構建BOT計畫交易成本結構方程模型

Abstract

過去研究BOT計畫之相關課題，不論是自償率、權利金、特許年期與風險議題等，多以財務面來衡量BOT計畫之可行性。本研究欲以交易成本經濟學(Transaction Cost Economics, TCE)之觀點，探討民間參與重大公共建設投資BOT計畫之方式是否為可行。 由於交易成本係屬主觀難以量化之因素，故本研究採用結構方程模型(Structural Equation Modeling, SEM)理論中，線性結構關係(Linear Structural RELationship, LISREL)方法來構建BOT計畫交易成本結構方程模型。探討BOT計畫的實施與主觀交易成本之間是否具有相互影響之關係，以及構成交易成本之主要影響因素。 根據交易成本理論，本研究將交易成本劃分為資訊搜尋成本、協商成本、議約成本、監督成本以及執行成本，探討並檢驗BOT計畫執行之重要影響因素。於本研究所建構之結構模型發現，雙方合作意願及交易氣氛是為影響交易成本最主要因素。而交易成本中協商成本、監督成本對於BOT計畫具有顯著的影響效果；此外，建設計畫的可融資程度亦為BOT計畫執行的重要影響因素之一。 於結論中，本研究提出幾項降低交易成本之方法，以作為政府與民間參考之依據，並期能對國家建設的推動有所幫助。

Most of the previous researches regarding BOT projects, such as Self-liquidation rate (SLR), royalty, permission years, and risk issues, evaluate the feasibility from financial aspects. This paper probes into the feasibility of private groups participating in the major infrastructure from the respect of Transaction Cost Economics (TCE).

Owing to the Transaction Cost being a subjective factor, and it is difficult to quantify, we adopt LISREL (LInear Structural RELationship) of Structural Equation Modeling (SEM) theory to build the Transaction Cost Economics model of the BOT projects. This paper analyses the relationship between Transaction Cost and execution of infrastructure, and also the main factors to influence the Transaction Cost.

According to Transaction Cost Theory, this study divides Transaction Cost into information researching cost, negotiation cost, protocol cost, supervision cost and excecution cost. Otherwise, it still explores and examines the key factors which influence the excecution of BOT projects. In the structural model made in the study, we find out that the pleasure of both sides and the transaction atmosphere are the most effective elements to affect Tranasction Cost. Negotiation cost and supervision cost have remarkable impressions to BOT projects. Futhermore, the degree of finance is also a major factor to effect the excecution of BOT projects.

At the end, it produces the suggested method to reduce the Transaction Cost in the BOT projects. The result gives government and private groups useful reference and it shall benefit the national infrastructure developments.