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標題: | 醫療院所自費醫療的財務規畫及效益評估—
設立近視雷射中心及顏面美容中心之比較 Financial planning and evaluation of financial benefit for clinics offering medical services at patient's own expense--comparison of laser refractive eye center and facial cosmetic center |
作者: | Shu-Lang Liao 廖述朗 |
指導教授: | 廖咸興 |
關鍵字: | 近視雷射中心,顏面美容中心,淨現值,修正後內部報酬率,獲利率指數,回收年限,折現後回收年限, laser refractive eye center,facial cosmetic center,net present value (NPV),modified internal rate of return (MIRR),profitability index (PI),payback (PD) and discounted payback (DPB), |
出版年 : | 2009 |
學位: | 碩士 |
摘要: | 近視雷射的發明,加上醫療科技日興月盛,使得近視雷射手術的準確性及安全性大大提高,也興起成立近視雷射中心的風潮。然而近視雷射儀器相當昂貴,動輒二千萬元,若無詳細的財務可行性評估,可能存在相當大的風險。「老化」永遠是青春的敵人,抗老化是目前最夯的話題。顏面美容中心的設立就是為了因應這龐大抗老美容的需求,其中蘊含著無窮的商機。同樣地,顏面美容中心投資於各種高科技創新的美容雷射儀器,其價格昂貴,財務的風險也相形提高。因此,本研究利用訪談數家雷射近視中心及顏面美容中心的資料,試圖模擬兩種醫療中心的營運計畫,並評估在不同貸款比率下其財務可行性及其營運效益比較。
本研究發現,設立近視雷射中心以不同貸款比例營運做財務可行性分析,無論是由權益觀點或計畫觀點來看,各項財務指標如淨現值、修正後內部報酬率、獲利率指數,及回收年限或折現後回收年限,都顯示財務上為可行。設立顏面美容中心,從權益觀點而言,貸款比例0%至60%時,其各項財務指標都顯示計畫在財務上可行。然而若採用極高的槓桿營運方式,如貸款80%則會出現預估淨現值為負,內部修正報酬率小於權益資金成本及獲利率指數小於1的情形,使得計畫陷入財務風險。若是用計畫的觀點,無論何種貸款比例的營運計畫,財務指標顯示皆為可行。所以建議投資者宜採用較低的財務槓桿比例來規劃顏面美容中心的營運。 另外,本研究分析發現,從權益觀點而言,顏面美容中心營運計畫的淨現值、修正後內部報酬率或獲利率指數等財務指標,在0%-40%貸款比例的投資情況下,皆比近視雷射中心營運財務指標表現亮麗。而貸款比例為80%時,則上述財務指標反而是近視雷射中心營運表現較為突出。然而從計畫觀點而言,本研究發現,顏面美容中心營運計畫的各項財務指標,無論在何種貸款比例,皆比近視雷射中心營運財務指標表現亮麗。 綜合本研究的財務效益分析,我們發現在較低的財務槓桿的投資情況下,投資者設立顏面美容中心似乎可以預期得到較亮麗的財務表現,也相對地承擔較低的財務風險。 Due to the introduction of laser refractive surgeries and the evolving new technology, laser refractive eye centers become more and more popular. But, the expensive cost of laser refractive facilities, which is more than twenty million NT dollars, will make the business project under tremendous risk without detail financial evaluation. 「Aging」always and eventually is a major enemy of 「youth」and「Anti-aging」is recently a very hot topic all over the world. Facial cosmetic centers play up to the need of anti-aging procedures and have countless business opportunity in the near future. Under the same circumstance, the cost of facilities for facial cosmetic center is very expensive and the financial risk of business project is also high. The purpose of this thesis is to evaluate the financial feasibility and risks of both projects for laser refractive center and facial cosmetic center under different capital structures. Besides, this study will compare the investment benefit of business projects between laser refractive eye center and facial cosmetic center. In this thesis, financial feasibility index such as net present value (NPV), modified internal rate of return (MIRR), profitability index (PI), payback (PD) and discounted payback (DPB) are used to evaluate the financial feasibility of both projects. From both “equity” and “plan” viewpoint, it is financially feasible to run the laser refractive eye center project no matter what kind of capital structures. Similarly, it is financially feasible to run the facial cosmetic center under the debt ratio of 0% to 60% from the “equity” point of view, and also financially feasible under all capital structures from “plan” point of view. On the other hand, from the “equity” point of view, the facial cosmetic center project will become financially infeasible and risky if the debt ratio is more than 80%. Besides, from the “equity” point of view, the facial cosmetic center project will have more investment benefit according to financial feasibility index than laser refractive eye center project under the debt ratio of 0% to 40%. Nevertheless, the laser refractive eye center project will have more investment benefit if the debt ratio is more than 80%. From the “plan” point of view, the facial cosmetic center project will have more investment benefit than laser refractive eye center project no matter what kind of capital structures. In conclusion, based on the financial analysis, it is recommended that executing facial cosmetic center project under low leverage financial investment will expect more financial benefit with relatively lower risk. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/26009 |
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