醫(yī)療產(chǎn)業(yè)中租賃融資的相關(guān)因素[外文翻譯]

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：FactsAssociatedwithLeaseFinancingintheHospitalIndustryIncontrasttocapitalleaseswhicharereptedonthebalancesheetasdebtoperatingleasesareafmofoffbalancesheetfinancingonlyreptedinthenotestothefinancialsta

2、tementhavelimiteddisclosurerequirements.FollowingthefinancialcollapseofEnronWldComsomeanalystsarguethatcompaniesemployoperatingleasestohidedebtoffthebalancesheet.GuidelinesareprovidedbytheGeneralFinancialAccountingStardB

3、oard(FASB)tovalueacapitalleasehoweverthedifficulttaskanalystsfaceisestimatingtheobligationvalueofoperatingleases.Overallleasecontractsvaryalongacontinuumintermsoftheirobligation.Atoneendthelesseeispayingarentalfeeftheuse

4、ofanassetoverashttimeperiod.Converselyattheotherendofthespectrumthelessisprovidingfinancingfthepurchaseoftheasset.Lesseecontractstendhowevertofallinthedlebecauseoftheganization’sdesiretokeepthedebtoffthebalancesheet.With

5、respecttothehospitalindustrylittleisknownempiricallyabouttheuseofoperatingleasefinancing.Withonly1percentgrowthinhospitalcapitalspendingfrom1997to2001chieffinancialofficersexpectcapitaloutlaystoincreaseby14percentoverthe

6、nextfiveyearsashospitalassets’agepatientsphysiciansplacegreaterdemfthelatestinmedicaltechnology.Tofinancetheseexpendituresanalystsexpectgreateruseofleasefinancingwhichisprojectedtogrowby8.5percentannuallyincreaseto$7.4bi

7、llionin2005comparedto$4billionin1997.Operatingleasesareattractivetohospitalsbecausetheycangainaccesstothelatestmedicaltechnologyavoidobsolescencehoweverfromaliabilitystpointcreditratingagenciesvaluetheseoperatingleasesas

8、debtobligations.fromtheirmethodologythatonlyconsidersfutureoperatingleasepaymentsffiveyearstherefefailstoaccountfleasesnotrenewedassetsnotreplaced.Theperpetuitymethodovercomestheseshtcomingsassumesoperatingleasesareaperm

9、anentpartofthecapitalstructureaccountsfthevaluationwhentheleasecontractexpirestheganizationcontinuestousetheasset.Toassessthecreditmarket’sassessmentofoperatingleasestobalancesheetdebtLimetal.alsoevaluatedthesetwofmsoffi

10、nancingrelativetocostofdebt.TheyfoundoffbalancesheetoperatingleasedebtestimatedbytheperpetuitymethodhadthesameinfluenceonnewdebtpricingasdebtonthebalancesheetwhereasGrahametal.’sapproachunderstatedthemarket’sestimationof

11、theoperatingleasedebt.Cpatefinancetheyclaimsleasedebtfinanceareviewedtosomedegreeassubstitutesspecificallywhereincreasesinleasefinancingdecreasedebtfinancing.Meimptantlyfinancialtheyclaimsthatitisaonetoonerelationshipgiv

12、enthatcashpaymentsfleaseobligationsareequivalenttodebtcashpayments.Onestudyclaimshoweverthatthenaturetermsofleasecontractsdifferfromdebtresultinasubstituteeffectoflessthanonebecauseleasefinancingconsumeslessdebtcapacity.

13、Anotherstudycontendsthatdebtleasingarecomplementsbecauseleasesallowfthetransferoftaxshieldstoganizationsthatcannotusethem(lessees)toganizationsthatcanemploythem(lesss).EmpiricallyAngPetersontestedthesubstitutiontheyfaile

14、dtosupptthisrelationshipfindinginsteadacomplementaryrelationshipbetweenthetwofmsoffinancinghoweverMarstonHarris’sresultssupptedthesubstitutioneffectbetweenleasedebtfinancingfoundthisrelationshiptobelessthanonealthoughthe

15、yonlyincludedcapitalleasesnotoperatingleases.BycontrollingfdebtcapacityofleasenonleasefirmsAdedejiStapletonalsofoundthatdebtfinanceleaseswerelessthanperfectsubstitutes.IntermsofthehospitalindustryMcCueevaluatedthisrelati