医疗产业中租赁融资的相关因素[外文翻译]

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1、本科毕业论文（设计）外文翻译原文：FactorsAssociatedwithLeaseFinancingintheHospitalIndustryIncontrasttocapitalleases,whicharereportedonthebalancesheetasdebt,operatingleasesareaformofoff-balancesheetfinancingonlyreportedinthenotestothefinancialstatementandhavelimiteddisc

2、losurerequirements.FollowingthefinancialcollapseofEnronandWorldCom,someanalystsarguethatcompaniesemployoperatingleasestohidedebtoffthebalancesheet.GuidelinesareprovidedbytheGeneralFinancialAccountingStandardBoard(FASB)tovalueacapitallease;however,thedi

3、fficulttaskanalystsfaceisestimatingtheobligationvalueofoperatingleases.Overall,leasecontractsvaryalongacontinuumintermsoftheirobligation.Atoneend,thelesseeispayingarentalfeefortheuseofanassetoverashorttimeperiod.Conversely,attheotherendofthespectrum,th

4、elessorisprovidingfinancingforthepurchaseoftheasset.Lesseecontractstend,however,tofallinthemiddlebecauseoftheorganization’sdesiretokeepthedebtoffthebalancesheet.Withrespecttothehospitalindustry,littleisknownempiricallyabouttheuseofoperatingleasefinanci

5、ng.Withonly1percentgrowthinhospitalcapitalspendingfrom1997to2001,chieffinancialofficersexpectcapitaloutlaystoincreaseby14percentoverthenextfiveyearsashospitalassets’ageandpatientsandphysiciansplacegreaterdemandforthelatestinmedicaltechnology.Tofinancet

6、heseexpenditures,analystsexpectgreateruseofleasefinancing,whichisprojectedtogrowby8.5percentannuallyandincreaseto$7.4billionin2005comparedto$4billionin1997.Operatingleasesareattractivetohospitalsbecausetheycangainaccesstothelatestmedicaltechnologyandav

7、oidobsolescence;however,fromaliabilitystandpoint,creditratingagenciesvaluetheseoperatingleasesasdebtobligations.InaccordancewithFASBnumbers13and17,respectively,hospitalsareonlyrequiredtodiscloseinthenotesoffinancialstatementsminimumfutureoperatinglease

8、paymentsforfivesubsequentfiscalyears;however,noresearchabledatabasesexistthatlistdetailedfootnoteanalysisofleases.Toovercomethisweakness,severalstudiesincorporatefinancehavedevelopedapproachestocreatecapitalizevaluesofoperatingleases.Im