民間參與公共建設於民間機構財務計畫之探討與研究

近年來，高鐵建設已成為熱門話題之一，而早在民國六十幾年我國就已經著手研究超級鐵路計畫，也就是後來的「建設台灣南北高速鐵路計畫」，眾所周知，高速鐵路是技術層次很高的交通建設，本身就有相當高的技術風險存在。偏偏立法院又在1992年決議高速鐵路計畫以民間參與方式辦理，使高速鐵路計畫的推動，又額外承擔投資的風險，此投資風險讓民間來承擔是不是恰當，是一個很值得研究探討的課題。從報章雜誌的報導，雖然台灣高鐵公司很有執行的信心，但社會各界一直存有很大疑慮。由日本新幹線及法國高鐵的執行經驗來看，高速鐵路長期的投資報酬基本上是相當優渥的。但依台灣高鐵公司之財務報表，2007年股東權益544.06億元，至2009年股東權益減損為247.86億元，加上2009年11月以後開始償還借款，似乎有財務缺口問題。當年民間機構的投資額度遠超過申請須知之40%，是否也是原因之一，本文之研究即以台灣高鐵公司已執行之財務數據為依據，深入探討BOT案之資產結構特性，並比較現有會計制度的規定，進行折舊年限、借款利率及貸款率組合之情境模擬、分析與討論。由資本化利息模擬，回溯興建期營建物價波動及近年來經濟環境變化對高鐵客運量之影響，再以折舊後資本帳面值與未還本金斜率之比值判斷資產價值是否足供貸款擔保，之後討論資產重估與折舊的應用，初步發現財務缺口的問題只是在營運初期的異常現象。經本文對財務計畫研究結果，說明台灣高鐵計畫的財務是可分析、可預測及可模擬的，折舊方式對於民間參與公共建設計畫之財務影響甚大。還有，興建完成後之資產價值顯著影響財務比率，這些都是BOT案必須面對的課題。高鐵計畫之財務結構，經本文之分析探討，其財務缺口應該只是短期帳面上的表現。而且，對民間機構投資範圍的設定及容許範圍，應預先研擬對策，這些都可作為未來其他民間參與公共建設計畫之參考。

關鍵字

民間參與公共建設；財務計畫；高鐵；資金籌措；客運量；折舊

並列摘要

In recent years, BOT has become one of the hot issues. Early back to the 70s, the Government has started in on the Super Rail Project, which was later on transformed into the “Taiwan North-South High Speed Rail Project” (THSR Project). It is well known that THSR is a transit construction at high technical level with high technical risks in itself. Nevertheless, it was 1992 when the Legislative Yuan made resolution that THSR Project is built by private section participation. This caused additional investment risks during the impulsion of THSR. The felicitousness for private sector bearing investment risk as such is worthwhile explored. From the news on the media, the society has been doubtful despite THSR has confidence in execution. The experiences of ShinKanSen in Japan and High Speed Rail in France tell us that the long-term return on investment for THSR is lucrative basically. However, according to the Financial Report of THSR, the equity was 54.406 billion NT dollars in 2007, and decreased to 24.786 billion NT dollars in 2009. On top of that, THSR started to pay off loans in November, 2009. There seemed to be a finance gap. The investment amount of private sector was far above the limit of 40% could be one of the reasons. This article discusses about the features of capital structure for BOT and the simulation and analysis on the combinations of depreciation time limit, loan interest rates and loans ratio comparing to the current accounting system, all based on finance data executed by THSR. A simulation on capitalized interest, cost fluctuation of construction and economic impact on high-speed railway capacity is studied. Also, a scenario on capital, interest rates and loans ratio to determine the adequacy of the slope of mortgages and book value of total asset is analyzed. Finally the application of asset revaluation and depreciation is evaluated. The initial finding is the finance gap was just an abnormal phenomenon occurred at the beginning of operation. The financial study in this thesis concludes that the finance of BOT is analytical, predictable and simulated. The depreciation method and the value of asset after completion of the project have significant impact on finance, which needs to be taken into account for BOT. The study also concludes that the financial gap of THSR’s financial structure was determined as book value effect in the short term. The Government should formulate solutions for the division of investment scope and the options of investment items for private sector when a BOT project initiated. These suggestions can be widely applied to other BOT projects.

並列關鍵字

BOT ； High Speed Rail ； Financial Structure ； Capital ； Capacity ； Depreciation

參考文獻

30. 交通部高速鐵路工程局http://www.hsr.gov.tw, 2010年3月、2011年2月

27. 台灣高速鐵路股份有限公司http://www.thsrc.com.tw/tc/ , 2010年3月、2010年11月、民2011年2月

49. 陳錦村，商業銀行財務比率之特性，台北銀行經濟研究室，台北，民84年

69. 蘇惠秋，以不動產投資信託基金(REIT)投資特許開發區之可行性硏究 : 以高鐵新竹站為例，荷世平指導，國立臺灣大學土木工程學硏究所士論文，台北市，2007

11. Thomas M. Brinker, Jr., “Accounting and Taxation”, MAY 2004 Journal of Financial Service Professionals, Page 14

被引用紀錄

林彥彤（2015）。商議空間：「促進民間參與」的地上權開發〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342/NTU.2015.10887

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民間參與公共建設於民間機構財務計畫之探討與研究

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