台灣高鐵營運模式與績效：企業再造之策略評估

Abstract

中文摘要 高速鐵路建設完成後，將使台北到高雄旅行時間縮短為90分鐘，西部走廊各主要都市，均可納入一日生活圈，使目前北、中、南三大都會區的格局，進ㄧ步整合為一巨型都會帶。屆時，各種運輸工具將按其功能特性重新調整分工，相輔相成，以發揮最大運輸效益，高速鐵路將串聯台灣南北原有的台鐵系統以及各大都市的捷運系統與公路客運形成高速大眾運輸網路，除了能提供西部走廊未來「巨型都會帶」的整體服務，並能促使各類運輸系統的重新調整，貫徹「大眾運輸為主、私人運輸為輔」的目標，城鄉區域發展及社會資源運用將更臻完善。 高鐵BOT融資專案計畫，本身就肩負政策任務，尤其所設立的站點皆位於人煙稀少區域，因此造成高鐵本身廠站開發不易且運量無法有效提升，必須中央政府與地方政府彼此攜手合作，才能共創雙贏。 本研究以台灣高鐵為例，探討台灣高鐵BOT案的財務困難問題，先以政府、銀行團、高鐵公司三方的角度出發討論彼此的談判底限，再由淨現值法探討出現階段若是再簽第二次三方協議書，雖然已降利率來舒緩高鐵還本的壓力，但是，並沒有徹底解決高鐵本身高額負債問題，只有在延長折舊年限且不斷的提升高鐵的成長性，提升高鐵本身的運量與加速高鐵各場站的開發，高鐵的財務的狀況方能有轉虧為盈的時候。 本文之研究成果除了有助於台灣高鐵公司本身了解其未來轉虧為盈的關鍵為「成長性」外，亦有助於中央及地方政府訂定相關有助於提高高鐵公司運量與增加高鐵廠站開發利益的相關政策外，使高鐵公司朝正確的道路前進並且穩健的發展，最後能達到永續經營的目標。

ABSTRACT After Taiwan High-speed Railway（THSRC）construction is completed, travel time between Taipei and Kaohsiung will be reduced to 90 minutes. All major city in Taiwan western corridor may be included a so-call “life cycle of one day trip”. That brings the northern, central and southern metropolitan area into a “Mega City”. By then, all means of transport will be to re-adjust according to their functional characteristics and maximize the transport efficiency. THSRC will string original railroad system, as well as the metropolitan rapid transit system and bus transport network to from “high speed rapid transportation network”. In addition to provide the future "mega-city zone" of the overall service, TSHRC will promote the re-adjustment of the various transport systems, and implement "public transport as main ride, private transport as supplemented way" objective, and urban and rural regional development and social resources would be better and more balanced. THSRC BOT project financing plan, burden of the policy task, especially their sites are located in sparsely populated areas, thus difficult to development and the traffic can not be effectively upgraded. Central government and local governments must work together on in order to create a win-win situation. In this study, to discuss THSRC BOT financial difficulties, starting with the government, banking corporations, THSRC's point of view to discuss their bottom line of negotiation, and then by the Net Present Value method to evaluate whether they sign second tripartite agreement, despite reduced interest rates to ease the pressure of recovery plan, but did not completely solve the THSRC’s high indebtedness, only extend the depreciation year, enhance traffic load and accelerate the development of the station, THSRC's financial situation can only have the time to turn to profit. The results in this study will help THSRC understand “Growth” is the turn key of making profit , but also help to set the relevant central and local governments to policy of improving THRSC's high-speed rail traffic load and the to increase the development benefits of station site, to enable THSRC headed in the right path and the steady development to achieve sustainable business goals.