|
KMID : 0926620060110040019
|
|
Korean Journal of Hospital Management
2006 Volume.11 No. 4 p.19 ~ p.36
|
|
|
Comparative Analysis on the Capital Structure of Superior Hospital and Bankrupt Hospital
|
|
Ahn Young-Chang
Kim Jai-Myung
Ham U-Sang
|
|
|
Abstract
|
|
|
|
This study aims to examine the influence of growth rate, profitability and current ratio, which are confronted with static trade-off theory and pecking order theory, on capital structure of superior hospital and bankrupt hospital. Firstly, superior hospitals show positive correlation between growth rate and short-term loans, long-term loans, and short-term liabilities while bankrupt hospitals represent negative correlation. Superiority hospital and bankruptcy hospital show different financing behaviors, especially, short-term loan is the significant characteristic that discriminates between superior hospital and bankrupt hospital. Secondly, this paper studied the correlation between profitability and short-term loan, which the superior hospitals shows negative correlation, to contrast, bankrupt hospital have positive correlation. Consequently, the short-term loan is the most distinguishable factor between the superior hospital and bankrupt hospitals in terms of profitability. To conclude, this study shows that excess short-term loans can be the most important cause for hospital’s bankrupt. Accordingly, strategic and effective policy about the short-term loan will be required in order to protect hospital’s bankrupt.
|
|
|
KEYWORD
|
|
|
Static trade-off theory, Pecking order theory, Capital structure, Superior hospital, Bankrupt hospital
|
|
|
FullTexts / Linksout information
|
|
|
|
|
|
Listed journal information
|
|
 
|
|