外文翻譯--醫(yī)療產業(yè)中租賃融資的相關因素

1、<p>　　2000單詞，3700漢字</p><p>　　出處: Michael J. McCue,2007.“Factors Associated with Lease Financing in the Hospital Industry” . J Health Care Finance.March.pp.72-84.</p><p>　　本科畢業(yè)論文（設計）</p&g

2、t;<p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　Factors Associated with Lease Financing in the Hospital Industry</p><p>　　In contrast to capital leases, which are

3、 reported on the balance sheet as debt, operating leases are a form of off-balance sheet financing only reported in the notes to the financial statement and have limited disclosure requirements. Following the financial c

4、ollapse of Enron and WorldCom, some analysts argue that companies employ operating leases to hide debt off the balance sheet.Guidelines are provided by the General Financial Accounting Standard Board (FASB) to value a ca

5、pital lease;however,</p><p>　　With respect to the hospital industry, little is known empirically about the use of operating lease financing. With only 1 percent growth in hospital capital spending from 1997

6、to 2001, chief financial officers expect capital outlays to increase by 14 percent over the next five years as hospital assets’ age and patients and physicians place greater demand for the latest in medical technology. T

7、o finance these expenditures, analysts expect greater use of lease financing, which is projected to gro</p><p>　　In accordance with FASB numbers 13 and 17, respectively, hospitals are only required to disclo

8、se in the notes of financial statements minimum future operating lease payments for five subsequent fiscal years;however, no researchable databases exist that list detailed footnote analysis of leases. To overcome this w

9、eakness, several studies in corporate finance have developed approaches to create capitalize values of operating leases.</p><p>　　Imhoff, et al.’s approach was to estimate a capitalized lease value by comput

10、ing the present value of the amounts payable for the next five years disclosed in the notes to the financial statement and an assumption of an estimated value for the subsequent five years. Using Imhoff, et al.’s approac

11、h,Graham, et al., define an estimated value for capitalized operating leases as the present value of the current year lease expense plus lease payments over the next five years discounted to the present </p><p

12、>　　Only one study has empirically analyzed leases in the hospital industry ; however, this prior empirical work only focused on capital leases of hospitals within the state of California and was conducted in the late

13、1980s. The aim of this study was to overcome these shortcomings and develop a broader measure of lease financing to include not only capital leases but also operating leases and to expand the analysis nationally. Operati

14、ng leases were measured by utilizing the perpetuity method, which </p><p>　　Overcoming the data requirements of the previous work, Lim, et al., validated the perpetuity method to capitalize an operating leas

15、e value. The perpetuity method computes the average of the current operating lease expense and next year’s minimum operating lease discounted to the present at the cost of debt. Using regression analysis, they found the

16、perpetuity approach a better predictor of future operating lease payments than the approach used by Graham, et al., which they empirically found unde</p><p>　　To assess the credit market’s assessment of oper

17、ating leases to balance sheet debt, Lim, et al., also evaluated these two forms of financing relative to cost of debt. They found off-balance sheet operating lease debt, estimated by the perpetuity method, had the same i

18、nfluence on new debt pricing as debt on the balance sheet, whereas Graham, et al.’s approach understated the market’s estimation of the operating lease debt.</p><p>　　Corporate finance theory claims lease an

19、d debt finance are viewed, to some degree, as substitutes, specifically where increases in lease financing decrease debt financing. More importantly, financial theory claims that it is a one-to-one relationship given tha

20、t cash payments for lease obligations are equivalent to debt cash payments. One study claims, however, that the nature and terms of lease contracts differ from debt and result in a substitute effect of less than one beca

21、use lease financing </p><p>　　Empirically, Ang and Peterson tested the substitution theory and failed to support this relationship, finding instead a complementary relationship between the two forms of finan

22、cing; however, Marston and Harris’s results supported the substitution effect between lease and debt financing and found this relationship to be less than one, although they only included capital leases and not operating

23、 leases.By controlling for debt capacity of lease and nonlease firms, Adedeji and Stapleton also found </p><p>　　Recently, several studies evaluated this substitutability relationship by developing a more co

