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首页> 外文期刊>Atlantic economic journal >A New Cost Efficiency Measure for Not-for-Profit Firms: Evidence of a Link Between Inefficiency and Large Endowments
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A New Cost Efficiency Measure for Not-for-Profit Firms: Evidence of a Link Between Inefficiency and Large Endowments

机译：非营利性公司的新成本效率测度：低效率与大额捐赠之间联系的证据

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摘要

Cost functions and cost efficiency are commonly estimated for industries with detailed data on production and cost, both for firms that are for profit as well as not for profit. The data on not-for-profits obtained from the IRS Form 990 lack these details and, consequently, encourage substitution of the ratio of program expenses to total expenses to gauge performance. While a larger program expense ratio captures better administrative cost efficiency, it does not gauge best-practice cost and the extent to which an organization's administrative costs exceed best practice. Using the Form 990 data, this study constructs an administrative cost function for not-for-profits and uses the distribution-free technique of estimating a best-practice cost frontier to gauge the relative efficiency of not-for-profit organizations. Focusing on not-for-profit hospitals and their holdings of liquid assets, the empirical evidence is consistent with Jensen's free cash flow hypothesis: hospitals holding liquid assets in excess of a benchmark have lower program expense ratios and lower cost efficiency. In addition, the CEOs of more cost efficient hospitals earn higher compensation. The agreement of the evidence on agency problems related to excess holdings of liquid assets from the program expense ratio and administrative cost efficiency reinforce the credibility of the latter as a measure of the performance of not-for-profit organizations.
机译：通常对具有生产和成本详细数据的行业估算成本函数和成本效率，无论是针对盈利还是非盈利企业。从IRS 990表格获得的非营利性数据缺乏这些详细信息，因此，鼓励用计划支出与总支出的比率代替指标来衡量绩效。尽管较大的计划费用比率可以带来更好的管理成本效率，但它无法衡量最佳实践成本以及组织的管理成本超出最佳实践的程度。本研究使用990表格数据构建了非营利组织的行政成本函数，并使用了估计最佳实践成本边界的无分配技术来衡量非营利组织的相对效率。针对非营利性医院及其流动资产的持有，经验证据与詹森的自由现金流假设相符：拥有超过基准的流动资产的医院的项目费用比率较低，成本效率较低。此外，更具成本效益的医院的首席执行官获得更高的报酬。关于与方案费用比率和行政成本效率有关的流动资产超额持有有关的代理问题的证据的约定，加强了后者作为非营利组织绩效的一种衡量标准的信誉。

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