• 보건행정학회지
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• 제12권2호
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• pp.43-75
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• 2002

This study focuses on the factors that make the financial structure of hospitals in Korea different, and on recommended courses of action that could be very helpful to hospitals in maintaining a sound financial structure. Data used in this study were collected from 132 hospitals with complete general data of present conditions as well as financial statements. They were chosen from the 174 hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1996 to 2000 for the purpose of accrediting training hospitals. The dependent variable in this study is financial structure. It consists of liabilities as against total assets (total liabilities to total assets, short-term liabilities to total assets, long-term liabilities to total assets, short-term borrowings to total assets, long-term borrowings to total assets). The independent variables are ownership type, hospital type, location, whether or not a representative is a director of the hospital, the possibility of changing a hospital director, bed size, period of establishment, asset structure, profitability, growth, tax shields, business risk, competition. The factors that appear to have the strongest impact on the liabilities to total assets of all the hospitals sampled are ownership type, hospital type, profitability, tax shields, and business risk. It was found that not-for-profit private hospitals and for-profit private hospitals have more liabilities than public hospitals, and tertiary medical institutions have less liabilities than the secondary general hospitals. Moreover, hospitals earning more at the expense of high business risk have a distinct tendency to lower liabilities. Concerning the current ratio, it was found that factors such as ownership type, hospital type, period of establishment, asset structure, and business risk are the more significant variables. The current ratio of public hospitals is higher than that of both not-for-profit private hospitals and for-profit private hospitals, and the current ratio of tertiary medical institutions is higher than that of general hospitals. As business risk is higher in hospitals compared to other businesses, the current ratio becomes higher; this is because it is assumed that for fear of bankruptcy, hospitals lessen liabilities to total assets. On the other hand, as hospitals become older, the fixed assets to total assets become lower. It is remarkable that in hospitals, the factors affecting liabilities to total assets have an opposite regression coefficient sign against factors affecting current ratio. It brings out the same results borne out by the old financial theories and researches, in which a lot of the liabilities of hospitals are considered as the cause of worsening liquidity. Therefore, it is very important for hospitals to maintain a sound financial structure in order to survive using the rational acquisition and maintenance of capital.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.97-105
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• 2020

This paper explores the impact of capital structure on firm performance in the context of Vietnam. The paper investigates the different effect of capital structure on firm performance in state-owned and non-state enterprises listed on the Vietnam stock market. The panel data of research sample includes 488 non-financial listed companies on the Vietnam stock market for a period of six years, from 2013 to 2018. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, firm performance is measured by return on equity (ROE), return on assets (ROA), and earnings per share (EPS). The ratios of short-term liabilities, long-term liabilities, and total liabilities to total assets are proxy for capital structure. Firm sizes, growth rate, liquidity, and ratio of fixed assets to total assets are control variables in the study. The empirical results show that capital structure has a statistically significant negative effect on the firm performance. The result also shows this effect is stronger in state-owned enterprises than non-state enterprises in Vietnam. These evidences provide a new insight to managers of both state-owned and non-state enterprises on how to improve the firm's performance with capital structure.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.469-476
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• 2021

This study aims to examine and measure the impact of capital structure on the profitability of companies in emerging markets. The research sample includes eighteen rubber companies listed on the Vietnam stock exchange from 2015-2019. After collecting the research data, it was imported into excel to calculate the criteria for the research model. By using Stata 16 software, the study selected a data processing model and evaluated the relevance of the regression analysis model. The research results show that the profitability of listed rubber companies in Vietnam (measured by return on equity (ROE) has a positive relationship with the debt-to-asset ratio but has a negative relationship with the long-term debt-to-asset ratio. The results also show a positive impact of firm size and revenue growth on profitability while liquidity and the ratio of tangible fixed assets to total assets do not affect significantly. These results are consistent with most of the previously published studies. However, in contrast to many previous studies, our study shows that the long-term debt-to-assets ratio has a negative effect on profitability while the debt-to-asset ratio has a positive effect. This is entirely consistent with the characteristics of long-term debt use in emerging markets.

