資本結構決策與BOT專案特許公司財務風險探討－以台北市平價旅館BOT案為例

Capital Structure Decisions and BOT Concessionaire's Financial Risk-The Case of Taipei Medium-price Hotel Project

蔡榮根(Lung-Ken Tsai) ； 廖咸興(Hsien-Hsing Liao)

《中國土木水利工程學刊》 21卷4期 (2009/12) Pp. 503-514

https://doi.org/10.6652/JoCICHE.200912_21(4).0010

摘要

本研究探討BOT專案特許公司在不同資本結構下，面臨之財務風險。資本結構同時影響計畫的股權與債權的資金成本，是以攸關計畫財務成敗。透過模擬台北市平價旅館BOT計畫，以不同資金成本計算方式分析特許公司在不同資本結構、不同情境下之投資效益及風險。模擬結果發現淨現值法與修正內部報酬率法等投資效益指標評估結果差異甚大，顯示BOT專案計畫的資本結構對未來計畫成敗有重大影響。不論政府部門，金融機構，或投資人都應特別重視。

關鍵字

BOT ； 財務風險 ； 資本結構 ； 資金成本

並列摘要

This paper examines the effects of capital structure decisions on the financial risk of a BOT concessionaire. Capital structure decisions affect the costs of capital of both equity and debt holders and therefore are relevant to a project's success. This paper employs the case of Taipei medium-price BOT Hotel Project to conduct the investigation. The results show that different capital structures significantly affect the performance of the project under different scenarios either in terms of net present value or modified internal rate of return. The results show that capital structure decisions are crucial to BOT project success. Hence, all related interested parties, governments, banks, and investors should pay special attention to it.

並列關鍵字

BOT ； financial risk ； capital structure ； cost of capital