of health investment and health capital on our long-term economic growth, and how to promoting China's economic and social sustainable development through invest on health, are very worthy of consideration.This paper aims to make people have a clear science of health invest and health capital, determine the effect and mechanism of health on economic growth by the study of health invest and the relationship between health and economic growth. Based on the existing literature, the article gives a comprehensive summary of health investment, then analyses the effect of health investment on economic growth under endogenous growth theory.As to the theoretical analysis, this departure starts from the analysis of the nature of health investment, then sum up the mechanism and pathway of health invest on economic growth, indicate that investment in health can promote economic growth by direct and indirect way, which also formed the hypothesis of this paper.As to the empirical analysis, the article analyze the relationship between healthy invest and China’s long-term economic growth, through ADF unit root test, Johansen co integration test, OLS regression methods, based on related data from 1980 to 2008. It’s demonstrated that health investment not only positively influences the economic growth in China, but also accelerated economic growth by promoting the accumulation of health capital. In addition, the paper also confirmed that health investment operates on the economy mainly through indirect way, and the return of investment in public health is much higher than that of private investment. It provides reference for how to allocate health resources and promote China’s economic development by health invest.The direct policy implication of this paper: increase of public support for investment in health has long-run significance for sustainable development; we need to alter the development concepts, increase the contribution of human capital on economic growth by spending more on health.