• 한국병원경영학회지
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• 제8권3호
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• pp.118-142
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• 2003

This study is aimed at evaluating the financial structure of hospitals before and after the separation of prescription and drug dispensing policy started to be implemented in July 2000 and at making a suitable hospital managerial strategy through the verification of the factors which have effect on their profitability. This study investigated the hospitals which have passed the accredition review to be designated as a accredited training hospital each year for three years from 1999 to 2001. Those hospitals were selected from members of the Korea Hospital Association. 106 hospitals were targeted for analysis except for the hospitals whose financial statements and managerial performance were not reported faithfully. The financial indicators used in this study were stability indicators(liability to total assets, ratio of debt to fund balance, fixed ratio), liquidity indicators(current ratio, quick ratio), activity indicators(total assets turnover, fixed assets turnover), profitability indicators(net profit to total assets, net profit to net worth, operating margin), and operating expenses to patient revenues indicators(drug and supplies costs/payroll/overhead expenses). The result of this study are as follows: First, the analysis of the increase of loss-making hospitals before and after. The separation of prescription and drug dispensing policy shows that the number of loss-making hospitals increase after the separation(22.6% before the separation; 31.1% after the separation). However, there was no significant statistical difference. Second, the analysis of operating expenses to patient revenues indicators showed that the ratio of drug and supplies cost became lower in all hospitals but the ratio of payroll/overhead expenses became higher. Additionally, the factor which have the greatest effect on profitability was operating expenses to patient revenues indicators (drug and supplies costs/payroll/overhead expenses). Third, the analysis of managerial performance by four types of loss-loss, loss-profit, profit-loss and profit-profit compared the results before the separation with those after the separation revealed as follows : Reliance on liability to total assets became higher in the profit-loss type($56.2%{\rightarrow}66.4%$), lower in the loss-profit type($82.7%{\rightarrow}74.5%$). Total assets turnover became higher in the profit-profit type($1.3{\rightarrow}1.5$), but lower in the loss-profit type($0.8{\rightarrow}0.7$). Operating margin decreased to minus 5.9% from 4.3% in the profit-loss type, but increased to 7.2% from minus 7.8% in the loss-profit type. Forth, operating expenses to revenues indicators showed that the increase of payroll was the biggest in the profit-loss type($39.2%{\rightarrow}49.9%$) and that overhead cost decreased in the loss-profit type but that rather increased in other types.

• 한국병원경영학회지
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• 제9권1호
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• pp.22-45
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• 2004

This study was performed to identify factors affecting the profitability of private hospitals in Korea different and to make informations that could be very helpful to hospitals in improving profitability. Data used in this study were collected from 112 hospitals with complete general data of present conditions as well as financial statements(balance sheets, income statements). They were chosen from hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1998 to 2001 for the purpose of accrediting training hospitals. The dependent variables were used operating margin to total assets and operating margin to gross revenues as proxy indicators for profitability. The independent variables were ownership type, location, bed size, period of establishment, debt to total assets, current ratio, fixed ratio, total asset turnover, average length of stay, bed occupancy rate, admission ratio of outpatients, personnel costs per adjusted inpatient, and fiscal years. The factors had significantly positive effect on operating margin to total assets and operating margin to gross revenues were bed size, total asset turnover. And the factors had significantly negative effect on operating margin to total assets and operating margin to gross revenues were period of establishment, debt to total assets, average length of stay, personnel costs per adjusted inpatient. The adjusted $R^2$ of multiple regression equation was 25.2%, 21.4% respectively. It is very important for private hospitals to improve profitability by raising total asset turnover, and reducing debt to total assets, average length of stay, and personnel costs per adjusted inpatient using the rational and efficient business strategy.

• 한국병원경영학회지
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• 제5권1호
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• pp.156-175
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• 2000

This study was designed to find out the relations between the major investment decision-making behaviors and profitability of the hospital. A total of 57 hospitals were analyzed on this study. The major findings were as follows; 1. Among the types of the investment decision-making, major factors affecting the profitability were where the top management belongs among the defender, analyzer, prospector, and reactor type. Other factors were whether or not hospital analyzes which is more economical between the purchase by cash and lease of the medical equipment and whether or not hospital changes the decision before the actual investment. 2, Among the types of the investment decision-making, major factors affecting the financial structure and efficient operation of the assets were ranking of the priority and whether or not hospitals can get enough revenue and cash flow when hospitals have to borrow a big amount of fund from outside. 3. Among the financial indices regarding the financial stability, major factor affecting the profitability was fixed assets to long-tenn capital. Other factors affecting the financial structure and efficient operation of the assets were value added to medical equipment, normal profit to medical equipment, liability to total assets, current ratio, value added to payroll expenses. 4. Investment decision-making behaviors are partially influencing on the financial structure and efficient operation of the assets. However it was proved that the profitability was the most influencial factor than other factors related with the operation of the hospital. 5. To improve the irrational investment decision-making behaviors strategic management system should be introduced, and the top mamagement's investment decision-making style should be changed from reactor and analyser styles to prospector and reactor ones.

