• Health Policy and Management
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• v.9 no.2
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• pp.1-20
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• 1999

This study was conducted to investigate the predictors of hospital bankruptcy in Korea and to examine the predictive power for 3 types of statistical models of hospital bankruptcy. Data on 17 financial and 4 non-financial indicators of 30 bankrupt and 30 profitable hospitals in 1. 2, and 3 years before bankruptcy were obtained from the hospital performance databank of Korea Institute of Health Services Management. Significant variables were identified through mean comparison of each indicator between bankrupt and profitable hospitals, and the predictive power of statistical models of hospital bankruptcy were compared. The major findings are as follows. 1. Nine out of 21 indicators - fixed ratio, quick ratio, operating profit to total assets, operating profit to gross revenue, normal profit to total assets,normal profit to gross revenue, net profit to gross revenue, inventories turnrounds, and added value per adjusted patient - were found to be significantly predictitive variables in Logit and Probit models. 2. The predicdtive power of discriminant model of hospital bankruptcy in 1. 2, and 3 years before bankruptcy were 85.4, 79.0, and 83.8% respectively. With regard to the predictive power of the Logit model of hospital bankruptcy, they were 82.3, 75.8, and 80.6% respectively, and of the Probit model. 87.1. 80.6, and 88.7% respectively. 3. The predictive power of the Probit model of hospital bankruptcy is better than the other two predictive models.

• Health Policy and Management
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• v.15 no.4
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• pp.81-109
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• 2005

According to many recent studies suggesting that cash flow analysis method tends to be more effective than traditional financial index analysis method to predict corporate bankruptcy, this study applies the cash flow analysis method to hospital business to identify the significant variables which can distinguish between superior hospitals and bankruptcy hospitals. The author analyzed recent 3 years, i.e. from the year of 2000 to the year of 2002, financial statements of 31 bankrupt hospitals In 2003, and the same number of superior hospitals through using Multiple Discriminant Analysis and Logit Analysis. The results are belows; First, the study releases that Logit Analysis is more likely to be effective than Multiple Discriminant Analysis. Second, this research also shows that traditional financial index analysis method is more superior compare to cash flow analysis method for hospital bankruptcy predict model. Finally, this study suggest that the significant variables, which can distinguish superior hospitals from bankrupt hospitals, are Operating/Current Liabilities$(Y_2)$, CFO/Equity$(Y_5)$ for cash flow analysis method and Net Worth to Total Assets Ratio$(X_1)$, Quick Ratio $(X_3)$, Return on Assets$(X_6)$, Growth Rate of Patient Revenues$(X_{16})$ for traditional financial index analysis method.

• Proceedings of the Korea Water Resources Association Conference
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• 2018.05a
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• pp.361-361
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• 2018

강우패턴이 유출반응에 미치는 영향을 분석하는 것은 수문연구에서 중요한 주제 중 하나이며 댐유역에 대해 기상 및 유출자료를 사용하여 이를 상세히 분석함으로써 이수기에 필요한 수자원을 예측 및 확보하는 것은 중요하다. 강우패턴이 유출반응에 미치는 영향을 상세히 분석하기 위해서는 댐유역의 상류부터 하류까지 많은 유출관측지점의 자료를 사용해야 하지만 상류의 소유역들은 대부분 미계측유역이라는 문제점이 있다. 본 연구에서는 자료공간확장 방법을 사용하여 미계측유역의 유출자료를 생성하고 이 자료들을 분석함으로써 강우패턴이 유출반응에 미치는 영향을 자세히 분석하였다. 먼저 안동댐유역내 관측유역인 안동댐, 도산, 소천유역을 대상으로 1989년부터 2009년까지의 기간 중 20개의 사상에 대하여 분포형 모형인 GRM 모형의 적용성을 조사하였으며 전반적으로 0.5 Nash-Sutcliffe 계수 이상의 타당한 모형효율성 결과를 얻었다. 그 후 자료공간확장 방법을 사용하여 안동댐 상류에 위치한 47개의 미계측 소유역들의 유출자료를 생성하였으며 세 관측유역을 포함한 총 50개 유역의 유출자료를 연구에 사용하였다. 그리고 총 50개 유역의 평균강우량 시계열 자료를 생성하고 이동평균방법을 사용하여 이 평균강우량 자료를 강우강도-지속시간 곡선으로 변환하였다. 강우패턴과 유출반응간의 관계를 분석하기 위해 합리식의 유출계수와 강우강도비율을 사용하였으며 유출계수와 강우강도비율을 계산하기 위해 유역별 도달시간을 사용하였다. 여기서 강우강도비율은 강우강도지속시간 곡선을 사용하여 첨두강우강도를 도달시간에 해당하는 평균강우강도로 나눠준 값이다. 그리고 이 유출계수와 강우강도비율을 유역면적에 대해 도시함으로써 그 경향을 조사하였다. 그 결과 20개 사상은 유출계수, 강우강도비율과 유역면적을 사용하여 물리적으로 타당한 네 가지의 타입으로 분류될 수 있었다. 이 네 가지 타입은 강우의 이동 및 분포와 상관이 있었는데 첫번째 타입은 안동댐 유역전체에 강우가 거의 등분포하는 경우, 두 번째는 강우가 유역의 상류방향으로 이동하는 경우, 세 번째는 강우가 유역의 하류방향으로 이동하는 경우, 그리고 네 번째는 강우가 유역에 무작위로 분포하는 경우였다. 이것은 어떠한 사상에 대해서도 유출계수와 강우강도비율을 유역면적에 대해 도시함으로써 강우패턴과 유출간의 관계를 분석할 수 있다는 것을 나타낸다. 그리고 이 네 가지 타입에 대한 강우사상들의 비율은 각각 65%, 20%, 10%, 그리고 5% 였다. 이 타입별 강우사상의 비율은 향후 강우-유출관계에 의한 수자원 예측 및 확보에 활용될 수 있다.