24、mprehensive and valid measure, which includes both operating and capital leases. Beattie, et al., included operating leases and found that leasing and debt were partial substitutes. They concluded that this partial subst

25、itute effect reflects the risk of the residual value of the operating lease,which is assumed by the lessor.</p><p>　　This study follows the empirical model of Ang and Peterson and Beattie,et al. to evaluate

26、 this lease-to-debt substitutability measured from the debt-to-lease displacement ratio.Ang and Peterson note that one must control for the borrowing capabilities of the firm. To account for these borrowing differences,

27、a set of control variables unique to the hospital are incorporated into the model.</p><p>　　The ratio of long-term debt to total assets was used to measure the debt ratio, DRhit.Analyzing lease financing in

28、California hospitals, McCue found that debt financing was a complement rather than a substitute for lease financing. This outcome implied that lenders and lessors were willing to increase the borrowing capacity of hospit

29、als during the late 1980s, which may stem from the cost-basis reimbursement for capital.</p><p>　　Market factors include a hospital’s market share and its location. Market share was associated with lower bon

30、d ratings,which reflects higher credit risk, for hospitals with smaller market shares. In addition, hospitals located in urban markets may experience higher labors costs and greater competition, which could affect the se

31、rvice mix and demand for equipment and capital. Hospitals located in states with certificate of need regulations face greater scrutiny from regulators, which may control e</p><p>　　Financial factors include

32、long-term debt to total assets, cash flow margin, days cash on hand, and capital expenditures per bed.To examine the debt substitution effect, this study followed Beattie, et al., and utilized long-term debt to total ass

33、et ratio. Because lease financing is a contractual obligation, the ability to meet these payments is measured by the cash flow margin ratio. Hospitals with higher cash flow and liquidity, as measured by the days cash on

34、hand ratio, have a lower credit ri</p><p>　　Prior analysis of lease financing in the hospital industry ignored the obligated value of operating leases and studied only California hospital data. In contrast,

35、this study followed the work of Lim,et al. and applied the perpetuity method to estimate a capitalized operating lease value. The ratio of capitalized operating leases to total assets ranged from.111 in 1999/2000 to .148

36、 in 1998/1999.Accessing 6,800 publicly traded companies from 1980 to 1999, Lim, et al. applied the perpetuity method </p><p>　　In addition, this study tested the corporat finance theory of debt displacement

37、by both capital and operating leases on a national basis for all short-term, acute-care hospitals. The multivariate findings indicated a negative relationship between debt and lease financing, thus supporting the belief

38、that leasing and debt are partial substitutes. The magnitude of the displacement is small, with $1 dollar of leasing displacing $.09 of debt, on average. This outcome suggests that lease financing use</p><p>

39、;　　Operational factors indicate that occupancy rate, bed size, and payor mix relate to the decision to lease. Hospitals with fewer unoccupied beds but a higher proportion of government payors had a greater propensity to

40、lease. Despite a greater demand for their services, hospitals treating a greater number of government payors faced greater risk because of the declines in Medicare payment after the Balanced Budget Act of 1997.As a resul

41、t, this greater uncertainty limited their ability to access the</p><p>　　Because of changing technology, imaging equipment are more conducive to financing by leases. Hospitals with ownership of two “high tec

42、hnology” pieces of imaging equipment were more likely to lease.</p><p>　　Finally, financial factors show that liquidity and the level of capital expenditures are associated with lease financing. During the t

43、ime frame of this study, credit rating agencies placed greater pressure on hospitals to maintain strong liquidity,specifically larger amounts of cash and investments on hand, to achieve a high credit profile. The results

44、 of this analysis reconfirm this outcome and showed weak liquidity hospitals, with fewer dollars to expend on plant and equipment, depended upon l</p><p>　　Finally policymakers, hospital managers,and credit

45、rating analysts should be aware that leases consume some hospital debt capacity, although it is less than a one-to-one basis. More importantly, during the period of this study, it was demonstrated that operating leases a