• 부동산연구
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• 제28권3호
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• pp.53-64
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• 2018

OECD 국가들은 인구고령화로 인해 공적연금의 재정안정성이 위협받자 공적연금의 노후소득보장 기능을 축소하는 대신 사적연금을 활성화해 왔으며, 세계에서 가장 급속한 인구고령화를 경험하고 있는 한국 역시 주요국의 정책을 답습하고 있다. 하지만 주요국과 달리 한국은 가구 자산의 대부분이 부동산 자산으로 구성되어 있다는 특징이 있다. 전체 자산에서 부동산 자산이 차지하는 경제사회적 중요성으로 인해 부동산의 자산효과는 거시경제정책의 주요 도구로 활용되어 왔다. 본 연구는 부동산의 가격변화가 사적연금(개인연금+퇴직연금)의 납입액에 미치는 영향을 분석하였다. 재정패널조사 자료를 활용해 이원고정효과모형(Two-Way Fixed Effect Model)으로 분석한 결과, 부동산 가격이 1% 증가할 때 사적연금 납입액은 0.171% 증가하는 것으로 나타났다. 즉 부동산의 가격변화가 사적연금을 통한 노후준비에도 긍정적인 것으로 분석되어졌다. 이러한 결과는 향후 부동산 시장이 위축될 경우 소비감소뿐만 아니라 국민들의 노후준비에도 부정적일 수 있다는 것을 시사한다.

• 한국측량학회지
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• 제35권5호
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• pp.375-388
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• 2017

United States of America started NSDI in 1994 for the first time in the world. EU and other many countries invested lots of budget on NSDI due to necessity to manage countries and social economy. As skepticism for effect of such investment has risen, developed countries predicted higher effect compared to investment using ROI and other methods. FGDC clarified that geospatial information is a critical national assets. USA has managed NSDI by introducing portfolio concept for it recognizing NSDI as financial assets from fixed assets. Currently directions of NSDI and its advancement has been proceeded variably depending on corresponding organizations, human resources, budget and national policies. This study analyzed recent trends regarding NSDI assessment methods from developed countries and researchers. Assessment of NSDI is introduced only by some countries such as EU, USA and Canada. This study analyzed USA's assessment model and indicator that assess NSDI in a way that various external organizations (COGO, URISA) participate, EU INSPIRE Directives, monitoring and Canada's CGDI assessment methods. Besides these, this study analyzed STIG that adopted Financial Infrastructure from European studies and Korea's NSDI monitoring assessment indicator research. Further this study suggested assessment directions for future NSDI through implications of NSDI assessment method analysis.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.11-18
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• 2020

This paper analyzes factors affecting enterprise's financial risk listed on the Vietnam stock market. The panel data of research sample includes 524 non-financial listed enterprises on the Vietnam stock market for a period of eleven years, from 2009 to 2019. The Generalized Least Square (GLS) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, financial risk is measured by the Alexander Bathory model. Debt structure, Solvency, Profitability, Operational ability, Capital structure are independent variables in the study. Firm Size, firm age, growth rate are control variables. The model results show that in order to prevent and limit financial risk for enterprises listed on the Vietnam Stock Market, attention should be paid to variables reflecting Liability structure ratio, Quick Ratio, Return on Assets, Total asset turnover, Accounts receivable turnover, Net assets ratio and Fixed assets ratio. The empirical results show that there are differences in the impact of these factors on the financial risk in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to improve the efficiency of financial risk management in enterprises.

• 한국병원경영학회지
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• 제15권4호
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• pp.43-62
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• 2010

This study provides an evidence on the determinants of the profitability of university hospital by analyzing university hospital-level data set of hospital performance during the year 2007 (32 university hospitals in total). For the study, a multiple regression model is employed in which profitability index obtained from the DEA computations, operating margin to total asset and gross revenue are used as the dependent variables, and a number of hospital operating characteristics are chosen as the independent variables such as ownership type, location, bed size, period of establishment, bed occupancy rate, admission ratio of outpatients, patients per medical specialist, personnel cost per patient, liabilities to total assets, current ratio, fixed ratio, total asset turnover, medical assistance rate and public indicator. First, the results indicate that the bed occupancy rate and liabilities to total assets are positively and significantly associated with operating margin to total asset. Second, number of beds, the bed occupancy rate and number of patients per medical specialist are positively and significantly associated with operating margin to gross revenue. Third, the bed occupancy rate, number of patients per medical specialist, liabilities to total assets, total asset turnover are positively and significantly associated with profitability index revealed from DEA.