ECONOMIC ANALYSES OF HEALTH CARE FINANCING AUTHORITIES

这是一项研究医疗融资机构的建议--机构 负责代表医疗机构发行免税债券 机构。目标是(1)提供一份清单和简介 在全国范围内的医疗融资机构--他们的活动和 它们的筹资方式及其随时间的变化(1980-1991年)； 以及(2)估计融资机构特征(AS)的影响 在第一个目标中制定的)关于医院的资本成本。在……里面 特别是，低成本的发行机构和代理发行 将它们与较高成本区分开来的功能/技术 将确定对应机构。地球上的观测单位 与大约5,000家新的医院债券有关的实证分析 融资(其收益用于投资固定资产或实物 资本)和1980年至1991年期间的再融资。这个 该项目的主要信息来源是新的数据库 发行市政债券(新融资和再融资) 由证券数据公司(SDC)保存，并对 融资机构。在某些情况下关于争论点的资料 SDC提供的特征将得到类似的补充 关于市政证券新发行的数据库中的信息 由国际直拨电话信息服务维护。多元回归分析 在免税医院债券利率的决定因素中， 重点研究了两个假设：(1) 债券发行涉及的“竞争”越低，资本成本就越低，以及 (2)规模越大。融资机构的“经验”越低， 资本成本。竞争的影响将通过比较 在多个机构竞争权利的州的利息成本 发行一家医院的债券，以支付利息成本 单一发行机构，实际上是全州范围的垄断。竞争和 体验效果将用总量等衡量指标进行量化 一个州的融资机构的数量；由机构施加的限制 论承销商的选择是否以融资为标志 机构决定主承销商的选择，如果不是主承销商 该机构批准名单上的主承销商数量；总数 一家机构过去进行的融资次数；总数 机构的升级、降级和违约次数 融资。

This is a proposal to study healthcare financing agencies -- the agencies responsible for issuing tax-exempt bonds on behalf of healthcare institutions. The objectives are to (1) provide an inventory and profile of healthcare financing agencies, nationally -- their activities and their financing methods and how these have changed over time (1980-1991); and (2) estimate the impact of financing agency characteristics (as developed in the first objective) on hospitals' capital costs. In particular, low cost issuing agencies and the agency and issuing features/techniques which distinguish them from their higher cost counterparts will be identified. The units of observation in the empirical analysis pertain to approximately 5,000 new hospital bond financings (whose proceeds are used to invest in fixed assets or physical capital) and refinancings for the period from 1980 through 1991. The main sources of information for the project are the database on new issues of municipal securities (new financings and refinancings) maintained by Securities Data Company (SDC) and a mail survey of the financing agencies. In certain cases information on issue characteristics provided by SDC will be supplemented with similar information from the database on new issues of municipal securities maintained by IDD Information Services. Multivariate regression analyses of the determinants of interest rate on tax-exempt hospital bonds will be conducted with a focus on two hypotheses: (1) the greater the "competition" involved in bond issues, the-lower the cost of capital, and (2) the greater. the "experience" of the financing agency, the lower the cost of capital. Impacts of competition will be assessed by comparing interest costs in states where multiple agencies compete for the right to issue a hospital's bonds to interest costs in states where there is a single issuing agency, in effect a state-wide monopoly. Competition and experience effects will be quantified with such measures as the total number of financing agencies in a state; restrictions imposed by agencies on the selection of underwriters as indicated by whether the financing agency dictates the selection of the lead underwriter and if not the number of lead underwriters on the agency's approved list; the total number of financings by an agency undertaken in the past; and the total number of upgrades, downgrades, and defaults among an agency's financings.