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  • 學位論文

公有非公用土地設定地上權之財務分析研究-以臺東某觀光飯店財務評估為例

Financial Analysis for Superficies on Public Lands - A Case of Tourist Hotel Development in Taitung

指導教授 : 吳宗哲

摘要


公有土地是國家重要資產,為實現國家發展政策之重要工具,惟近年來,在公有土地永續經營之理念下,政府部門各公產管理機關對於處分業務,已從原有之租、售轉型至全方位開發層面,透過都市更新、設定地上權、與民間或各級政府目的事業主管機關合作開發等方式,活化公有土地;這由政府提供土地,供民間出資興建之合作模式,不僅可節省政府財政支出,提升公有土地之價值,還可讓民間有充分參與之機會,增裕公庫,創造公、私多贏之局面。 本研究主要探討公有非公用土地提供民間投資開發時,「財務評估與協商談判」為公私部門雙方之重要投資過程與決策,尤其「財務評估」更是影響整體投資或開發計畫可行性之重要關鍵。 為實際模擬財務評估,本研究以臺東縣政府非公用住宅區土地設定地上權招標,限制為旅館使用,並以其觀光飯店之財務報表為例,研究其財務評估之效益。本案例經各參數之假設後,進一步求得現金流量表並進行效益評估;經財務試算顯示,回收年限須自第19年起始能進行回收,收取權利金之淨現值 (NPV)為5,448萬元,計畫內部報酬率(IRR)為6.03%,自償率(SLR)達2.27,尚屬樂觀之投資計畫,就本案而言值得開發,惟本案例回收年限較長所造成之風險,可能會對民間參與投資之意願有所影響。另外,透過敏感度分析,本研究發現收入面(主要為客房及餐飲收入)之變動,其敏感度影響最高,爰民間投資者,需加強及控管其營收狀況,為後續營運獲利之重要因子。

並列摘要


Public land is an important national asset and tool for the completion of national development policies. However, in recent years, with the concept of sustainable public land management, public departments and government agencies has transformed the disposition of public property from rent or sale to activation of public land, such as urban renewal, superficies on land, and cooperation with civil or local authorities. Through this co-op approach, a win-win situation between public and private sector can be achieved by saved fiscal expenditure, enhanced land value, and increased opportunity for private sector participation. This study focused on financial analysis, the key factor when private sector evaluating public land development projects. We apply a case of land superficies restricted to tourist hotel development in Taitung County. Based on presumed factors, we calculate cashflows for financial assessment. The simulation results indicate an optimistic and acceptable development with 19 years of payback period, $54.48 million of NPV, 6.03% of IRR, and 2.27 of SLR. However, the risk related to long development period could still affect the willingness of investment in private sectors. In addition, through sensitivity analysis, we find that the change of income, mainly room and dining incomes, is the one with the highest impact. Therefore, investors need to enhance and control the revenue for further operating profit in the project.

參考文獻


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被引用紀錄


陳怡安(2016)。公有非公用土地設定地上權運作模式之研究 —國有土地與臺北市市有土地之差異分析〔碩士論文,國立臺北大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0023-1005201615102306

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