作者
郭振雄^* (國立台北大學會計學系)
何怡澄 (國立政治大學財政學系)

Authors
Jenn-Shyong Kuo^* (Department of Accounting, National Taipei University)
Yi-Cheng Ho (Department of Public Finance, National ChengChi University)

中文摘要
本文運用台灣資料進行非營利組織採用負債融通資金，對營運效率與資本投資效率的影響之實證分析。採用 32 家非營利醫院 在 2002-2004 年度的資料，以淨營運收入率、佔床率、醫事人員病床比與平均住院人次費用衡量營運效率，以淨資產報酬率、資產報酬率與固定資產報酬率衡量資本投資效率。迴歸分析指出負債比率與資產報酬率與固定資產報酬率呈顯著負向關係，支持命題；負債比率與醫事人員病床比及平均住院人次費用呈顯著負向關係，支持命題。實證結果顯示非營利醫院採用負債融通，無法有效地監督資本投資計畫，達到提升資本投資效率，但可有效地 監督營運活動，提升營運效率。

Abstract
This study examines the impact of debt financing of not-for-profit hospitals on their operational and capital-investment efficiencies, with regression analysis of data collected during the years of 2002-2004 from 32 not-for-profit hospitals in Taiwan. Our analysis suggests that debt financing has a negative impact on the capital-investment efficiency and a positive one on the operational efficiency of these, not-for-profit hospitals in Taiwan. The empirical results presented here showed that debt financing of not-for-profit hospitals decreases their capital-investment efficiency because of their inability to effectively monitor the capital-investment plans. Conversely, a positive relationship between debt financing and increased operational efficiency suggest more successful supervision of the operating activities.

中文關鍵字
非營利醫院；負債融通；營運效率；資本投資效率

Keywords
Not-for-Profit Hospital; Debt Financing; Operational Efficiency; Capital-Investment Efficiency