稅收增額融資（TIF）納入捷運建設計畫審查制度之財務分析

FINANCIAL ANALYSIS OF APPLYING TAX INCREMENT FINANCING TO MRT PROJECT REVIEW

臺北都會區捷運系統營運以來，捷運車站周邊房產價值上漲顯著，進而提高地方相關稅收。然而，過去中央政府補助地方捷運建設，卻未獲得來自地方稅收增加的回饋。鑑此，政府擬藉由「稅收增額融資」制度（tax increment financing, TIF），將未來公共建設投資所增加之稅收部分，作為償還建設經費之擔保，藉以融資並專款專用，進而提高捷運建設財務自償能力。爰此，本文擬在「稅收增額納入捷運建設財源」之政策思維下，建立財務分析模型，並以臺北捷運系統萬大─中和─樹林線為例，進行財務模擬分析，期能明確自償率與審查門檻間關係，進而推導出計畫自償可行區間，而有助於建立國內捷運建設之審查標準。

The land value around MRT stations has increased remarkably since the operation of the Taipei MRT system, and this enables the local government to levy more land-related taxes on the land around MRT stations than elsewhere. However, the central government subsidizes local government MRT construction fees, which are not repaid to the central government. Therefore, the central government has recently developed the Tax Increment Financing System to capture the appreciation of land value and to increase the source of taxation so as to cover part of the construction expenses and to improve the self-liquidation ratio (SLR). Within this context, this paper aims to set up the financial model and selects the Wanda-Zhonghe-Shulin line within the Taipei MRT system as an example for a financial analysis. Through this financial analysis, this paper explores the relationship between the self-liquidation ratio and the review threshold related to the feasible range. Finally, this paper discusses some of the policy implications of findings that serve as a reference for establishing a future review system for MRT projects.