公共建設BOT融資模式之設計與評估─台灣高鐵案例之評析

Abstract

公共建設BOT 融資模式之設計與評估 ─台灣高鐵案例之評析 摘 要 公共建設民間參與是世界經濟發展的重要趨勢。投資計畫和融資決策在BOT模式中有絕對的相關性；藉由資本預算的流程探討BOT模式下投資計畫之特質，長期投資計畫因民間的參與使運作主體更趨複雜，而風險分擔、評估效益的觀點亦與一般民間投資計畫不同，若採用傳統資本預算評估法，將無法正確衡量財務風險，而易導致決策錯誤，爰以淨現值（NPV）為評估指標，利用加權平均資金成本之調整求算適合的折現率，據以衡量不確定性高的BOT投資計畫。 本文主張專案融資是BOT模式常用的籌資方式，融資決策的形成是以專案計畫的效益為重心，專案公司的最佳資本結構，必須經政府、融資者和投資者分別衡量個別的效益及承擔風險能力等因素後，再進行三方協商，當風險可合理的分攤並被接受，融資計畫始可進行。 投資計畫和融資決策間存在強烈的回饋關係，兩者在投資決策的階段即須聯立決定，並以資金成本和資金流量為共同的考量因素。本文僅以台灣高鐵公司計畫為個案研討，探討其各項財務評估因子及資金成本，並以營運收入作敏感性分析討論財務效益的變化情形，期能做為未來一般BOT案融資決策之參考。

The Design and Evaluation for BOT Financing Model on Public Construction ─The Example for Taiwan High Speed Railway Corporation Abstract It's an important trend of world economic development that private companies participate in public construction. In BOT model, It has definitely relationship between investment plan and financial decision. My research is tried to study the characteristics of investment plan in BOT model by way of capital budgeting process method. Meanwhile, it can make the long-term investment operation more complex through private company's participation. However, the viewpoint of risk sharing and financial benefits evaluation is different with that of usual private companies' investment plans. If we use traditional capital budget method, the financial risk can't be correctly evaluated and it will lead to improper decision. Therefore, my research will look Net Presence Value (NPV) as an evaluation indicator, and then we can adjust its weighted average capital cost to calculate the proper discount rate for measuring highly uncertain BOT investment plan. Project financing for fund raising is often used in BOT model. Financial decision procedure is dependent on the benefits of project plan. The best capital structure for project corporation is dependent on the related expert's appraisal on its capacity in return benefits and risk-sustainable. By way of above evaluation, the governors, financiers and investors can have further negotiation and then the project can put into practice. There is a significant feedback relation between investment plan and financial decision. Both of them must be decided at the same time during the decision process. In additions, capital cost and capital flow has to be taken into consideration as common factors. My research is taking Taiwan High Speed Railway Corporation as an example. Its main purpose is that I can investigate its various indicators of finance evaluation and capital cost. Besides, my research also takes sensitivity analysis on operation income in order to that I can further discuss the changes of financial effectiveness. Finally, I hope my research result can be the reference for the future BOT financial decision.