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Determinants of capital structure.

M J McCue1, Y A Ozcan

  • 1School of Allied Health Professions, Virginia Commonwealth University, Richmond 23298.

Hospital & Health Services Administration
|October 1, 1992
PubMed
Summary
This summary is machine-generated.

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Smaller hospitals borrow more due to internal funding challenges. Hospital capital structure is influenced by system affiliation, size, risk, and market conditions, impacting debt.

Area of Science:

  • Health Economics
  • Healthcare Management
  • Financial Analysis

Background:

  • Hospitals face financial pressures from prospective payment systems.
  • Intense price competition among hospitals creates a challenging market environment.
  • Understanding hospital capital structure is crucial for financial sustainability.

Purpose of the Study:

  • To analyze the determinants of hospital capital structure.
  • To identify factors influencing short- and long-term debt borrowings in hospitals.
  • To examine how market dynamics and hospital characteristics affect financial strategies.

Main Methods:

  • Analysis of hospital financial data from California.
  • Statistical examination of factors affecting debt levels.

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  • Identification of key variables influencing capital structure.

    • Main Results:

    • Hospital system affiliation, bed size, revenue growth, operating risk, and asset structure impact both short- and long-term debt.
    • Uncompensated care, profitability, and payer mix affect short-term debt.
    • Market conditions and ownership influence long-term debt.
    • Smaller hospitals exhibit a higher tendency to borrow, likely due to internal funding limitations.

    Conclusions:

    • Hospital capital structure is multifactorial, influenced by internal characteristics and external market forces.
    • Strategic financial decisions are shaped by factors like system affiliation, size, and risk.
    • Smaller hospitals may require external financing more frequently than larger institutions.