Browse > Article
http://dx.doi.org/10.5392/JKCA.2020.20.10.510

Analysis of Free Cash Flow(FCF) on Korean Hospitals in Terms of FCF Hypothesis  

Lee, Joo-Young (을지대학교 의료경영학과)
Jang, Ha-eun (을지대학교 의료경영학과)
Kim, Kyong-Beom (단국대학교 보건행정학과)
Noh, Jin-Won (단국대학교 보건행정학과)
Publication Information
The Journal of the Korea Contents Association / v.20, no.10, 2020 , pp. 510-521 More about this Journal
Abstract
Recently, transparency in accounting for medical institutions has been emphasized. However, due to the current system problems and structural limitations, there is a lack of diagnosis on the financial status of domestic hospitals. This study is based on the financial statements per 100 beds of 374 including domestic hospital level to tertiary hospital, and analyzed the Free Cash Flow(FCF) by hospital size from the perspective of Free Cash Flow Hypothesis. After deriving Operating Cash Flow(OCF) through the profit or loss statement of medical institutions, FCFs were analyzed through the prior and current financial statements and OCFs, and the correlation between financial variables was confirmed. According to the analysis, first, hospitals with 160 to 299 beds and 300 beds or more have relatively high FCFs. Second, certified tertiary hospitals, hospitals with less than 160 beds, and general hospitals have negative(-) FCFs. Thus, there's a need to narrow the FCF gap based on the size of the hospital, maintaining an appropriate level of FCF. This study is meaningful in that it was the first FCF analysis based on hospital size. This study is also expected to offer an informative resources in setting differentiated strategies according to the size of medical institutions when establishing new accounting policies in the future.
Keywords
Free Cash Flow Hypothesis; Agency Costs; Hospital Finance; Financial Analysis; Correlation Analysis;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
연도 인용수 순위
1 Robert F. Gox and Thomas Hemmer, "On the relation between managerial power and CEO pay," Journal of Accounting and Economics, Vol.69, Issues 2-3, 2020.
2 공경태, 최종서, "기업지배구조, 대규모기업집단과 대리인 비용," 국제회계연구, 제49집, pp.251-272, 2013.
3 B. Panda and N. M. Leepsa, "Agency theory: Review of Theory and Evidence on Problems and Perspectives," Indian Journal of Corporate Governance, Vol.10, No.1, pp.74-95, 2017.   DOI
4 권정욱, 김동욱, 김병곤, "한국기업의 지배구조와 대리인비용, 소유경영기업과 전문경영기업 비교분석," 산업경제연구, 제25권, 제6호, pp.3997-4019, 2012.
5 Thi Phuong Vy Le and Thi Bich Nguyet Phan, "Capital structure and firm performance: Empirical evidence from a small transition country," Research in International Business and Finance, ISSN 0275-5319, Vol.42, pp.710-726, 2017.   DOI
6 김종길, 재무관리, 소온, 2018.
7 하오현, "병원 영업활동으로 인한 현금흐름이 부채상환능력에 미치는 영향," 한국콘텐츠학회논문지, 제17권, 제6호, 98-105, 2017.   DOI
8 정용모, 하오현, "병원의 현금흐름 종류가 순운전자본에 미치는 영향," 한국산학기술학회논문지, 제18권, 제6호, pp.312-318, 2017.   DOI
9 Popov, Alexander, Evidence on finance and economic growth, Handbook of Finance and Development, Cheltenham, UK: Edward Elgar Publishing, 2018.
10 J. G. Lee, S. H. Jeong, and J. D. Kim, "The effect of the WACC on investment activity classified by firm size: Before and after the global financial crisis," The Korean Journal of financial management, Vol.32, pp.1-29, 2015.   DOI
11 조세특례제한법 100의 32
12 조세특례제한법시행령 100의 32
13 한국산업보건산업진흥회, 2015 병원경영분석, 보건복지부, 2105.
14 최규완, 윤지환, 박은정, "관광호텔의 수익성 분석," 호텔경영학연구, 제17권, 제3호, pp.23-36, 2008.
15 양현철, 나선철, 이용선, 김한수, 이재욱, "듀퐁분석을 활용한 전문건설업 경영성과 분석," 대한건축학회 춘계학술발표대회논문집, 제37권, 제1호, pp.913-914, 2017.
16 의료법 시행령 제20조.
17 송동섭, "잉여현금흐름과 기업특성이 기업가치에 미치는 영향," 국제회계연구, 제77권, pp.181-198, 2018.
18 정용모, 이용철, 임정도, "의료기관 현금흐름과 외부자금조달 간의 관계," 보건의료산업학회지, 제4권, 제1호, 2010.
19 장미령, 이병철, "정보비대칭 상황에서의 자본비용과 이익조정의 관계," 회계정보연구, 제35권, 제1호, pp.121-154, 2017.
20 D. G. Smith, J. R. Wheeler, H. L. Rivenson, K. L. Reiter, "Sources of project financing in health care systems," Journal of Health Care Finance, Vol.26, No.4, pp.53-58, 2000.
21 Sugata Roychowdhury, Nemit Shroff, and Rodrigo S. Verdi, "The effects of financial reporting and disclosure on corporate investment: A review," Journal of Accounting and Economics, Vol.68, Issues 2-3, 2019.
22 의료법 제33조.
23 이장우, 최도성, "한국증권시장에서의 여유현금흐름의 정보효과에 관한 연구: 여유현금흐름의 대리인비용 검증," 한국항공경영학회 추계학술발표논문집, pp.72-100, 2006.