目標：運用財務分析，探討公立醫院不同經營方式之財務影響，提供決策制定所需之財務訊息。方法：結合財務分析中現金流量預估、收入(成本)習性分析、淨現值法以及敏感度分析做為結構式分析程序，估計不同經營方式之營運成果。資料來自同一醫療區六家市立綜合醫院以及六家財團法人綜合醫院。結果：在任何景況下，半開放模式與合作經營模式均提供較佳之淨現值。半開放模式可獲得之淨現值介於3億1千4百餘萬元與9億3千2百餘萬元之間；另一方面，合作經營模式淨現值介於5億1千7百餘萬元與8億5千2百餘萬元。但對醫院實際提供之財務貢獻，若合作經營模式可分 享之經營成果不及61％，則半開放模式將是較佳之經營選擇。結論：半開放模式與合作經營模式均為財務結果較佳之可行方案，但對個案醫院所提供之實質財務貢獻，方為決策者所應考量之攸關資訊。本研究之財務分析，係建立一系統化之分析架構，提供決策制定之財務攸關資訊。然而，準確的財務估計，除了系統化分析方法，尚需藉由過去預估經驗加以持續改善方可獲得。

　　　　　Objectives: This study intends to investigate the financial impacts of different operation alternatives for a government-owned hospital. Through financial analyses, decision-makers can gain financial insight into different alternatives. Methods: Operation results of different alternatives were obtained based on cash flow analysis, revenue/cost behavior analysis, net present value, and sensitivity analysis. Data were obtained from financial statements of six municipal general hospitals and six private not-f or-profit general hospitals in the same medical region. Results: In all cases, the semi-open and joint venture models resulted in higher net present values (NPV) than did the other models. While the semi-open model obtained NT $314-$392 million NPV from its operations, the NPV for the joint venture model was NT $517-$852 million. However, if the hospital's share is less than 61% of its operating result in the joint venture model, the semi-open model is preferred in terms of providing more actual financial contribution to the hospital. Conclusions: The semi-open and joint venture models are superior to other models in terms of financial results. However, for the decision-maker, the net financial contribution to the hospital should be a relevant issue for consideration. This study establishes a systematic approach to decision making by employing financial analyses. Nevertheless, accurate financial estimates depend not only on a systematic approach but also on continuous refinement of the analyses based on pas t estimating experiences.