메뉴 건너뛰기




Volumn 22, Issue 4, 2003, Pages 347-374

The dilemma of valuing not-for-profit hospitals - Is free cash flow the answer?

Author keywords

For profit hospitals; Free cash flow; Free cash flow valuations; Hospital acquisitions; Hospital valuations

Indexed keywords


EID: 0038646341     PISSN: 02784254     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0278-4254(03)00038-3     Document Type: Article
Times cited : (2)

References (41)
  • 1
    • 0004089926 scopus 로고    scopus 로고
    • Guide to the health care field
    • American Hospital Association (AHA), Health Forum, Chicago, IL
    • American Hospital Association (AHA), 2002a. Guide to the health care field. Health Forum, Chicago, IL
    • (2002)
  • 2
    • 0004099814 scopus 로고    scopus 로고
    • Hospital statistics
    • American Hospital Association (AHA), Health Forum, Chicago, IL
    • American Hospital Association (AHA), 2002b. Hospital statistics. Health Forum, Chicago, IL
    • (2002)
  • 3
    • 4243779486 scopus 로고
    • An acquisition model for the hospital industry
    • Ph.D. dissertation, Golden Gate University
    • Angrisani, D., 1994. An acquisition model for the hospital industry. Ph.D. dissertation, Golden Gate University
    • (1994)
    • Angrisani, D.1
  • 4
    • 0003853569 scopus 로고
    • Intermediate statistical methods and applications
    • Englewood Cliffs, NJ: Prentice-Hall, Inc
    • Berenson M. et al Intermediate statistical methods and applications 1983 Prentice-Hall, Inc. Englewood Cliffs, NJ
    • (1983)
    • Berenson, M.1
  • 5
    • 0028764888 scopus 로고
    • Street talk - Special report
    • Hospitals and Health Networks (March 5)
    • Cerne, F., 1994. Street talk - Special report. Hospitals and Health Networks (March 5), 36-40
    • (1994) , pp. 36-40
    • Cerne, F.1
  • 6
    • 0002403349 scopus 로고    scopus 로고
    • Public policy issues in nonprofit conversions: An overview
    • Claxton G. et al Public policy issues in nonprofit conversions: an overview Health Affairs 16 2 1997 9-27
    • (1997) Health Affairs , vol.16 , Issue.2 , pp. 9-27
    • Claxton, G.1
  • 7
    • 0001610919 scopus 로고
    • The economic role of the nonprofit firm
    • Easley D. O'Hara M. The economic role of the nonprofit firm Bell Economic Journal 14 2 1983 531-538
    • (1983) Bell Economic Journal , vol.14 , Issue.2 , pp. 531-538
    • Easley, D.1    O'Hara, M.2
  • 8
    • 84984207803 scopus 로고
    • Valuation and clean surplus accounting for operating and financing activities
    • Feltham G. Ohlson J. Valuation and clean surplus accounting for operating and financing activities Contemporary Accounting Research 11 2 1995 689-731
    • (1995) Contemporary Accounting Research , vol.11 , Issue.2 , pp. 689-731
    • Feltham, G.1    Ohlson, J.2
  • 9
    • 0003465452 scopus 로고
    • Statement of cash flows
    • Financial Accounting Standards Board, Statement of Financial Accounting Standards no. 95. Financial Accounting Standards Board, Norwalk, CT
    • Financial Accounting Standards Board, 1987. Statement of cash flows. Statement of Financial Accounting Standards no. 95. Financial Accounting Standards Board, Norwalk, CT
    • (1987)
  • 10
    • 0037498671 scopus 로고    scopus 로고
    • Taking the temperature of health care valuations
    • Garruto L. Loud O. Taking the temperature of health care valuations Journal of Accountancy 192 4 2001 79-93
    • (2001) Journal of Accountancy , vol.192 , Issue.4 , pp. 79-93
    • Garruto, L.1    Loud, O.2
  • 11
    • 0038512634 scopus 로고
    • Mergers and acquisitions: Process and valuation fundamentals
    • second ed W. Cleverley (Ed.), Rockville, MD: Aspen Publications
    • Grant E. Mergers and acquisitions: process and valuation fundamentals Cleverley W. Handbook of Health Care Accounting and Finance vol. I, second ed 1989 441 456 Aspen Publications Rockville, MD
    • (1989) Handbook of Health Care Accounting and Finance , vol.1 , pp. 441-456
    • Grant, E.1
  • 12
    • 0003516298 scopus 로고
    • The profit motive and patient care
    • Cambridge, MA: Harvard University Press
    • Gray B.H. The profit motive and patient care 1991 Harvard University Press Cambridge, MA
