專案融資評估決策與輔助決策模型之初步研究

Abstract

授信為銀行最大之收入來源，而專案融資為結合銀行授信與聯貸，以專案本身之條件及收益，為授信評估與還款來源之融資模式。於政府財務困窘情況下，專案融資為政府積極推動民間參與公共建設之利器，然目前國內銀行專案融資之評估流程與方法，多以過去一般授信流程加以變化，以及內部人員之經驗法則為依據，尚無明確可供參考之決策評估程序。 本研究以十家專案融資經驗豐富之國內及外商銀行為樣本，藉由深度訪談及問卷之分析，分析銀行評核專案融資之步驟、方法，比較相異屬性銀行，對於專案融資條件限制及考量因子權重之差異，提供專案融資作業之流程，以及各銀行對融資評估項目之重要程度認知差異，並將各評估項目之重要性加以排序，可供銀行內部承辦人員參考。 此外，本研究以臺灣高速鐵路為例，利用數學規劃法，建立銀行於專案風險為可接受條件下，利潤最佳之融資條件建議模型，同時，以電腦輔助方式求解，提供銀行於訂定融資條件時之參考，使融資評估方式具合理性，同時提高作業效率。除此，本研究亦為後續建立專案融資資料庫，發展決策支援系統（DSS, Decision Support System），輔助融資決策之初期研究。

Project finance is one of the banking services. It combines credit granting and syndicated loan. In the government budget shortage age, private participant in infrastructure (PPI) project has become the trend, and project finance plays the biggest role in it. However, how to evaluate project and the process of dealing with the application of project finance is still unsystematic in Taiwan. Staffs work in bank fellow the procedures of corporate banking and the experiences of the elder officers. This research analyses banks’ project financing experiences, and overviews their working processes and financing decisions making by In-Depth Interviewing ten experienced banks at project finance. Moreover, the research uses Analytic Hierarchy Process (AHP) to find out the components of the banks’ assessment. Finally, the research brings up the comparisons of the weights of components granting between different classified banks by AHP questionary. In addition, the research uses mathematical programming to build preliminary bank lending condition assessment model. This research takes Taiwan North-South High-Speed Railway Project (THR) for example to simulate the bank’s optimal profit in the prerequisite condition that risk analysis is acceptable. The preliminary model not only provides suggestions for bank, but makes financing decisions much more reasonably and efficiently. Moreover, the research tries to open the window for further researches on project finance and decision support system (DSS) on project finance.