Capital Structure, Ownership, and Capital Payment Policy: The Case of Hospitals
构建单期随机价值最大化模型，分析医院资本支付政策对资本结构的影响，并利用美国医院协会数据实证检验，发现成本补偿比例越高，医院杠杆率越高，而破产风险因素则降低负债水平。
ABSTRACT This study examines effects of pertinent features of hospital capital payment policies on hospital capital structure decisions in a one‐period stochastic, value‐maximization model. Separate models are developed for for‐profit and not‐for‐profit hospitals. Hospital debt‐to‐assets ratios are analyzed empirically using a cross‐section of data from the American Hospital Association. Although the effect on capital structure of hospital reliance on cost‐based reimbursement cannot be signed theoretically, in both for‐profit and not‐for‐profit cases, a higher cost‐based share leads to higher leverage. Factors associated with high bankruptcy risk (e.g., earnings volatility) cause hospitals to take on less debt.