過去文獻討論BOT計畫之風險分攤或利潤分享議題,鮮少將此二者一併考慮,忽略計畫不確定性的真正要義,無法達到風險分攤或利潤分亭的目的。因此,本文以政府角度觀點,嘗試設計一套整合風險分機和利潤分享功能的機制,為以補充過去文獻研究之不足。本文所建構之模型,係針對計畫之需求風險,利用運量係詮金和權利金兩項政策工具,動態調整特許公司實際報酬水準,在設定特許公司完全負擔興建成本的條件下,研擬計畫之運量保證機制和權利金機制,並估算運量係盡量與權利金的價值。根據本文模式顯示,本文的運量保證與權利金組合機制,將使政府承擔需求風險和需求利益,但仍然把其餘的風險和利益轉移給私部門。另外經由實例分析顯示,本文所發展之模式具有可操作性和實用價值。
There have been few studies to explore the relationship between risk-sharing and revenue-sharing within BOT projects, although many studies have explored issues of risk-sharing and revenue-sharing separately. However, to achieve the objectives of risk management and revenue-sharing it is critical, during the operational phase, to construct a balance mechanism between risk-sharing and revenue-sharing for BOT projects. In this paper we have shown a mathematical model for assessing risk-sharing and revenue-sharing based on income-guaranteed and royalty computed alternatives and then taking into account a balance mechanism. The mathematical model describes the relationship between risk-sharing and revenue-sharing using the real option approach from the public utility viewpoint. Additionally, this paper conducted a case study with the Taipei Port Container Logistic BOT project to find the operation income-guaranteed and royalty computed income, respectively. Results of the case study show that the developed model can be applied to describe the relationship between risk-sharing and revenue-sharing for BOT projects and the balance mechanism between the public utility and the private-sector.