高科技投資採用專案融資之研究-以IC產業為例

Abstract

隨著經濟高成長時代的漸行漸遠，企業所面臨的挑戰可說是與日俱增 。無疑地，產業 升級將是台灣經濟發展唯一的路。為解決問題，提升產 業競爭力，良好的融資模式不僅有 降低資金成本之功，更有轉危為安之 效。良好的財務規畫不僅有降低資金成本之功，更有 轉危為安之效。而 過去封閉的財務運作方式，以及金融市場上現有之傳統金融工具，將財 務的功能侷限在被動參與籌措資金的工作上，亦將不足以解決當前科技產 業融資受限的問 題。故先進國家在金融創新上成功的經驗與方式，可作 為我們在融資安排與資金籌措上學 習之對象。 有鑑於此，本研究將討論財務創新理論與專案融資(Project Finance)對當前科技產 業融資問題的影響。專案融資就特殊目的之資金 需求，以專案計畫書與合約保障等條件向 大眾作專案募資，投資收入並 專用於償還此項借款。其可解決「資訊不對稱」的問題，並 協助擁有技 術、或擁有完備投資計畫但苦無資金的公司(特別是高科技公司)。而採取 就 專案個別評估、獨立運作的方法，有別於傳統以其他活動之現金流 入抑注新投資計畫所需 資金，亦改變了企業經營管理的習慣。換句話說 ，這是一種提供風險隔離、增加資金來源 的融資方式。而此「專案融資 」的觀念，也正是「財務工程」(Financial Engineering) 觀念中的一 支，藉由發展新金融工具，以及趨於專門化、分權化潮流的管理方式，利 用專 案自給自足的特性來降低組織無效率的可能性。 專案融資的概念重點不僅在於籌措資金，更在於明確劃分此計畫所產 生的效益，及相 對的風險該如何合理的分配歸屬於參與此計劃的不同群 組。這些群組可能包含了計畫發起 人、債權人、保證人、政府、甚至承 包商及技術人才等。以我國近年來所推動的幾個大型 投資案，從政府大 力推動的高鐵、捷運，到民間投資興建電廠、離島工業區、8吋晶圓廠 的投資..等，皆可考慮以專案融資的方式來進行規劃。因此，本研究選擇 高科技產業中最 典型的IC產業作代表，研究在台之IC製造公司採用專案 融資的運作，並提出結論與建 議。 With the long gone of the high economical growth era, the challenges faced by the business today increase constantly. There is no doubt that thedeveloping in high-tech industry is the only choice for Taiwan's economicaldevelopment. In order to overcome the obstacles and become more competentin the market, a well organized financial plan can not only reduce the costof capital, but also keep the company from financial troubles. The closed-minded and conservative financial planning and the traditionalfinancial vehicles in the market will no longer be able to solve the limitedfinancing resources problem faced by today's high technology industry. Therefore, we should use the successful experience and the system of the developed countries as our models in pushing financial innovation. Due to these reasons, this research will focus on the financial innovationtheory and the effects of the "Project finance" on the financing problems faced by today's high-tech industry. "Project finance" is the acquisition ofcapital for a "Project". It seeks the financial vehicle suitable for thegeneral public to invest in this project by providing project planningdocumentation and sufficient protection in the contract. The income generated by the investment will be used in repaying the debts. Theobjective is to solve the "Information Asymmetrical" problem and help thosecompanies which have the technology and a well organized investment plan butdon't have the capital, especially the high-tech company. The fact that it will evaluate each project independently changes the way the business ismanaged comparing to the traditional way of generating the cash required bythe new investment through other investment activities. In other words, this is a new investment channel, which provides risk separation and an increase of capital resources. The "Project Finance" concept is actually one of the "Financial Engineering" concepts, which by creating new financial vehicles,specialization and empowerment in management and the project's self-supportfeature, can reduce the possibility of inefficient inside the organization. The most important idea in the "Project finance" lies not only in the generation of cash required for the investment but also in the fair distribution of the investment income and relative risk of this project amongdifferent groups participating in the project. The possible groups includethe business owners, the creditors, guarantee, the government, and even the managers and the technical persons, etc. Take the examples from Taiwan'srecent large investment plans which requires sophisticated financingarrangement. the "Project finance" concept is appropriate for this kind ofplan. Therefore, we take the example of IC industry, study the actual implementation of Project Finance in Taiwan, and provide conclusions andrecommendations.