民間參與公共建設（BOT模式）之財務運作與案例探討

Abstract

為解決以政府力量推動公共建設所面臨的財源籌措及風險管理二大問題，以BOT模式 (Build-Operate-Transfer)引進民間資金參與公共建設之興建與營運，已廣為眾多國家採用。目前國內雖尚未有以BOT模式導入公共建設之案例，惟政府已積極規劃並推展中。 本研究目的在於研究BOT模式之財務運作，探討國外BOT案例及國內推展中之高速鐵路計畫案，並解析民間機構參與公共建設之法源一「獎勵民間參與交通建設條例」之財務內涵，研究內容摘要如下： 1．由BOT模式之風險管理、財務規劃原則與要點、財務架構設計、股權及債權融資設計等方面探討BOT模式之財務運作。 2．由政府提供之配合措施、完工風險控制、費率制訂、資金籌措等方面探討英法海底隧道等六則國外BOT案例；並由自償率 (Self-financing ratio)之極限值、運量與費率係數變化對自償率及民間參與額度之敏感性、民間參與高鐵建設之政府權利金額度等方面檢討國內高速鐵路計畫案；最後作國內、外案例之比較。 3．由獎勵範圍與對象、用地取得與開發、融資與稅捐優惠、金融商品創設、風險管理與報酬決定等五個層面，解析「獎勵民間參與交通建設條例」之財務內涵。

In order to solve the two major problems of funding and risk management faced by governments in carrying out public construction, the Build-Operate-Transfer (BOT) model of raising private funds for the construction and operation of public projects has already become a widely used method in many nations. Although Taiwan has not yet applied the BOT model to public construction cases, the government is already actively planning and developing it. The objective of this study is to research the financial operation of BOT model , discuss BOT cases in other countries as well as the domestic high speed rail projects, and analyze the financial purposes of the law involved in the private participation in public construction. The following is a summary of the contents of this study： 1. A discussion of BOT-model financing in terms of risk management, the principles and major points of financial planning, financial structure design, equity financing design, and debt financing design. 2. Discussion of six foreign BOT cases, including government guarantee, construction risk control, setting of fee rates, raising of finance, etc.; review of Taiwan's high speed rail projects, including the limit values of self-financing ratio, the sensitivity of transport volumes and fee rate coefficients to self-financing ratio and the level of private participation, as well as the level of government's concession fee; and finally a comparison of these foreign and domestic BOT cases. 3. A five-level analysis of the financial purposes of "Statute for Encouragement of Private Participation in Transportation Infrastructure Projects", including the scope and partner of the encouragement, land acquisition and development, financing and tax incentives, risk management and financial return design.