46、re an important source of hospital financing and accounts for, on average, between 11 percent to 15 percent of a hospital’s total assets.A recent Healthcare Financial Management Association report indicates that lease fi

47、nancing g</p><p><b>　　譯文：</b></p><p>　　醫(yī)療產業(yè)中租賃融資的相關因素</p><p>　　融資租賃是作為負債被記錄在資產負債表上的，相比較而言，經營租賃則是被記錄成表外融資的項目，同時只是被記錄在財務報表附注里并且是被要求有限的披露。隨著安然和世界通信公司的金融崩潰，一些分析師表明公司會采用經營租賃而

48、隱藏其資產負債表上的負債數(shù)額。一般財務會計準則委員會（FASB）提供了一些可評估的方向，以評估租賃融資價值；然而，分析師們面臨的難題卻是評估經營租賃的債務價值?？傮w上，租賃合同在它們的義務條款方面沿著一個連續(xù)變化的方向變化。一方面，承租人在短時間內為使用資產而支付租金。反過來，在一定范圍內的另一個方面，出租人則提供購買資產的資金。然而，由于組織的意愿一般是保持資產負債表的負債數(shù)額不變，因此承租人的合約往往趨向上述兩方面的中間情況。<

49、;/p><p>　　對于醫(yī)療產業(yè)，使用經營性租賃融資的方式是很少被大家所知道的。在1997年到2001年間，醫(yī)院的資本支出只增長了百分之一，因此首席財務長期望在五年之后，資本支出能夠比原先增長百分之十四，這些支出一般用于延長資產的使用年限，提供病人和醫(yī)生更好且最新的醫(yī)療設備的需求。為資助這些開支，分析師們預計將使用更多方式的融資租賃，預計這些融資租賃方式每年能夠帶動資本支出百分之八點五的增長，同時預期從1997年的4

50、億美元支出增長到2005年的7.4億美元支出。經營租賃對醫(yī)院有吸引力，因為他們能獲得最新的醫(yī)療技術并避免過時；然而，從義務的立場上，信用評級機構將經營租賃業(yè)務評估為負債部分。</p><p>　　根據FASB編號13至17日為例，在未來的5個經營租賃會計年度里，醫(yī)院只需要支付在附注中披露的財務報表中的最低的經營租賃款項。然而，在附注中的租賃分析中并沒有研究數(shù)據。為克服這個缺陷，幾項研究對于公司融資提出了幾條評估經

51、營租賃創(chuàng)造多少價值的方法。</p><p>　　英霍夫等人估計租賃價值的方法是通過在附注中披露的財務狀況中的應付款項計算接下來5年的現(xiàn)值。格雷厄姆等人使用英霍夫等人的方法定義一個估計值來表示后續(xù)5年內的經營租賃的現(xiàn)值，這個估計值是通過10%的折舊率計算當年租賃費用和租賃付款額之和。</p><p>　　目前只有一個實證研究分析了醫(yī)療行業(yè)的租賃方面；然而，這之前的實證研究只著重融資租賃在加利

52、福尼亞州內的醫(yī)院，并且是在20世紀80年代末才開始進行的。這個研究的主旨在于克服之前研究的不足，并且開拓了以租賃作為融資方式下更廣泛的措施，不僅包括融資租賃也包括經營租賃，并且在全國展開。經營租賃是通過利用永久性測量方法測量的，這個方法是由lim等人開拓的。此外，此項研究調查可替代應用于租賃和負債融資之間，也可替代應用于市場、使命、經營和經濟因素之間，并同時貫穿全美國所有短期、醫(yī)院急診中心的租賃融資。</p><p&

53、gt;　　Lim等人克服了以往工作中的數(shù)據要求，用永久方法驗證了經營租賃的可利用價值。永久方法計算出了經營租賃的平均費用，并且計算出折現(xiàn)到當前的債務成本的最小值。利用回歸分析，對經營租賃用永久方法進行估值，這是比格雷厄姆等人發(fā)現(xiàn)的更好的預測方法，而格雷厄姆等人的方法則低估了租賃價值。格雷厄姆等人之所以低估了租賃的價值，是因為他們只考慮未來五年的經營租賃款項，而沒有考慮是否續(xù)租，也沒有考慮到資產是不可替代的。永久方法客服了這些缺點，并表明

