文档介绍：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 balance 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 , some analysts argue panies employ operating leases to hide debt off the balance 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 , lease contracts vary along a continuum in terms of their obligation. 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 anization’s desire 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 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 percent annually and increase to $ billion in pared 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 numbers 13 and 17, respectively, hospitals are only required to disclose in