公共建設計畫財務評估中折現率如何訂定之研究

Abstract

目前公共建設財務計畫中折現率之訂定，涉及各計畫之自償率、BOT可行性等重要問題，為評估財務計畫中最重要的考量因素之一。但執行單位與各相關主管單位往往對於折現率有不同的計算方式，以致審議單位無法有客觀的評估準則。因此，參酌市場利率水準，客觀訂定公共建設財務評估中折現率之標準，有其必要。本研究計畫乃針對公共建設投資效益特性，區分為三大類型；第一類型是可採行外部效益內部化措施而具自償能力(或部分自償)，具使用者付費性質的公共建設計畫；第二類型是屬於非營利組織，但可配套獲取非營利性質之營運所得而期許自給自足的建設計畫；第三類型是必須全數以國家財政支持之公共建設計畫。本研究計畫則因應前述三類公共建設計畫之投資風險特性與資本密集程度，提出合理估計公共建設財務計畫中折現率之客觀評估程序。

The discount rate is one of the most important factors to establish the capital budgeting of public infrastructure investment project. It usually takes the gauge of the self-liquidation ability and BOT privatization feasibility for considerations. However, the related executive institutions frequently employ different evaluation methods to calculate the discount rate and different discount rates are applied. The regulators wish to have objective evaluation criterion to assess the projects. Therefore, it is necessary to have an objective evaluation process of the discount rate for the public infrastructure capital budgeting relating to the market interest rate level. The public infrastructure investments are classified into three types in this study by their performance characteristics. The first type is the projects that could internalize the external benefits by users？HH？HH payments, i.e., the self-liquidated ones. The second type is the infrastructure projects that provide services to the public and might collect the payments through nonprofit organizations. The third type is the infrastructure investment plans that must be totally financing from governments. The study is trying to establish the objective assessment processes of the reasonable discount rate for the capital budgeting of public infrastructure investment concerning the investment risk characteristics and capital intensity of the aforementioned three types.