    • (1991)
    • Gray, B.H.1
  • 13
    • 0000953769 scopus 로고    scopus 로고
    • Conversion of HMOs and hospitals: What's at stake?
    • Gray B.H. Conversion of HMOs and hospitals: what's at stake? Health Affairs 16 2 1997 29-47
    • (1997) Health Affairs , vol.16 , Issue.2 , pp. 29-47
    • Gray, B.H.1
  • 14
    • 84977408603 scopus 로고
    • Portfolio analysis, market equilibrium and corporation finance
    • Hamada R.S. Portfolio analysis, market equilibrium and corporation finance Journal of Finance 24 1 1969 13-31
    • (1969) Journal of Finance , vol.24 , Issue.1 , pp. 13-31
    • Hamada, R.S.1
  • 15
    • 0038173853 scopus 로고
    • Mergers, market power and competition: An economic and legal evaluation of hospital mergers
    • Ph.D. dissertation, University of Michigan
    • Hammer, P.J., 1993. Mergers, market power and competition: an economic and legal evaluation of hospital mergers. Ph.D. dissertation, University of Michigan
    • (1993)
    • Hammer, P.J.1
  • 16
    • 35649018945 scopus 로고
    • The role of nonprofit enterprise
    • Hansmann H.B. The role of nonprofit enterprise The Yale Law Journal 89 5 1980 835-901
    • (1980) The Yale Law Journal , vol.89 , Issue.5 , pp. 835-901
    • Hansmann, H.B.1
  • 18
    • 4244133901 scopus 로고
    • The health care m&a report
    • Irving Levin Associates, Inc., Third Quarter
    • Irving Levin Associates, Inc., 1995. The health care m&a report, Third Quarter
    • (1995)
  • 19
    • 0037836169 scopus 로고    scopus 로고
    • Fledgling charities get billions from the sales of nonprofit hospitals
    • Jaffe G. Langley M. Fledgling charities get billions from the sales of nonprofit hospitals The Wall Street Journal 228 91 1996 A1,6
    • (1996) The Wall Street Journal , vol.228 , Issue.91
    • Jaffe, G.1    Langley, M.2
  • 20
    • 0030017150 scopus 로고    scopus 로고
    • Columbia/HCA and the resurgence of the for-profit hospital business
    • Kuttner R. Columbia/HCA and the resurgence of the for-profit hospital business The New England Journal of Medicine 335 5 1996 362-367
    • (1996) The New England Journal of Medicine , vol.335 , Issue.5 , pp. 362-367
    • Kuttner, R.1
  • 21
    • 0010644217 scopus 로고    scopus 로고
    • Doctors' orders - How Columbia/HCA changed health care, for better or worse
    • 1 August
    • Lagnado L. Sharpe A. Jaffe G. Doctors' orders--how Columbia/HCA changed health care, for better or worse The Wall Street Journal 1 August 1997 A1,4
    • (1997) The Wall Street Journal
    • Lagnado, L.1    Sharpe, A.2    Jaffe, G.3
  • 22
    • 0028776945 scopus 로고
    • Let's make a deal
    • 19-26 December
    • Lutz S. Let's make a deal Modern Healthcare 19-26 December 1994 47-52
    • (1994) Modern Healthcare , pp. 47-52
    • Lutz, S.1
  • 23
    • 0029647779 scopus 로고
    • A record year for hospital deals
    • 18-25 December
    • Lutz S. A record year for hospital deals Modern Healthcare 18-25 December 1995 43-52
    • (1995) Modern Healthcare , pp. 43-52
    • Lutz, S.1
  • 24
    • 0022997532 scopus 로고
    • Financial characteristics of hospitals purchased by investor-owned chains
    • McCue M.J. Furst R.C. Financial characteristics of hospitals purchased by investor-owned chains Health Services Research 21 4 1986 515-527
    • (1986) Health Services Research , vol.21 , Issue.4 , pp. 515-527
    • McCue, M.J.1    Furst, R.C.2
  • 25
    • 0023772822 scopus 로고
    • An assessment of hospital acquisition prices
    • McCue M.J. McCue T. Wheeler J.R.C. An assessment of hospital acquisition prices Inquiry 25 2 1988 290-296
    • (1988) Inquiry , vol.25 , Issue.2 , pp. 290-296
    • McCue, M.J.1    McCue, T.2    Wheeler, J.R.C.3
  • 26
    • 0030239934 scopus 로고    scopus 로고
    • The informativeness of operating statements for commercial nonprofit enterprises
    • Mensah Y.M. Chiang C.C. The informativeness of operating statements for commercial nonprofit enterprises Journal of Accounting and Public Policy 15 1996 219-246
    • (1996) Journal of Accounting and Public Policy , vol.15 , pp. 219-246
    • Mensah, Y.M.1    Chiang, C.C.2
  • 27
    • 0023557052 scopus 로고
