民間參與公共建設BOT案營運之財務績效分析 : 以臺北車站特定專用區交九用地開發案為例

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Title:	民間參與公共建設BOT案營運之財務績效分析 : 以臺北車站特定專用區交九用地開發案為例
Other Titles:	The financial performance evaluation in case of public private partnership BOT : case of Taipei bus station
Authors:	賴志維;Lai, Chih-Wei
Contributors:	淡江大學產業經濟學系碩士班莊孟翰;Chuang, Meng-Han
Keywords:	台北車站;交九轉運站;民間參與公共建設;BOT;Taipei Bus Station;T-9
Date:	2012
Issue Date:	2013-04-13 10:52:14 (UTC+8)
Abstract:	本研究首先透過BOT理論基礎與相關文獻，探討BOT模式理論後，分析我國目前推動民間參與公共建設之運作現況，以了解目前我國推動BOT政策發展趨勢。有鑒於政府為了延續公共建設之推動，同時解決財政負擔問題，並可利用民間充沛資金與效率，近年來民間參與之BOT模式是政府當前推動公共建設主要的執行方式。交九轉運站BOT案在政府零出資之情況下公開招商，面對動輒百億資金之BOT案於回收不確定下，擁有長達五十年的特許營運期間，民間投資者對於參與政府BOT案件規劃投資卻步。從交九轉運站BOT案三次公開招商過程來看，僅有一家廠商參與投標，顯示民間對參與公共建設之獲利有疑慮存在。而政府以BOT方式推動攸關社會福利之公共建設，若BOT案件不成功恐成為政府未來財政與政治上的負擔，甚至造成公共服務品質的降低；有鑑於此，評定民間參與公共建設營運績效需要多方面評估，本研究利用淨現值法、內部報酬率法與自償率透過敏感度分析，從投資業者預期獲利角度推估獲利可能，藉此探討營運績效是否能如期自償，並歸納出本案成功因素。本研究根據估算財務面敏感性分析結果發現，政府從旁協助取得專案融資貸款，促使交九轉運站BOT案之得以較低融資成本取得大量貸款，且目前景氣未明朗之情況下，未來可能維持低利率之態勢，本研究評估未來應可提前自償；另本案具有全國首創出售租賃權之住宅，此為創新籌資模式，促使能於興建期間能提前還款，降低風險，且能於營運初始時大量還款，減輕自有資金不足之龐大壓力，皆為增加本案成功之機率。最後根據研究結果分析成功因素與現有誘因機制不足，提供政府未來案件複製可能之面向。 This study set out to examine the theoretical underpinnings of BOT approach based on related literatures, and to review the current practices of BOT both as a model of encouraging private participation in public projects and as a policy process for understanding the emergent trend of policy development. This study then use the Taipei District Parcel No.T-9. The government have no any investment in this case. This case have duration of 50 years to concessionaire for operations, The research findings suggest several key factors for successfully profitability and reasonable return; according to the research of estimating the sensitivity analysis, we realized that government has assisted to get Structure finance, and also accelerated Taipei District Parcel No.T-9 to get a lower financing costs to obtain a great deal of loans. In view of this, the assessment of civil participation in public construction operating performance assess various aspects of this study is the use of net present value method, internal rate of return method and Solvency rate through the sensitivity analysis, the profit may estimate the expected profit from the investment industry point of view to discuss the operating performance schedule self-liquidating, and summarize the success factors of the case.
Appears in Collections:	[Graduate Institute & Department of Industrial Economics] Thesis

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