資產證券化應用於PFI模式

機構典藏 > College of Engineering > Graduate Institute & Department of Civil Engineering > Thesis > Item 987654321/105641

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Title:	資產證券化應用於PFI模式
Other Titles:	The study of Asset Securitization on PFI projects
Authors:	洪健淳;Hung, Chien-Chun
Contributors:	淡江大學土木工程學系碩士班范素玲;Fan, Su-Ling
Keywords:	促參;金融資產證券化;不動產證券化;PFI;public participation;Financial Asset Securitization;Real Estate Securitization
Date:	2015
Issue Date:	2016-01-22 15:01:17 (UTC+8)
Abstract:	PFI(Private Finance Initiative)系統，我國定義為「由民間機構籌資並負責公共建設之興建、營運，政府於營運期間購買該建設之一部或全部之公共服務，並依契約約定機制辦理付費」。近二十年來，我國政府面對全球經濟緊縮的壓力與局面，致力於公共建設投資，期望以擴張性之財政政策擴大國內需求，進而刺激並帶動國內經濟成長。然而我國市場上符合向使用者收費達完全自償之公共建設已日漸飽和，其低自償及無法向使用者收費之公共建設對國家發展仍有興建之急迫性，故PFI模式成為相關單位研擬之重點，此模式對政府而言；具有延遲給付之性質。對民間機構而言；可排除自償性不足之限制。然而，無論是廣義的BOT模式或是PFI模式，其最關鍵的問題在於，龐大財務資金的問題必須由特許公司負責，現行民間機構參與公共建設之籌資方式，除了自有資金外，多會以專案融資的方式向銀行取得融資貸款，其資金缺乏流動性與多樣性，相對也降低了民間參與意願。故本研究研擬將證券化之概念與PFI模式結合，不僅符合現行低自償率個案之需求，同時；資金的活化也相對提高民間機構參與意願。本研究之目的希望以新的資金管道-資產證券化，提供PFI模式一個創新的融資管道，提高資金流動性，進而提升民間機構參與意願。透過文獻回顧，分析現有民間參與公共工程之模式，歸納出其各模式之優缺點及差異，提出PFI結合資產證券化之創新，同時針對民間參與公共工程導入PFI資產證券化於我國之適法性，嘗試建構PFI資產證券化之流程架構，再透過專家訪談進行修正，驗證其資產證券化之必要性。研究結果顯示，將資產證券化應用於PFI模式相較於其他促參模式而言，更具有吸引力與可行性，其原因在於未來之現金流由政府擔保，對民間廠商而言；可以將資金活化加以利用，對投資人而言；更是創造了一個穩健的投資機會。此外；本研究之貢獻在於上述所提出之證券化結合，可供將來PFI模式正式採用後提供一個新的融資管道，同時本研究所建構之證券化流程，可供未來實施之參考依據。 The private finance initiative (PFI) is a way of creating "public–private partnerships" (PPPs) by funding public infrastructure projects with private capital. Developed initially by the governments of the United Kingdom and its variants have now been adopted in many countries as well as in Taiwan as part of the wider programme of privatisation and financialisation driven by an increased need for accountability and efficiency for public spending. However for private sector participation the investment of huge capital in financing the construction of the public, in addition to its own funds , the financing loans to banks will be necessary , which make the liquidity and diversity of cash flow for private sector lower so reduces the willingness of the involvement of private sector . Therefore, this study by literature review and interviews with experts in Taiwan aims at providing a practical practice of applying asset securitization to PFI projects to activate the liquidity of the cash of private sector so that to increase the willingness of involvement of private sector.
Appears in Collections:	[Graduate Institute & Department of Civil Engineering] Thesis

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