台北捷運系統擴展旅客服務BOT案財務評估之研究

Abstract

台北大眾捷運股份有限公司為提供搭乘台北捷運的旅客有對外通信和收聽廣播，以及各項多媒體生活資訊的服務，提出台北捷運路網擴展旅客服務投資建設專案，以BOT的方式在捷運網路內建設延伸行動通訊服務及光纖電纜等相關通信傳輸服務設施，以期延續現有行動通信及FM廣播的訊號至地下路段，並擴充光纖頻寬提供有關旅客生活資訊。 本研究在探討BOT案財務評估模式之建構，並以BOT案三方－政府、投資人及融資者－的財務因子觀點為判斷的標準，茲將BOT案財務評估結論闡述如下： 1.『BOT的財務評估就是一個決策過程』：BOT案具有「Bankable」的特質，即借不到錢就不做，為何借不到錢？因為BOT案是高財務槓桿，專案融資不成就沒辦法實行，專案融資的銀行團是以BOT案的財務評估結果為審查重點，該財務評估要能為專案融資的銀行團所接受才有繼續的可能，假如銀行團不能接受該BOT案的財務評估，則該案就需重新考慮。 2.BOT案要「可能又可行」：交通建設是否可以BOT的方式來完成，需視其在財務評估時是否可能又可行，若是財務特性曲線成發散或是自償率甚低時，此交通建設就無法以BOT的方式來實行，也就是「不可能」。若該BOT案已可能，才做「可行」之規劃，可不可行的判斷係財務因子的結果是否為三方所接受而定。 3.政府、投資人及融資者三方都有其所重視的財務因子： （1） 政府：在乎政府的出資額度、自償率及權利金； （2） 投資人：重視回收年限、內部投資報酬率等； （3） 融資者：關心回收年限、償債比率等。

Taipei Rapid Transit Corporation presented the Taipei metropolitan area Rapid Transit System（TRTS） network construction investment project for rendering extended services to passengers including communication, radio broadcasting and diverse life information through multimedia services. The project is to build an extension of mobile and optical fiber communication network to the TRTS network on BOT basis for not only carrying on the existing mobile and FM broadcasting signal to underground section but expanding optical fiber broadband so as to provide passengers with multimedia information. In this study, we analyze the framework of financial analysis model based on financial factors views by three parties-the government, investors and banker. As below is the conclusion of the financial analysis： 1.”The BOT financial analysis itself is a process of decision making”： The BOT project, with ”bankable” characteristic, will be dropped out if the investors can not borrow money from the bankers. As the BOT is with highly financial leverage, the project is unable to be implemented if the project finance plan fails to be accepted by the bankers whose evaluation mainly focuses on the result of financial analysis. 2.The success of the BOT based on its “possible and feasible”： Whether the communication construction can be carried out on BOT basis or not depends on the possibility and feasibility of the financial analysis. If the Project Economics Curve indicated divergence or low Self-Liquidating Ratio, this construction project would not be in a position to be implemented by way of BOT, indicating impossibility as mentioned above. The relevantly feasible plan can be started only after the BOT project is evaluated as possible to reach. The judgment of project feasibility based on whether the result of the financial factors is accepted by three parties or not. 3.The Government, investors and bankers have their own financial factors concerned as follow： （1）Government：Governmental Investment Ratio, Self-Liquidating Ratio and Royalty. （2）Investors：Pay Back Year and Internal Rate of Return. （3）Bankers：Pay Back Year and Debt Service Coverage Ratio.