BOT計畫之財務可行性及風險評估分析：竹南地區污水下水道建設之個案分析

Abstract

近年來，人民對政府要求的社會福利大幅增加及希望能提供更好、更多的服務，使得政府財政赤字不斷惡化，加上國內經濟成長率不若以往，政府收入不如預期，進而排擠到政府可用支出額度。在不減緩持續對公共建設的投資下，對政府而言，引進民間資金，是不可避免之趨勢，並可促使政府讓有限財政資源能作更有效的分配。

污水下水道為現代化都市不可或缺的公共建設，普及率的高低關係居住環境衛生及生活品質，所以政府在全力拼經濟的目標下，亦把污水下水道建設列為施政工作的優先目標。以BOT模式推動污水下水道建設，因為投資金額大、投資期間長、回收期間長、影響變數多及金融機構融資意願較低等因素，所以BOT模式推動並非成功之保證。因此本研究希望透過個案的風險性評估及財務可行性分析，以了解污水下水道採BOT模式成功推動的重要因素，加上作者於實際執行『竹南頭份地區污水下水道系統』籌資過程中的心得與建議，期望可讓後續相關案例，作為參考與進一步研究的議題與方向。

In the recent years, Taiwan government fiscal deficits have been growing up tremendously due to various welfare programs. However, government expenditure budget is constrained by less taxes and slowdown economy growth. To do our non-stop public infrastructure without postponing events, it is an efficient way to bring the non-government fund in. Sewerage system is indispensible to a modern city. How common and necessary it is makes the living environment and living standard different. Therefore, our government always puts the sewerage plan on the priority list when there is a trade-off between economy growth and yearly budget control. With the limited budget, BOT(Build-Operate-Transfer) model has been a solution for past years. However, it is not always bringing the happy ending for both parties. Especially when there are many variants involve in, such as huge capital investment, long-term nature, less finance supporting from banks…etc. This is the major reason why I did the research for this infrastructure BOT Zhunan Toufen, Miaoli county case. Hopefully, with the risk assessment, financial analysis, and the on hand funding project for Zhunan Toufen Construct Sewerage, this case study can make any useful reference for further research.