1、2000 单词， 3700 汉字 出处 : Michael J. McCue,2007.“Factors Associated with Lease Financing in the Hospital Industry” . J Health Care Finance.March.pp.72-84. 本科毕业论文（设计） 外 文 翻 译 原文： Factors Associated with Lease Financing in the Hospital Industry In contrast to capital leases, which are reported on the bala
2、nce 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 collapse of Enron and WorldCom, some analysts argue that companies employ operating leases to hide deb
3、t off the balance sheet.Guidelines are provided by the General Financial Accounting Standard Board (FASB) to value a capital lease；however, the difficult task analysts face is estimating the obligation value of operating leases.Overall, lease contracts vary along a continuum in terms of their obliga
4、tion. At one end,the lessee is paying a rental fee for the use of an asset over a short time period. Conversely,at the other end of the spectrum, the lessor is providing financing for the purchase of the asset. Lessee contracts tend, however, to fall in the middle because of the organizations desire
5、 to keep the debt off the balance sheet. 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 to 2001, chief financial officers expect capital outlays to increase by 14 percent
6、 over the next five years as hospital assets age and patients and physicians place greater demand for the latest in medical technology. To finance these expenditures, analysts expect greater use of lease financing, which is projected to grow by 8.5 percent annually and increase to $7.4 billion in 20
7、05 compared to $4 billion in 1997. Operating leases are attractive to hospitals because they can gain access to the latest medical technology and avoid obsolescence； however, from a liability standpoint, credit rating agencies value these operating leases as debt obligations. In accordance with FASB
8、 numbers 13 and 17, respectively, hospitals are only required to disclose 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 weakness,
9、several studies in corporate finance have developed approaches to create capitalize values of operating leases. Imhoff, et al.s approach was to estimate a capitalized lease value by computing the present value of the amounts payable for the next five years disclosed in the notes to the financial sta
10、tement and an assumption of an estimated value for the subsequent five years. Using Imhoff, et al.s approach,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 th
11、e present value at a rate of 10 percent. 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 1980s. The aim of this study was to overcome
12、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. Operating leases were measured by utilizing the perpetuity method, which was developed by Lim, et al. In addition, this study invest
13、igated the substitutability between lease and debt financing as well as the relationship of market, mission, operating, and financial factors on lease financing for all short-term, acute-care hospitals across the United States. Overcoming the data requirements of the previous work, Lim, et al., vali
14、dated the perpetuity method to capitalize an operating lease value. The perpetuity method computes the average of the current operating lease expense and next years minimum operating lease discounted to the present at the cost of debt. Using regression analysis, they found the perpetuity approach a
15、better predictor of future operating lease payments than the approach used by Graham, et al., which they empirically found understates the lease value. This undervaluation from Graham, et al.s approach stems from their methodology that only considers future operating lease payments for five years an
16、d therefore fails to account for leases not renewed and assets not replaced. The perpetuity method overcomes these shortcomings and assumes operating leases are a permanent part of the capital structure and accounts for the valuation when the lease contract expires and the organization continues to
17、use the asset. To assess the credit markets assessment of operating 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 influence on new de
18、bt pricing as debt on the balance sheet, whereas Graham, et al.s approach understated the markets estimation of the operating lease debt. Corporate finance theory claims lease and debt finance are viewed, to some degree, as substitutes, specifically where increases in lease financing decrease debt f
19、inancing. More importantly, financial theory claims that it is a one-to-one relationship given that 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
20、less than one because lease financing consumes less debt capacity. Another study contends that debt and leasing are complements because leases allow for the transfer of tax shields to organizations that cannot use them (lessees) to organizations that can employ them (lessors). Empirically, Ang and P
21、eterson tested the substitution theory and failed to support this relationship, finding instead a complementary relationship between the two forms of financing； however, Marston and Harriss results supported the substitution effect between lease and debt financing and found this relationship to be l
22、ess than one, although they only included capital leases and not operating leases.By controlling for debt capacity of lease and nonlease firms, Adedeji and Stapleton also found that debt and finance leases were less than perfect substitutes. In terms of the hospital industry, McCue evaluated this relationship between capital leases and debt. His results
