捷運建設系統之溢價回收及其財務自償與風險分析

Value Capture of Mass Rapid Transit System and Its Self-Financing and Risk Analysis

彭怡翠(Yi-Tsui Peng)

指導教授 ： 馮正民 ； 康照宗

國立交通大學/管理學院/運輸與物流管理學系/碩士(2018年)

摘要

行政院於101年核定「跨域加值公共建設財務規劃方案」，目的在提高公共建設計畫的財務自償性，以減輕政府財政負擔，提出公共建設的資金籌措、基金運作、審議標準等對應策略，要求地方政府在興建公共建設之時連同周遭影響範圍內的土地一併開發，透過財稅方法或開發回饋達到溢價回收(Value Capture)，並於審查作業中將收益加入自償率門檻，促使地方政府為提升財務自償能力而努力；因應此目的，「大眾捷運系統建設及周邊土地開發計畫申請與審查作業要點」亦要求捷運建設計畫的自償率計算應納入溢價回收的財源，包含周邊土地經過再開發以及實施租稅增額融資（Tax Increment Financing, TIF）的收益。
地方政府在自身利益最大化的考量下，可能透過高估捷運建設計畫的自償率以爭取通過財務審查，本研究考量溢價回收財源的不確定性會引發的財務風險，建立一套流程以推估一捷運建設計畫合理的自償率。本研究以Ye and Tiong (2000)提出NPV-at-risk的概念，估計溢價回收財源隱含財務未達核定金額的風險，再基於陳佑昇(2017)建立以地方政府利益最佳化觀點的多目標數學規劃模式，求解最適之自償性財源規劃。研究結果期望能協助地方政府合理的預期財務效益，並提供中央政府更多建設計畫的財務資訊，以利其有效督促政府的資金運用情況。

關鍵字

溢價回收 ； 稅金增額融資 ； 增額容積 ； 自償率 ； 多目標規劃

並列摘要

In order to improving the self-finance ability of a rapid transit construction and reduce financial burden of local governments, the Council for Economic Planning and Development implemented ”Project for Cross-Field Value-Adding in Public Works Financial Planning”, which requests local governments to develop the public construction together with the land within the scope of the affected area, achieve the value capturing as financial resources through fiscal methods or development feedback. For this purpose, the “Guidelines for Application and Review of Plans for Mass Rapid Transit System Construction Projects & Development of Adjacent Land” also require that the calculation of the self-liquidation ratio (SLR) of the rapid transit construction should be incorporated into the value capturing resources, including the redevelopment of the surrounding land and the implementation of the tax increment financing (TIF).
Under the consideration of the maximization of self-interest, local governments may seek to pass financial examination by overestimating the SLR of the rapid transit construction. This study considers the financial risks arising from this uncertainty of financial resources, and establishes a set of processes to estimate the reasonable SLR for a rapid transit construction. In this study, the concept of NPV-at-risk proposed by Ye and Tiong (2000) is going to be used as estimatomg the earning from value capturing which implies risk of financial failure to reach the approved amount. This study applied the multi-objective mathematical model proposed by Chen (2017), which is based on the optimization of local government interests and aim to solve the most suitable financial planning. The results of the study are expected to help the local government to reasonably anticipate the financial benefits and provide the central government with more financial information for the construction project so that they can effectively supervise the fund usage of local governments.

並列關鍵字

Land Value Capture ； Tax increment financing (TIF) ； Self-Liquidation Ratio (SLR) ； Multi-Objective Programming

參考文獻

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