54、經營租賃是資本結構的一部分，當租賃合同期滿，承租人將繼續(xù)使用該資產。</p><p>　　為了計算經營租賃在資產負債表中的債務估計值，lim等人還評估了兩種方法下的債務成本。他們發(fā)現(xiàn)經營租賃債務成本，由永久法估算，對資產負債表上的債務費用和新債定價有同樣的影響力，而格雷厄姆等人的做法則低估了市場下經營租賃債務估計。</p><p>　　在某種程度上，企業(yè)融資理論聲明租賃和負債融資是被視為互

55、相替代的，尤其在增加租賃融資而減少負債融資。更重要的是，融資理論聲明，對于租賃義務的現(xiàn)金支付相當于負債現(xiàn)金支付時，兩者是一對一的相互關系。一個研究表明，然而，租賃合同的性質和條件的不同于負債并導致不可替代負債，這是因為租賃融資消耗更少的負債能力。另一個研究爭辯道負債和租賃時補充的關系，因為租賃允許稅盾轉讓給組織使其不能給組織使用承租人但能雇傭出租者。</p><p>　　實際上，安格和彼得森測試了替代理論，但最后

56、的結論卻并不支持這層替代關系，卻發(fā)現(xiàn)兩種融資形式是相輔相成的關系；但是，馬斯頓和哈里斯的結論卻又支持了租賃和負債融資之間的替代影響，并且發(fā)現(xiàn)這種關系是不止一種的，盡管他們研究時只包括融資租賃而并不包括經營租賃。通過控制租賃和非租賃形式的負債能力，阿德德吉和斯泰普爾頓也發(fā)現(xiàn)負債和融資租賃達不到完全替代的。在醫(yī)院行業(yè)來講，麥丘評價了融資租賃和負債的關系。他的結論支持了安格和彼得森的互補的關系并且發(fā)現(xiàn)醫(yī)院承租人使用更多的債務。</p&g

57、t;<p>　　近來，一些研究通過開拓更全面和有效的方式的來評價租賃和負債的可替代關系，這里的租賃融資同時包括了經營租賃和融資租賃。比蒂等人，在包含了經營租賃的前提下，發(fā)現(xiàn)租賃和負債是部分可替代的。他們總結這些部分可替代性反映了經營租賃剩余價值的風險性，而這些風險是由出租人承擔的。</p><p>　　此研究按照安格、彼得森和比蒂等人的實證模型來評估租賃和負債可替代比率。安格和彼得森注意到一點，便是

58、控制公司的借貸能力。考慮到一些借款的差異，醫(yī)院中的獨特的變量設置納入到模型中。</p><p>　　對長期債務與總資產的比率是用來衡量資產負債率的。通過分析加州醫(yī)院的租賃融資，麥丘發(fā)現(xiàn)，債務和租賃融資是一對一的補充，而不是替代的。這一結果意味著，在80年代末，貸款者和出租者愿意增加在資本成本基礎上的借款金額。</p><p>　　市場因素包括醫(yī)院的市場份額和它的地理位置。市場份額是以較低的

59、比率來反映出較高的信用風險，醫(yī)院則一般是較小的市場份額。此外，醫(yī)院在市場的地理位置可能會遇到較高的勞動力成本和更大的競爭，這可能會影響設備和資本的服務組合和需求。為符合規(guī)定而開具證明書，審查監(jiān)管機構需要對位于美國的醫(yī)院進行更嚴格的審查，因此可控制過剩資本性支出和購買的設備類型。</p><p>　　經濟因素包括長期債務與總資產，現(xiàn)金流保證金，手頭現(xiàn)金，資本支出.為檢驗債務的替代效應，此研究參照比蒂等人的研究，并利

