BOT財務模式之探討與研究－以台灣高速鐵路為例

Study on BOT Financial Model-The Case of Taiwan High Speed Rail

侯佩如(Pey-Ru Hou) ； 張陸滿(Luh-Maan Chang) ； 廖慶隆(Ching-Lung Liao)

《中國土木水利工程學刊》 24卷4期 (2012/12) Pp. 357-366

https://doi.org/10.6652/JoCICHE.201212_24(4).0003

摘要

以民間參與的方式推動公共建設計畫，除了本身有相當高的技術風險存在之外，還承擔巨大財務投資的風險，而財務風險不但變數甚多，也非常受經濟發展之影響，使得執行與計畫間之變異甚大，甚至影響到建設計畫之推動，因此如何使得民間參與公共建設之財務推估及執行間之差距盡量降低，是很值得探討的問題。根據台灣高鐵公司已執行之財務數據，加予深入探討得知：折舊方式對於民間參與公共建設計畫之財務影響甚大，且興建完成後之資產價值顯然影響其財務比率。因此，建議未來對民間機構投資範圍的設定及容許範圍，應預先研擬對策。

關鍵字

民間參與公共建設 ； 財務計畫 ； 台灣高鐵 ； 折舊

並列摘要

When private sector participates in public construction project, it involves with high technical risk and has to bear heavy financial risk. The financial risk contains many uncertain variables and is easily affected by the macro-economic development. Consequently, the risk enlarges the gap between the actually executed and the originally planned. And even, it profoundly influences the later development of the overall construction project. The purpose of this paper is to present a study result that tried to minimize the gap. The study was based on the actually executed financial data and model used in Taiwan High Speed Rail BOT Project. After prudent analysis and synthesis, the result demonstrates that the depreciation method and the value of assets after completion of the project have significant impact on the finance ratios of the BOT project. Therefore, a suggestion is made that government should pre-formulate effective measures on the definition of investment scope and the options of investment items for private sector's participation when a BOT project is initiated.

並列關鍵字

BOT ； financial structure ； high speed rail ； depreciation