重大交通建設計畫專案融資評估模式之研究 : 以台灣高速鐵路建設為例

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Title:	重大交通建設計畫專案融資評估模式之研究 : 以台灣高速鐵路建設為例
Other Titles:	Research of project financing evaluation model of major transportation infrastructure : taking Taiwan high speed rail as an example 重大交通建設計畫專案融資評估模式之研究 : 以臺灣高速鐵路建設為例
Authors:	方可以;Fang, Ko-yi
Contributors:	淡江大學會計學系碩士班蔡信夫;Tsai, Hsin-fu
Keywords:	專案融資;評估模式;建造-營運-移轉;三方契約;Project financing;Evaluation Model;Built-Operate-Transfer (BOT);Tri-party Contract
Date:	2005
Issue Date:	2010-01-11 04:29:35 (UTC+8)
Abstract:	近年來政府推動重大交通建設，由於政府財政狀況日益惡化，遂有引進民間力量參與之空間。例如南北高速鐵路、高雄捷運系統等，皆為我國現階段民間參與重大交通建設之重要案例。但隨著工程逐漸發包動工興建，卻陸續傳出財務吃緊，導致工程可能陷入停擺的疑慮。歸究其原因，主要為事前財務預測失準，使得工程款不斷地追加。為避免同樣情事重演，專案融資評估模式之深入探討實屬必要。專案融資是一種以專案計畫未來現金流量為償債來源的融資方式，它涉及複雜但嚴謹的評估過程，不同於傳統融資，專案融資較不以資產擔保或業主保證為考量因素，銀行可藉由對計畫可行性分析與風險分攤，來決定融資與否。本研究著重在專案融資安排，尤其是實務操作程序。期望藉由問卷調查方式、專家學者訪談、國內外案例之研析，建立專案融資評估架構，提出一套完整的建議，以供政府部門或是民間機構都能遵循之依據，藉以改善我國民間參與公共工程計畫之總體環境。實證結果發現台灣高速鐵路建設計畫「三方契約」政府提供融資擔保及發生興建營運合約終止情事時行使介入權之機制，未能完全符合專業融資之理論基礎。建議政府為每一項BOT案量身打造，依據不同規模予以評估，制定特別法。並應有階段性的思考與管控邏輯之設計，建設初期以財務與工程進度為主，工程到一個段落後，計畫主力應逐漸轉移至營運及開發計畫。 In the past recent years due to deteriorating fiscal situation the government has allowed private sector to participate in several large transportation construction projects. The north-south railroad project and the Kaoshiung rapid transit system are just a few prominent examples in this respect. One common concern of private participation in public infrastructure construction has been that as the construction project moved on, the problem of financial insolvency also loomed, casting doubt on the continuation and completion of the project. The root cause lies in the poor financial planning（typically gross under-estimation of the fund needed to complete the project）, necessitating several rounds of request for funding addition. Thus, to avoid the same mistakes, it is imperative to introduce and promote responsible and accurate project financing into public infrastructure developments. Unlike traditional financing taking physical assets as collateral or accepting owner’s guaranty to protect the financial risk, project financing is one way to get financing by using the cash flow that the project generates in the future as the resource of payback, project feasibility and risk distribution shall be carefully evaluated by the financial institutions before making the decision to provide the financing required. This research emphasizes the arrangement of proper project financing, especially on establishing a practical operating procedure for project financing. Through questionnaire survey method, panel discussion with scholars and experts, compilation and research on domestic and foreign cases, establishing project financing evaluation structure, we expect to prescribe a whole range of recommendations to form a protocol for government agencies and private enterprises to follow, thereby improving the macro environment and raising efficiency of private participation in public infrastructure constructions. The result shows that the mechanisms, provided by the Tri-party Contract for The Construction of Taiwan High Speed Rail Project, that government may acts as a financing guarantor and the intervention right at the time of termination in the Construction and Operation Contract do not completely fit in with the theoretical basis of the project financing. As we understand that each built-operate-transfer (BOT) project is unique with various scale and characteristics. Therefore, it is suggested that government should develop a suitable BOT mechanism, including developing comprehensive BOT laws, to fulfill special need of various BOT projects.The suitable BOT mechanism must include proper and clear design of step-by-step consideration and project control logic. It should focus on the progress control of project financing and engineering in the beginning stage, but concentrate on project operating issues and real estate developments in the late stage of a BOT project.
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