60、用長期債務和總資產的比率。由于融資租賃是一項合同義務，是否有能力滿足這些款項則是根據現(xiàn)金流量保證金比率。具有較高的現(xiàn)金流動性的醫(yī)院，是由每日手頭現(xiàn)金比率來計算的，由一個較低的信貸風險和資本成本來獲得更大的資金。因此，較弱的現(xiàn)金流動性的醫(yī)院可尋求融資租賃作為一個資金來源。最后，用租賃的融資方式避免了過時的風險，在此情況下，有可能在一定的資本開支下使用更大的設備資源。</p><p>　　在醫(yī)療行業(yè)的事先分析中忽略了

61、經營租賃的義務價值，并且只研究加利佛尼亞的醫(yī)院數(shù)據。與此相反，這些研究跟隨Lim等人的工作并且應用了永久方法去估計一個資本化經營租賃的價值。對于總資產，資本化經營租賃價值的比率介于1999/2000年的0.111和1998/1999的0.148之間。Lim等人從1980年到1999年間，訪問了6800家上市公司，應用了永久性方法并且計算出經營租賃比例平均占到一個平穩(wěn)的0.167的價值比率。</p><p>　　此

62、外，在企業(yè)金融理論下，這項研究測試了融資租賃和經營租賃在醫(yī)院所有短期、急性護理的基礎上的債務轉移。多因素結果顯示負債和租賃的融資方法之間的負相關關系，從而支持了租賃和債務的部分替代性。兩者之間的轉移幅度較小，1美元的租賃平均取代債務的0.09美元。這一結果表明，租賃的融資方法使用不到類似的債務的能力。它還意味著出租人承擔一定的風險，特別是與該資產在經營租賃的年底剩余價值相關的風險。</p><p>　　經營因素表

63、明，入住率、床的大小和付款人本身都會涉及租賃合約的決定。醫(yī)院會有較少的空置病床，一般政府付款人會愿意承擔較高比例的醫(yī)院租賃額。盡管對他們的服務需求較大，醫(yī)院治療費用使政府面臨更大的付款額，因為更多的1997年后的平衡預算法案。因此，這更大的不確定性限制了他們能夠訪問的信貸市場，在醫(yī)療保險支付風險下降造就了醫(yī)院租賃的融資形式。相反，規(guī)模較大的醫(yī)院和相關服務的多樣性可能使他們能夠利用其他融資形式，如內部產生的資金或債務，而依靠租賃融資則較少

64、。</p><p>　　當然，由于技術的發(fā)展變化，更有利于由租賃融資的方式引進高科技設備。醫(yī)院更偏向于用租賃的融資方式引進兩個“高科技”的成像設備。</p><p>　　最后，經濟因素展示了流動性和租賃融資相關的資本性支出。在這個研究的時間框架里，信用評級機構置于醫(yī)院更大的壓力以保持強大的流動性，尤其是更大數(shù)額的流動資金和投資額，以達到高信用的個人資料。依賴租賃融資方式，在廠房和設備方面花

65、費更少的美元的基礎上，這次分析的結果確認了支出和顯示了醫(yī)院弱流動性。</p><p>　　最后決策者、醫(yī)院的管理者和信用評級分析師應該要注意租賃會消耗些醫(yī)院的一部分償債能力。更重要的是，在這個研究的期間里，它展示了經營租賃是醫(yī)院融資里一個重要的資源，并且經營租賃融資獲得的資產總額平均上占到醫(yī)院總資產額度的百分之十一到百分之十五。最近的醫(yī)療財務管理協(xié)會報告預示租賃融資額將從1997年的3.7億美元增長到2002年的

66、5.8億美元，原因是其他融資資源的減少，尤其是銀行貸款。由于1997年的平衡預算法案帶來的不確定性和最大的阿勒格尼衛(wèi)生、教育及研究基金會的非盈利性醫(yī)院在1998年破產，銀行則限制它們自己接觸到這方面的業(yè)務。所以人們以為，經營租賃在未來的增長仍是可行的資金來源，用來資助廠房和設備的購買，尤其是弱流動性的設施和較高數(shù)量的床位占用方面。</p><p>　　出處: 邁克爾J.麥丘，《醫(yī)療產業(yè)中租賃融資的相關因素》.保健