    • Hospital participation in multihospital systems
    • R. Scheffler, & L. Receiptor (Eds.), Greenwich, CT: JAI Press Inc
    • Morrisey M. Alexander J. Hospital participation in multihospital systems. In: Scheffler R. Receiptor L. (Eds.), Advances in Health Economics and Health Services Research 1987 59-81 JAI Press Inc. Greenwich, CT
    • (1987) Advances in Health Economics and Health Services Research , pp. 59-81
    • Morrisey, M.1    Alexander, J.2
  • 28
    • 84984180909 scopus 로고
    • Earnings, book values, and dividends in equity valuation
    • Ohlson J. Earnings, book values, and dividends in equity valuation Contemporary Accounting Research 11 2 1995 661-687
    • (1995) Contemporary Accounting Research , vol.11 , Issue.2 , pp. 661-687
    • Ohlson, J.1
  • 29
    • 0038512633 scopus 로고    scopus 로고
    • Eyeing a piece of Columbia - Not-for-profit systems ready to make $1 billion deal
    • Pallarito K. Eyeing a piece of Columbia - Not-for-profit systems ready to make $1 billion deal Modern Healthcare 28 18 1998 4
    • (1998) Modern Healthcare , vol.28 , Issue.18 , pp. 4
    • Pallarito, K.1
  • 30
    • 0002344053 scopus 로고
    • Response to financial incentives among investor owned and not-for-profit hospitals: An analysis based on California data, 1978-1982
    • B. H. Gray (Ed.), Washington, DC: National Academy Press
    • Pattison R.V. Response to financial incentives among investor owned and not-for-profit hospitals: an analysis based on California data, 1978-1982. In: Gray B.H. (Ed.), For-profit Enterprise in Health Care 1986 290-302 National Academy Press Washington, DC
    • (1986) For-profit Enterprise in Health Care , pp. 290-302
    • Pattison, R.V.1
  • 31
    • 0020620909 scopus 로고
    • Investor owned and not-for-profit hospitals: An analysis based on California data
    • Pattison R.V. Katz H.M. Investor owned and not-for-profit hospitals: an analysis based on California data New England Journal of Medicine 309 6 1983 347-353
    • (1983) New England Journal of Medicine , vol.309 , Issue.6 , pp. 347-353
    • Pattison, R.V.1    Katz, H.M.2
  • 32
    • 0002265262 scopus 로고
    • The not-for-profit hospital as a physicians' cooperative
    • Pauly M. Redisch M. The not-for-profit hospital as a physicians' cooperative The American Economic Review 63 1 1973 87-99
    • (1973) The American Economic Review , vol.63 , Issue.1 , pp. 87-99
    • Pauly, M.1    Redisch, M.2
  • 33
    • 0037498668 scopus 로고    scopus 로고
    • Factors contributing to not-for-profit hospitals' decision to concede to acquisition
    • Phillips J.F. Factors contributing to not-for-profit hospitals' decision to concede to acquisition Journal of Business and Behavioral Sciences 4 2 1998 107-123
    • (1998) Journal of Business and Behavioral Sciences , vol.4 , Issue.2 , pp. 107-123
    • Phillips, J.F.1
  • 34
    • 0033186735 scopus 로고    scopus 로고
    • For-profit chains seek to acquire successful not-for-profit hospitals
    • Phillips J.F. For-profit chains seek to acquire successful not-for-profit hospitals Health Care Financial Management 53 9 1999 52-55
    • (1999) Health Care Financial Management , vol.53 , Issue.9 , pp. 52-55
    • Phillips, J.F.1
  • 35
    • 0038512635 scopus 로고    scopus 로고
    • How going for-profit impacts free cash flow, quality of earnings and other operational factors - The case of not-for-profit hospitals
    • Conference Proceedings on Ohio Regional Meeting of the American Accounting Association, April
    • Phillips, J.F., 1999b. How going for-profit impacts free cash flow, quality of earnings and other operational factors - The case of not-for-profit hospitals. In: Conference Proceedings on Ohio Regional Meeting of the American Accounting Association, April 1999
    • (1999)
    • Phillips, J.F.1
  • 38
    • 4244133930 scopus 로고    scopus 로고
    • Comprehensive performance reports
    • The Center for Healthcare Industry Performance Studies (CHIPS), Columbus, OH
    • The Center for Healthcare Industry Performance Studies (CHIPS), 1998. Comprehensive performance reports. Columbus, OH
    • (1998)


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.