以政府觀點構建BOT計畫權利金模式

Modeling the Concession Fee for BOT Projects From the Government’s Viewpoint

長期以來，政府一直以自償率作為評估BOT 計畫可行性之重要指標，但是以往的研究忽略自償率與BOT 計畫權利金之關聯議題。因此，產生BOT 計畫自償率適用性之爭議及權利金與自償率脫勾之問題。本文的目的即是以財務現金流量觀念，利用數學解析方法，建構BOT 計畫政府財務決策模式，提出政府出資比例、民間出資比例、權利金，與政府財務回收率之間的完整財務模式，藉以改善自償率不適用於BOT 計畫財務決策問題。此外，本文以台北港貨櫃儲運中心BOT 計畫為例，以政府觀點求解民間出資比例、政府出資比例、權利金與政府財務回收率之最佳解。經實證分析顯示，本文模式具有可操作性與實用性，可替代作為目前BOT 計畫自償率指標之用。

The BOT (Build-Operate-Transfer) approach is a process where the private sector is granted a concession to plan, design, construct, operate and maintain a project in a certain period and then transfer to the government. This approach has been widely employed to implement infrastructure projects in many developed and developing countries around the world. The high financial returns is one of the critical factors in BOT contract delivery system. Only BOT projects with high financial returns condition can attract the private sectors. In the process of the financing planning, there are many assessment methods such as NPV, B/C, IRR, and PBY that can be used to evaluate the financing plan for BOT projects. To meet this need, in 1999, the Ministry of Traffic and Communication (MOTC) in Taiwan has developed a model for financing and for the evaluation of bidders’ proposal. The SLR (self-liquidation ratio) index has been applied to assess the financing plan for BOT projects according to the Act for Facilitation of Private Participation in Infrastructure Projects (AFPPIP). The SLR is a very important index for evaluating the financial ability of financial plan; however, prior studies show that the B/C has been widely used to evaluate the economical or financial effectiveness of an investment project (Daniel, 2002; Hanspeter, 1973; Asensio and Roca, 2001; Xing and Wu, 2000). The SLR and B/C are the same in their definitions. However, can SLR be used to evaluate the financial plan of the BOT project? Previous studies did not pay much attention on the issue of the relationship between SLR and the concession fee for BOT projects. This issue is seldom explored in past studies (Chang & Chen, 2001; Lu, 2000; Wu, 2002). The purpose of this paper is to introduce a new finance model in order to analyze the financial plan of the BOT project. In this paper, we compare the financial cash flow of a BOT with of a non-BOT project. Also, we define and develop the PCCR (private construction cost ratio), GCCR (government construction cost ratio), concession fee, and GFRR (government finance recovery ratio) indexes to analyze the financial characteristics of the financial plan for BOT projects. In addition, this study conducts a case study using the financial data of “Container Terminal in Taipei Port BOT project” to illustrate the application of the proposed model. The results of the case study show that the government can calculate the royalty as lump sum fee, output-based royalty or total revenue-based royalty of the BOT project. Also it shows that the royalty as lump sum fee is easier used than other methods for the public sector. In addition, the operation efficiency of the private sector using the total revenue-based royalty or the output-based royalty of the BOT project is better than using others. Moreover, the total revenue-based royalty (model I) and the output-based royalty (model II) are different in Qt × g* (1+φ)t-h and Rt ×θ* × (1+α)t-h. It shows that there exists relationship between PCCR, GCCR, ongoing royalty, and GFRR. The results of this case study show that, from the viewpoint of the public sector, the SLR index cannot be used to evaluate the financial plan of the BOT project new financial model for the BOT projects we have developed could be applied to the BOT projects practice.