不確定財務環境下之BOT計畫自償率與財務資源分配分析

Analysis of Self-liquidation Ratio and Financial Resource Allocation for BOT Projects with Uncertain Finance Environment

康照宗(Chao-Chung Kang) ； 馮正民(Cheng-Min Feng) ； 羅文聖(Wen-Shen Lo)

《管理與系統》 14卷3期 (2007/07) Pp. 359-386

摘要

自償率或淨現值法常被用來評估BOT計畫財務效益分析之用。但是，這些指標僅止於說明計畫是否具備投資可行性，無法有效詮釋政府或融資者對計畫財務能力之貢獻，亦無法解釋政府、融資者與民間公司在計畫中之財務分配問題。因而，本文目的在於利用數學規劃概念，分別構建修正自償率與法定自償率數學規劃模式，並以台北港BOT計畫進行實證分析。研究結果顯示，考量計畫財務資源，得修正自償率為1.584093，法定自償率為1.349319，此較政府所評估之自償率1.16為高。若將財務影響因素納入考慮，修正自償率與法定自償率分別降為1.527719與1.302056，但亦較1.16為高，民間尋求融資機構更多的協助，從而降低其投資風險。經本文分析顯示，政府或融資者參與本計畫與否，對於提升計畫自償能力影響甚鉅。同時，本文模式可解釋三者在計畫之財務分配情形，改善現行自償率之缺失。

關鍵字

BOT計畫 ； 自償率 ； 數學規劃 ； 財務資源分配

並列摘要

The self-liquidation ratio (SLR) or net present value (NPV) has been widely used to evaluate the financial effect of Build, Operation and Transfer (BOT) projects by some studies. However, they are good only for demonstrating the financial potential of an investment project, not able to show financial ability of the BOT projects invested by public or financial institutions or fail to display the financial investment resources allocation in financial project among private, financial institutions, and public sector. The purpose of this study is to formulate the mathematical programming and fuzzy programming models for analyzing the SLR and SLR-extension indexes respectively by using the mathematical programming approach. Meanwhile, The Taipei Port BOT project was conducted as the case study to measure SLR-extension and SLR, respectively and the result shows that the SLR-extension values computed by programming model and fuzzy programming models are higher than that of the SLR for Taipei Port BOT Projects. From which we learn that these models developed herein can demonstrate the increasing financial ability of BOT projects with government joint-venture investment, and these models can also be applied to illustrate the phenomenon of the allocation in financial resources for BOT projects.

並列關鍵字

BOT Project ； SLR ； Mathematical Programming ； Financial Resource Allocation

參考文獻

公共工程委員會(2001)。民間參與公共建設財務評估模式規劃。

交通部(1999)。交通部辦理民間參與交通建設計畫作業手冊。

交通部基隆港務局(2001)。徵求民間機構參與興建暨營運台北港貨櫃儲運中心－建設財務報告書。

邱裕鈞、沈秋美(2005)。不確定環境下的交通建設BOT計畫權利金模式。運輸學刊。17(2)，123-146。

陳天賜、徐榮崇(1995)。我國交通建設之財務自償率探究。台灣銀行季刊。46(1)，1-14。