정신병원 재무구조가 수익성에 미치는 영향
The Impact of Financial Structure on Profitability in Psychiatric Hospitals
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
Objectives: This study analyzed the financial structure factors affecting the profitability of psychiatric hospitals by utilizing newly disclosed financial statements from 2022, following the expansion of mandatory financial disclosure requirements. Methods: Financial statements from 94 psychiatric hospitals for fiscal year 2023 were examined using multiple regression and Oaxaca–Blinder decomposition. Profitability was assessed according to operating margin, net profit margin, and return on assets (ROA). Key explanatory variables included current ratio, leverage, and financial asset ratio, with hospital size, ownership, and region as controls. Results: A higher current ratio improved operating margin (β=0.5%, p=0.049). Leverage reduced net profit margin (β=-3.7%, p=0.017) and ROA (β=-17.6%, p<0.001). Financial asset ratio also lowered ROA (β=-101.6%, p<0.001), particularly under high leverage. Decomposition indicated that financial variables explained 0.7% of ROA differences, while structural and operational factors accounted for 16.8%. Conclusions: To strengthen profitability, psychiatric hospitals should pursue balanced financial management, focusing on liquidity optimization, prudent leverage, and judicious allocation of financial assets.
Abstract
Objectives: This study analyzed the financial structure factors affecting the profitability of psychiatric hospitals by utilizing newly disclosed financial statements from 2022, following the expansion of mandatory financial disclosure requirements. Methods: Financial statements from 94 psychiatric hospitals for fiscal year 2023 were examined using multiple regression and Oaxaca–Blinder decomposition. Profitability was assessed according to operating margin, net profit margin, and return on assets (ROA). Key explanatory variables included current ratio, leverage, and financial asset ratio, with hospital size, ownership, and region as controls. Results: A higher current ratio improved operating margin (β=0.5%, p=0.049). Leverage reduced net profit margin (β=-3.7%, p=0.017) and ROA (β=-17.6%, p<0.001). Financial asset ratio also lowered ROA (β=-101.6%, p<0.001), particularly under high leverage. Decomposition indicated that financial variables explained 0.7% of ROA differences, while structural and operational factors accounted for 16.8%. Conclusions: To strengthen profitability, psychiatric hospitals should pursue balanced financial management, focusing on liquidity optimization, prudent leverage, and judicious allocation of financial assets.