運用財務方法改善學生宿舍BOT案投資效益及財務可行性之研究－以國立聯合大學學生宿舍爲例

The Analysis of Enhancement of the Financial Feasibility of Dormitory BOT Projects in University at Taiwan-A Case Study with Nun Project

陳博亮(Bor-Liang Chen) ； 林志蒼(Chih-Tsang Lin) ； 鄧振鴻(Chen-Hung Tang) ； 莊培坤(Pei-Kuen Juang) ； 蔡宛螢(Wan-Ying Tsai)

《建築學報》 65期 (2008/09) Pp. 101-124

https://doi.org/10.6377/JA.200809.0101

摘要

教育部爲推動全國公有校區之發展，乃鼓勵國立各級學校採用民間參與建設方式，以加速推動校園建設，尤其是較具財務可行性之學生宿舍BOT受到最多的注意。但民間參與公共建設主要是注重於計劃之投資報酬與專案融資能力。因此建構一套穩健可行的財務分析，實爲獲得銀行融資之重要資訊。但一般純宿舍BOT案較不易具備財務可行性，故如何改善其財務可行性，實爲重要的研究課題。本文針對學生宿舍BOT案，以財務方法提昇專案之財務可行性，其中包括考慮股東出資比、延長償還期限、攤提重置費及降低貸款利率等。研究結果發現改變股東出資比與延長償還期限可以提升投資報酬率與計畫淨現值。攤提重置費可以提升償債比率與利息保障倍數。改變貸款利率可以減少還本期。這些的財務方法可以有效地提升學生宿舍BOT案之財務可行性，除有利於投資者將來投資者之融資取得外，並可以建構一套穩健且可行的財務計畫，使投資者及融資者達到雙贏。

關鍵字

BOT ； 專案融資 ； 財務分析 ； 現金流量 ； 獲利指標

並列摘要

In order to increase developing speed of the campus in schools or universities at Taiwan, the Ministry of Education urge authorities of the schools or universities to adopt the BOT scheme to implement the campus development. The BOT of dormitories attain much attention for their steady cash inflow. However, investors and bankers focus mainly on the financial feasibility of the projects. Hence, a sound and robust financial plan is a basic requirement for agents to raise the project funding. In general, the dormitories’ income could not provide sufficient cash inflows for the projects. Then, how to improve the financial situation becomes a critical issue to the authorities. This study aims to use financial means to enhance the financial feasibility of the projects, such as varying capital structure, extending repayment period, collecting annual fee for replacement fee, and varying interest rate. Results show that first two means can increase the rate of return and net present value, and the last mean can improve the DSCR and TIE at the same time. We believe that a suitable financial means can help both investors and bankers to reach a win-win situation.

並列關鍵字

BOT ； Project Financing ； Financial Analysis ； Cash Flow ； Profit Index

參考文獻

Bakatjan, Sandalkhan,Arikan, Metin,Tiong, Robert L.K.(2003).Optimal capital structure model for BOT power projects in Turkey.Journal of Construction Engineering and Management.129(1),89-97.

Kim, G. H.,An, S. H.,Kang, K I.(2004).Comparison of construction cost estimating models based on regression analysis, neural networks, and case based reasoning.Building and Environment.39,1235-1242.

McCowan, A.K.,Mohamed, S.(2002).Evaluation of build-operate-transfer (BOT) project opportunities in developing countries.Proc. of the 1st Int. Conf. on Creating a Sustainable Construction Industry in Developing Countries.(Proc. of the 1st Int. Conf. on Creating a Sustainable Construction Industry in Developing Countries).:

Tam, C. M.(1999).Build-operate-transfer model for infrastructure development in Asia: reasons for successes and failures.International Journal of Project Management.17(6),377-382.

Winston, W. L.(2001).Real Options & Product Princing Models.Newfield, NY:Palisade Corporation.