• Health Policy and Management
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• v.20 no.3
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• pp.123-137
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• 2010

The main purpose of this article is for deriving functions related to the prediction of the closure of the hospitals, and finding out how the discriminant functions affect the closure of the hospitals. Empirical data were collected from 3 years financial statements of 41 private hospitals closed down from 2000 till 2006 and 62 private hospitals in business till now. As a result, the functions related to the prediction of the closure of the private hospital are 4 indices: Return on Assets, Operating Margin, Normal Profit Total Assets, Interest expenses to Total borrowings and bonds payable. From these discriminant functions predicting the closure, I found that the profitability indices - Return on Assets, Operating Margin, Normal Profit Total Assets - are the significant affecting factors. The discriminant functions predicting the closure of the group of the hospitals, 3 years before the closure were Normal Profit to Gross Revenues, Total borrowings and bonds payable to total assets, Total Assets Turnover, Total borrowings and bonds payable to Revenues, Interest expenses to Total borrowings and bonds payable and among them Normal Profit to Gross Revenues, Total borrowings and bonds payable to total assets, Total Assets Turnover, Total borrowings and bonds payable to Revenues are the significant affecting factors. However 2 years before the closure, the discriminant functions predicting the closure of the hospital were Interest expenses to Total borrowings and bonds payable and it was the significant affecting factor. And, one year before the closure, the discriminant functions predicting the closure were Total Assets Turnover, Fixed Assets Turnover, Growth Rate of Total Assets, Growth Rate of Revenues, Interest expenses to Revenues, Interest expenses to Total borrowings and bonds payable. Among them, Total Assets Turnover, Growth Rate of Revenues, Interest expenses to Revenues were the significant affecting factors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.4
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• pp.1-34
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• 2010

Recently, failure rates of Kosdaq IPO firms are increasing and their survival rates tend to be very low, and when these firms do fail, often times backed by a number of governmental financial supports, they may inflict severe financial damage to investors, let alone economy as a whole. To ensure investors' confidence in Kosdaq and foster promising and healthy businesses, it is necessary to precisely assess their intrinsic values and survivability. This study investigates what contributed to the failure of IPO firms and analyzed how these elements are factored into corresponding firms' stock returns. Failure risks are assessed at the time of IPO. This paper considers factors reflecting IPO characteristics, a firm's underwriter prestige, auditor's quality, IPO offer price, firm's age, and IPO proceeds. The study further went on to examine how, if at all, these failure risks involved during IPO led to post-IPO stock prices. Sample firms used in this study include 98 Kosdaq firms that have failed and 569 healthy firms that are classified into the same business categories, and Logit models are used in estimate the probability of failure. Empirical results indicate that auditor's quality, IPO offer price, firm's age, and IPO proceeds shown significant relevance to failure risks at the time of IPO. Of other variables, firm's size and ROA, previously deemed significantly related to failure risks, in fact do not show significant relevance to those risks, whereas financial leverage does. This illustrates the efficacy of a model that appropriately reflects the attributes of IPO firms. Also, even though R&D expenditures were believed to be value relevant by previous studies, this study reveals that R&D is not a significant factor related to failure risks. In examing the relation between failure risks and stock prices, this study finds that failure risks are negatively related to 1 or 2 year size-adjusted abnormal returns after IPO. The results of this study may provide useful knowledge for government regulatory officials in contemplating pertinent policy and for credit analysts in their proper evaluation of a firm's credit standing.