民間參與公共工程之專案融資探討-以交九案為例

Financing of private participation in public work projects-Case Study of Zone T-9

陳亞戀(Ya-Lien Chen)

指導教授 ： 趙慕芬

淡江大學/管理學院/企業管理學系碩士在職專班/碩士(2012年)

https://doi.org/10.6846/TKU.2012.01266

摘要

隨著社會經濟的發展，政府近年來積極鼓勵民間參與公共建設，期望借重民間機構的活力、專業能力、資金及效率，參與公共工程之興建及營運。由於BOT與專案融資模式皆由國外引進，所涵蓋領域涉及財務、法律及工程等層面。其推動成功最關鍵仍在於專案融資之可行性，得以順利興建完工及營運。 本研究除了探討促進民間參與公共建設之理論與BOT制度之實務運作。公共建設的緣起、意義及公私協力定義、BOT理論及法源依據、類型、契約架構等；並述及前置作業、招商作業、議約及簽約等議題；再就BOT 專案計畫關鍵「專案融資」之起源、架構、意義、類型、與傳統融資之差異、信託理論、政府「融資協助機制」、風險評估、債權保全等進一步研析；最後援引評析臺北車站特定專用區交九用地，俾結合專案融資理論與實務。 推動公共建設之成敗關鍵，係取決於計畫本身是否具有融資可行性及風險分擔，透過各項合約規範之相關權利與義務。配合信託機制、有償移轉機制及抵押權設定機制，以穩健的方式評估現金流量，並採分期償還之方式逐漸收回銀行債權。以俾利BOT計畫順利執行及確保融資機構之債權。 最後歸納具體結論並提出可行建議，以供主管機關、金融機構與實務人士擬訂推動公共工程之策略及相關機構辦理類似案件前置規劃及執行之參考，以改善民間機構能順利取得專案融資，協助政府順利推動重大公共建設。

關鍵字

專案融資 ； 民間參與公共建設 ； 融資協助機制 ； 風險評估分析

並列摘要

With the vigorous development of Taiwan economics in recent years, to fully utilize private sector's flexibility, capability, capital and efficiency, Taiwan Government has encouraged private participation in the public construction, development and operation. Concept and theory of BOT and project finance originate from abroad and cover a wide range of spectrums, including finance, legal, engineering, etc. To facilitate smooth and successful completion of construction and operation, the most important key to success of development lies on the viability of project finance.

This essay starts with detailed analysis on theory for Public-private partnership and the practical operation of BOT scheme, including origin and meaning of public construction, definition of public-private partnership, BOT theory of scheme and legal sources, categories, and contractual structure as well as topics regarding preparatory stage, request for proposal, contract negotiation and contract signing process, etc. Secondly, this essay has further analyzed on the origin, structure, definition, and different categories of project finance, the core element of BOT, and its difference from traditional finance. It is also focusing on trust theory, governmental financing assistance and a trust mechanism, risk assessment, and protection of credit bank. Thirdly, this essay will use the actual T-9 BOT project as a successful example to further elaborate the theory and practicality of project finance.

The feasibility of project finance and the risk diversification are the key factors to success of public construction and development. With reference to trust mechanism, compensated transfer mechanism, and the creation of mortgage, the related rights and obligations should be defined clearly through the contract, and the cash flow should be estimated by a robust method, using installment payment as the repayment plan for loans, to facilitate smooth execution of BOT plan and protect creditors’ rights.

Finally, this essay sums up all the analysis to yield a concrete and practical recommendation for government, financial institutions, academic circles, and practice field to foster the development of future public construction strategy and as further reference for preparatory planning and execution for relevant government agency to launch similar project to enhance the smoothness for private sectors to receive project finance and to facilitate government for major public contractions.

並列關鍵字

Project finance ； public-private partnership ； financing support mechanism ； risk assessment analysis ； analysis for credit bank protection

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