資本密集型產業之舉債能力與目標資本結構分析： 以台灣高鐵與液晶面板業為例

Optimal Capital Structure and Debt Capacity Analysis in Capital-Intensive Firms: The Taiwan HSR and TFT-LCD Panel Maker Cases

謝耀陞(Yao-Sheng Hsieh)

指導教授 ： 李宗政

朝陽科技大學/管理學院/企業管理系/碩士(2009年)

摘要

摘 要
考量高度資本密集之投資案特性(如台灣高鐵與TFT-LCD面板業者)，不僅規模龐大、並且投資項目多具不可逆性(irreversible)。不可逆性係指資金一旦投入，所建構之資產將不存在其他可能用途的經濟價值，故將衍生新的問題：無法提供對等價值之擔保品，而不利於財務槓桿運作，且若是規劃採用較高的債權融資比例，勢必衍生加速侵蝕股東權益報酬之財務風險問題。因此，本研究旨在探討在不同的債權融資條件與資本結構比率下，該如何達到股東權益觀點之淨現值最大化目標(maximize the net present value of the equity investment)，藉此評估資本密集型之民間參與BOT公共建設與科技產業投資計畫之目標資本結構。本研究沿用McDonald (1999)提出的最是資本結構評估模式，並針對具有資本密集特性之BOT公共建設與科技產業(例如TFT-LCD面板業者)投資計畫特性重新加以闡述，其中，關於訂定目標資本結構(M*)之攸關變數包括：債權融資資金成本(i)、股東權益資金成本(y)、營所稅稅率(τ)、因負債比例增加導致債務利息加碼之增幅比例(i'')。本研究並以台灣高鐵於辦理第一期聯貸之財務數據與TFT-LCD面板業者之財務資料作為試算個案，試算結果得知，倘若台灣高鐵當時能夠符合BBB級之債信評等，亦不適用高達75%以上的負債比例，推論其中問題緣由有二：一是誤用經政府補貼之經建會中長期資金借貸利率為債權融資成本，即是以不符合金融市場需求的過低債權資金成本條件(i)來操作財務槓桿；二是忽略因顯著事業風險而隱含高度風險溢酬之股東權益資金成本(y)。另於TFT-LCD科技產業部份，同樣是面對投資資金不可逆性且高度資本密集之產業特性，加上液晶面板產業競爭態勢日益惡化，無非產生營業利益率的高度波動特性，高度影響資本支出所造成的產業風險，但由於台灣資本市場因無確切之信用評等的公告規範，使得資本市場無從允當考量其資本限額與舉債能力，使得因負債比例增加導致債務利息加碼之增幅比例(i'')無法適切評量。彙總上述試算分析結果，皆有高估投資計畫本身舉債能力之慮。

關鍵詞：資本密集、民間參與BOT公共建設、目標資本結構、舉債能力

關鍵字

舉債能力 ； 目標資本結構 ； 資本密集 ； 民間參與BOT公共建設

並列摘要

Abstract
Transportation infrastructure has been one of the major issues for the society and economy developments for developing countries. To discover the financial incentive for the private sectors, the major issues for the BOT investment project is to evaluate properly. Furthermore, the private sectors must face the problem that the project could not offer the equivalent collateral for financial leverage. The fund providers look primarily the cash flow from the project as the source of funds to repay the loans and provide the return on their equity invested in the project. As the risks inherited in the project are tremendous, the conflicts between private sectors (investors) and financial institutions (lenders) do exist. A BOT project financing requires careful financial engineering to allocate the project risks and rewards among the involved parties to reach a simultaneously acceptable condition. The appropriate BOT project capital structure depends not only on the expected profitability, operating and financial risks of the project, but also on the level of the default risk. The model by McDonald''s (1999) is modified to examine the optimal financial leverage in the capital-intensive BOT investment project. Under project financing arrangement, with the objective of maximizing net present value of an equity investment, the proposed model could be applied to enhance the quality of financial plan for a BOT project. Finally, the Taiwan High Speed Railway project is provided as an example to demonstrate our approach, this project faces the threat of bankruptcy with a heavy burden of tremendous interest payments on highly leverage. Our results find out the chief defects of the project financing planning of Taiwan HSR project are ignoring the tremendous operating risk to neglect the equity investor''s required return on equity of the BOT project and adopt the unsuitable interest rate because the sponsors of this project relied on Taiwan government subsidiary too much. In this study, we also have applied this optimal capital structure evaluation approach in TFT-LCD panel maker case because the capital intensive characteristic is manifest in TFT-LCD industry. Owing to there is no rigid regulation in credit rating in Taiwan capital market. Upon our research result, we also worried the TFT-LCD panel maker bears too much financial risk.

並列關鍵字

Debt Capacity ； Optimal Leverage ； Capital-Intensive ； BOT model

參考文獻

4、李宗政、江瑞峰，「中小(微型)企業創業籌融資管道之比較與探討：融資順位假說(The Pecking Order Hypothesis)之應用與實踐」，創業管理研究，4(1)，民國98年3月，頁85-114。

2、Dias, A., and P.G. Ioannou (1995) "Debt Capacity and Optimal Capital Structure for Privately Financed Infrastructure Projects," Journal of Construction Engineering and Management, 121(4), pp.404-414.

4、McDonald, J .F., (1999) "Optimal Leverage in Real Estate Investment," The Journal of Real Estate Finance and Economics, 18(2), pp.239-252.

5、Sheu, Her-Jiun, Yung Sun Wu, Soushan Wu and Chung-Cheng Lee, (1999) “An Option Pricing Approach to Evaluate BOT Transportation Infrastructure Investment Project,” Joint International Conference of the American Real Estate and Urban Economics Association (AREUEA) and the Asian Real Estate Society (AsRES), Maui, Hawaii, May 6-8, 1999.

參考文獻