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  • 學位論文

民間參與公共建設之財務可行性研究 -以台南市體育館為例

The Financial Accessibility of The Private Participation In Public Construction – The Tainan City Gymnasium as Example

指導教授 : 高儷華
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摘要


本研究主要在探討政府推動民間參與低自償率之運動設施類公共建設之財務可行性。本研究以台南市推動體育館BOT案為個案,建立三種不同的模式,進行財務試算分析,以瞭解何種模式具備財務可行性,使得能夠成功推動民間參與低自償率的公共建設。 本研究建立三種試算模式分別為:體育館BOT模式、體育館PFI模式、及體育館與附屬商業設施BOT模式。所謂PFI模式是指,政府推動民間參與低自償率的公共建設時,以分年支付固定的PFI費用給民間投資廠商,以補足自償率不足百分之百的部分,以增加投資誘因,並搭配獎懲機制以獲取較高的公共服務品質。在財務可行性的評估指標中,以自償率最為重要,自償率必須大於或至少為1才具有自償能力。試算結果發現推動單一運動場館的BOT案並不具備財務自償性。在自償能力不足下,不具投資誘因,難以吸引民間廠商參與投資,除非政府願意補貼或部分出資或增加其他投資誘因,以促使自償率能達成百分之百的目標。至於,本研究設計PFI模式及增加附屬商業設施的BOT模式,可達成自償率大1之目標。不論是體育館PFI或是體育館及附屬商業設施BOT,在自償率達成百分之百時,財務淨現值為正、內部報酬率亦大於折現率,所以均具備財務可行性。 此外,本研究進一步將上述三種模式財務試算出的財務評估指標,搭配風險因子及政府監督及財政負擔因子來設計公部門比較值(Public Sector Comparator,簡稱PSC值),以綜合評估PFI模式或附屬商業設施BOT模式是否比單一運動場館的BOT更物超所值(Value for money,簡稱VFM)。結果發現政府推動促參案時,不論是PFI模式或增加附屬商業設施的BOT模式,均較政府自建更具備VFM。

並列摘要


The aim of this study was to discuss the financial accessibility of the private participation in public constructions with low self-liquidation ratio. This study took the Tainan city gymnasium BOT case for example. We constructed three different models to do financial calculation analysis, to understand which model could have financial accessibility, and to promote the private participation in public constructions with low self-liquidation ratio. The three models are Gymnasium BOT model, Gymnasium PFI model, and Gymnasium with appendant commercial institutions BOT model. The PFI model means that when the government promotes private participation in public construction with low self-liquidation ratio, it pays off the total PFI fee in yearly installments to the private firms to make up the deficit part of self-liquidation ratio and to increase the incentives to investment. This model also involves penalty mechanism to gain better quality of public service. Within the indexes of assessment of financial accessibility, the most important one is self-liquidation ratio. Self-liquidation ratio ≧ 1 refers to capable self-liquidation. The results of calculation found that the Gymnasium BOT case didn’t have financial self-liquidation. In lack of capable financial self- liquidation, it’s hard to attract the private firms to invest, unless the government would offer subsidies or come up with other incentives to investment to achieve the goal of self-liquidation ratio of 100%. In contrast, the other two models of this study can achieve the goal of self-liquidation ratio of 100%. When the self-liquidation ratio equals to 100%, both of the Gymnasium PFI model and the Gymnasium with appendant commercial institutions BOT model can have positive net present value and greater internal rate of return than discount rate. Therefore, both of the two models have financial accessibility. In addition, this study combines the financial assessment indexes, resulted from financial calculation of the three models, with risk factors, government surveillance and fiscal burden factors to design the Public Sector Comparator (PSC). Then we can see whether the Gymnasium PFI model or the Gymnasium with appendant commercial institutions BOT model has greater value for money than Gymnasium BOT model. In conclusions, when the government promotes private participation in public constructions, both of the PFI model and the BOT model with appendant commercial institutions have greater value for money than the government-self-construction model.

並列關鍵字

PFI BOT Low Self-Liquidation Ratio

參考文獻


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