高鐵資產折舊攤提與特許期間變更之研究

李澍華(Flora Lee)

指導教授 ： 黃俊杰

國立中正大學/管理學院/會計資訊與法律數位學習碩士在職專班/碩士(2013年)

摘要

高鐵BOT計畫為國內第一例BOT案件，就投資金額及建設規模為國內最大者，然而台灣高鐵公司自96年初開始營運以來，即面臨營收不足以支應高額固定資產折舊費用及利息費用之財務問題，致造成公司嚴重虧損情形，同時，於剩餘特許年期，尚須面對聯貸本金償還及政府回饋金繳納，前述問題涵蓋會計應計基礎及現金基礎下資金不足之問題。對此，本論文先從興建營運合約及法律規定層面，探討前揭財務問題可能之解法，進而援引英法海底隧道案例經驗為借鏡，探求其他可能之處理方式。最後，對於因政府間接投資與介入經營，使計畫發生偏離BOT制度之現象，本文嘗試從國家擔保理論闡釋及探討政府於公私合夥關係中所扮演的角色與責任，並以健全BOT計畫之財務與使其回歸BOT運作機制為目的，提出本文建議之財務改善方案及措施。

本文探討之議題包括：一、探討興建營運合約之法律屬性及救濟程序；二、依契約及法律規定，探討高鐵財務問題之解決方式；三、探討台灣高鐵公司得否就資產折舊攤提不合理之形成原因，依法主張情事變更原則；四、探討特許期延長期間及其他改善台灣高鐵公司財務狀況之配套措施。

關鍵字

國家擔保理論 ； 英法海底隧道 ； 情事變更 ； 行政契約 ； BOT ； 高鐵 ； 公私夥伴關係

並列摘要

The Taiwan High-Speed Rail BOT project is the primary BOT case in Taiwan, and is the largest one in Taiwan with the amount of investment and construction scale. However, since its initial operation for the Taiwan High-Speed Rail Corporation (herein, as THSRC) in early 2007, the company has faced the fiscal issue with shortage of revenue from paying off the high cost of depreciation of fixed assets and interest, thereby, causing severe loss for the company. Simultaneously, for the remaining concession years, the company still needs to pay back the indebted principle of syndication loans to the banks, and rebate to the government. The aforementioned issues cover the underfunded issues with accounting accrual basis and cash basis. In such regard, this paper, hereby, shall start with the “Construction and Operation Agreement” and the aspect of legal requirements, in order to look into the potential solution for the supra financial crisis. Then, we can refer to the experience from “Eurotunnel” case, so as to seek other possible solution for THSRC’s financial issues. Finally, due to the government's indirect investment and interfered management of the company, such phenomenon led plan against the true BOT rule and principle. This paper attempts to explain and look into the role and responsibility of the government in a public-private partnership (PPP), based on the “theory of state ensuring.” This paper shall propose the sound finance and such improved measures of this BOT project, with the purpose of tacking back onto the true BOT operation mechanism.

The issues this paper looks into, include: First, we get into the legal attribute of “Construction Operation Agreement” and relief program. Secondly, in accordance with contractual and legal provisions, we look into the resolution pattern for THSRC’s financial issues. Thirdly, we probe the reason for weather the asset depreciation and amortization is irrational, subject to the advocate legal principle for change of circumstances. Lastly, we look into the extension of the concession and other supporting measures for improving the financial condition of the THSRC.

參考文獻

1.林坤銓，台灣高鐵財務改善方案之研究─減資再增資之財務可行性，國立政治大學行政管理碩士學程，98年。

3.陳建芬，英法海底隧道之財務重整分析，國立政治大學行政管利碩士學程，99年6月。

4.許登科，德國擔保國家理論為基礎之公私協力（ÖPP）法治－對我國促參法之啟示，國立台灣大學法律研究所博士論文，97年6月。

7.黃立，工程承攬契約中情事變更之適用問題，政大法學評論，第119期，100年2月。

3.Laurent Vilanova, Financial Distress, Lender Passivity and Project Finance: The case of Eurotunnel, University of Lyon 2 – COPISORG, September 2006.