A CSI-Based Approach to Developing Project Financial Strategies for Science-Based Industrial Parks: the Case of TSIP in Taiwan

以CSI比率評析科學園區經營財務策略：以台南科學園區為例

吳壽山(Sou-Shan Wu) ； 鍾惠民(Hui-Min Chung) ； 丁碧慧(Pi-Hui Ting)

《台灣管理學刊》 1卷1期 (2001/08) Pp. 19-33

https://doi.org/10.6295/TAMJ.2001.0101.02

摘要

本文評析科學園區可行之財務策略及租賃定價策略，並以台南科學園區為例提出財務評估模式，以提供新興國家發展科學園區財務策略設計之典範。首先強調南科與竹科開發在融資策略之不同點，南科由於有自償性，除政府出資外，有很高之比率必須專案本身之現金流量自我融資，且基於鼓勵科技廠商投資及研發之誘因設計，此類租賃誘因契約有些提供了廠商實質選擇權如擴張選擇權與時間選擇權，然而低租賃價格策略對園區收入產生限制，因此良好的財務規畫對其發展十分重要。本研究運用累積總產值對總開發成本比率(Cumulative sales to Investment, CSI ratio)來分析及評估發展科學園發之投資績效與其財務目標的可行性，說明CSI與政府訂定之目標自償率之關聯，並提出長期與短期而言，此CSI比率對科學園區經營財務管理之意涵。此外，亦以亞洲金融風暴之衝擊來作為專案風險管理之案例探討。分析結果顯示高科技產業長期產值成長率為影響園區目標自償率能否達成的重要因素。

關鍵字

科學園區 ； 財務規劃 ； 實質選擇權 ； 自償率 ； 財務風險管理

並列摘要

This paper introduces the project financial strategies and rental pricing policies adopted by the Tainan Science-based Industrial Park (TSIP) in Taiwan. Our model provides a clear and useful financial paradigm for the development of science-based parks in other emerging countries. A simple discount cash flow model is applied to characterize the importance of sales growth on the investment performance of a science-based park. In general, if in the initial period the evaluation of the ratio between a park's cumulative sales and its investment is sufficiently large, a financial break-even position can be achieved. The ratio is defined as a 'cumulative sales to investment' (CSI) ratio. The investment performance of TSIP, and the key factors that have been influential in its success, are further investigated in this study. Project risk is also analyzed with the impact upon this particular project from the Asian financial crisis being illustrated as a case study on project risk management.

並列關鍵字

Science-based Industrial Park ； Strategic growth option ； Cumulative sales to investment CSI ratio ； Project risk analysis