非營利組織資金成本型態之研究

NHUIR > College of Management > Department of Business Administration, Master/Ph.D Program in Management Sciences > Disserations and Theses(M. A. Program in Nonprofit Organization Management) > Item 987654321/21239

Please use this identifier to cite or link to this item: http://nhuir.nhu.edu.tw/handle/987654321/21239

Title:	非營利組織資金成本型態之研究
Other Titles:	Patterns for Cost of Capital in Nonprofit Organization
Authors:	邱義興 Chiou, Yi-shing
Contributors:	非營利事業管理研究所黃德舜 Derek-Teshun Huang
Keywords:	資金成本;非營利組織 Cost of Capital;Nonprofit Organization
Date:	2003
Issue Date:	2015-06-02 09:54:06 (UTC+8)
Abstract:	在營利組織的領域，資金成本的議題早就已受到廣泛的討論。但以「非營利組織」為主體來研究其「資金成本」的參考文獻論著並不多。這並不代表資金成本之估計對於非營利組織而言就不重要。相反地，非營利組織也會面臨到資本決策、投資證券的決策、組織價值、資金來源等與營利組織一樣的問題。　　　而非營利組織天生具來有其使命存在，這不禁讓人質疑，雖然非營利組織可以擁有30％的收入為其利潤，但難道就不會損害其存在之理由。若非營利組織以今朝有酒今朝醉之經營模式，導致最後年底作業表上的節餘款為零或負，則這不是也會危害到組織往後之生存與發展。孰知盈餘之多寡和非營利組織存在之理由，有其抵換（trade-off）關係存在。所以在不損害組織使命之下，到底非營利組織至少應去獲取「多少」利潤才算足夠，此本研究之緣起。　　　本研究主要目的：提出非營利組織的權益資金成本及負債權益成本，以便計算其加權平均資金成本，以作為非營利組織投資及經營決策之參考。　　　本研究方法乃以學校、基金會、醫院等不同類型非營利組織為模擬分析之對象。並以CAPM法及單一指數法搭配平衡型基金、債券型基金及產業的報酬率為其市場報酬率，以估算出適當之β值，進而推估出不同類型非營利組織之資金成本。　　　本研究結果有兩個：　1.建議基金會可以用單一指數法推估其資金成本，學校及醫院可採用CAPM法或單一指數法推估其資金成本，而此一資金成本即為非營利組織合理的目標報酬率。　　2.使用CAPM法及單一指數法推估不同非營利組織的淨資產資金成本，學校應為13%∼14.64%，基金會應為14.64%，醫院應介於4%∼14.64%。而使用CAPM 及單一指數法推估不同非營利組織的加權平均資金成本，學校應為12%∼14.5%，基金會應為14％∼15％，C醫院應介於4%∼15%。　　　本研究建議：　　1.藉由資金成本的考量，可以使得非營利組織資金運用得更有效率。　　2.各項來源資金成本之決定，可以使得非營利組織資金能夠更易於使用ＮＰＶ技術於投資案評估之上。　　　The literatures on cost of capital published were largely related for the investor-owned firms. It has been rarely to study the issue for nonprofit organization in the past. Owing to face same decision about capital budgeting、investment and alternative sources of financing, nonprofit organization need to understand its cost of capital. 　　　According to legal regulation, nonprofit organization bad been admitted to hold 30% annual revenue as annual balance. There is not undoubted that nonprofit organizations focus on its mission. If nonprofit organizations never develop strategies for accomplishing its mission, it will lead to deficit or negative net assets in activity statement. Furthermore, it also ruins organization’s long-run growth and survival. Hence, nonprofit organizations have to understand the relationship between annual balance and it’s raison d’etre. So this study would be to know what appropriate amount of annual balance is, and the amount enough to maintain organization’s mission.　　　The purpose of this study will calculate weighted average cost of capital through CAPM method and single-factor market model. It hopes to make a benchmark of investment return in nonprofit organizations.　　　This study analyzes and simulates three type of nonprofit organization included university、foundation and hospital. 　　　The results of this study include as following:　1.Foundation organization could use single-factor market model to estimate it’s cost of capital; university and hospital could use CAPM or single- factor market model to estimate it’s cost of capital. The cost of capital will be target annual rate of return of nonprofit organization. 　2.According the my simulation with CAPM and single-factor market model, the cost of net asset in nonprofit organizations: university is from 13% to 14.64%; foundation is 14.64%; hospital is from 4%~14.64%. With CAPM or single-factor market model to estimate weighted average cost of capital in different nonprofit organizations: university is from 12% to 14.5%; foundation is 14%~15%; hospital is from 4%~15%.　　　The suggestions of this study include as following:　1.Through the estimation of cost of capital will be able to make nonprofit organizations more effective in capital management. 　2.The estimation of weighted average cost of capital will be helpful to nonprofit organizations to use NPV method in making investment decision.
Appears in Collections:	[Department of Business Administration, Master/Ph.D Program in Management Sciences] Disserations and Theses(M. A. Program in Nonprofit Organization Management)

Files in This Item:

File	Description	Size	Format
091NHU05698029-001.pdf		4783Kb	Adobe PDF	0	View/Open
index.html		0Kb	HTML	163	View/Open

Loading...