BOT計畫之運量保證與權利金平衡機制之研究

過去文獻討論BOT計畫之風險分攤或利潤分享議題，鮮少將此二者一併考慮，忽略計畫不確定性的真正要義，無法達到風險分攤或利潤分亭的目的。因此，本文以政府角度觀點，嘗試設計一套整合風險分機和利潤分享功能的機制，為以補充過去文獻研究之不足。本文所建構之模型，係針對計畫之需求風險，利用運量係詮金和權利金兩項政策工具，動態調整特許公司實際報酬水準，在設定特許公司完全負擔興建成本的條件下，研擬計畫之運量保證機制和權利金機制，並估算運量係盡量與權利金的價值。根據本文模式顯示，本文的運量保證與權利金組合機制，將使政府承擔需求風險和需求利益，但仍然把其餘的風險和利益轉移給私部門。另外經由實例分析顯示，本文所發展之模式具有可操作性和實用價值。

關鍵字

BOT計畫；需求風險；風險分攤；利潤分享；運量保證；權利金

並列摘要

There have been few studies to explore the relationship between risk-sharing and revenue-sharing within BOT projects, although many studies have explored issues of risk-sharing and revenue-sharing separately. However, to achieve the objectives of risk management and revenue-sharing it is critical, during the operational phase, to construct a balance mechanism between risk-sharing and revenue-sharing for BOT projects. In this paper we have shown a mathematical model for assessing risk-sharing and revenue-sharing based on income-guaranteed and royalty computed alternatives and then taking into account a balance mechanism. The mathematical model describes the relationship between risk-sharing and revenue-sharing using the real option approach from the public utility viewpoint. Additionally, this paper conducted a case study with the Taipei Port Container Logistic BOT project to find the operation income-guaranteed and royalty computed income, respectively. Results of the case study show that the developed model can be applied to describe the relationship between risk-sharing and revenue-sharing for BOT projects and the balance mechanism between the public utility and the private-sector.