資產證券化應用於PFI模式

THE STUDY OF ASSET SECURITIZATION ON PFI PROJECTS

范素玲(Su-Ling Fan)

《中國土木水利工程學刊》 31卷1期 (2019/03) Pp. 55-69

https://doi.org/10.6652/JoCICHE.201903_31(1).0005

摘要

PFI（Private Finance Initiative）系統，我國定義為「由民間機構籌資並負責公共建設之興建、營運，政府於營運期間購買該建設之一部或全部之公共服務，並依契約約定機制辦理付費」。近二十年來，政府面對全球經濟緊縮的壓力與局面，致力於公共建設投資，期望以擴張性之財政政策擴大國內需求，進而刺激並帶動國內經濟成長。然而市場上符合向使用者收費達完全自償之公共建設已日漸飽和，其低自償及無法向使用者收費之公共建設對國家發展仍有興建之急迫性，故PFI模式成為相關單位研擬之重點，此模式對政府而言；具有延遲給付之性質。對民間機構而言；可排除自償性不足之限制。然而，無論是廣義的BOT模式或是PFI模式，其最關鍵的問題在於，龐大財務資金的問題必須由特許公司負責，現行民間機構參與公共建設之籌資方式，除了自有資金外，多會以專案融資的方式向銀行取得融資貸款，其資金缺乏流動性與多樣性，相對也降低了民間參與意願。故本研究研擬將證券化之概念與PFI模式結合，不僅符合現行低自償率個案之需求，同時；資金的活化也相對提高民間機構參與意願。

關鍵字

PFI ； 金融資產證券化 ； 不動產證券化

並列摘要

The private finance initiative (PFI) is a way of creating ＂public-private partnerships＂ (PPPs) by funding public infrastructure projects with private capital. Developed initially by the governments of the United Kingdom and its variants have now been adopted in many countries as well as in Taiwan as part of the wider programme of privatisation and financialisation driven by an increased need for accountability and efficiency for public spending. However for private sector participation the investment of huge capital in financing the construction of the public, in addition to its own funds, the financing loans to banks will be necessary, which make the liquidity and diversity of cash flow for private sector lower so reduces the willingness of the involvement of private sector. Therefore, this study by literature review and interviews with experts in Taiwan aims at providing a practical practice of applying asset securitization to PFI projects to activate the liquidity of the cash of private sector so that to increase the willingness of involvement of private sector.

並列關鍵字

PFI ； Asset Securitization ； PPP