市地重劃財務模型之建構與探討

Financial Model for a Urban Land Readjustment Project

市地重劃涉及多項不同之工作內容，諸如行政作業、整地及道路工程、地上物拆遷補償等等，這些作業均涉及不同年度所需經費之支出，而成市地重劃之成本面；而市地重劃之收益面主要來自於抵費地之標讓售所得，此項所得發生在整個作業過程的最後階段。本文依據市地重劃現行法令規定及實務操作情形，以數理經濟概念推導財務模型並以利潤方程式來表示；為瞭解各項因素對於財務影響之基本性質，在其他影響財務之變數均維持不變下，以所歸納的外生變數對利潤及平均成本等內生變數取一階偏微分，來做為影響性質判別。初步獲致：費用平均負擔比率、重劃總平均負擔比率、無償提供開發土地比率等越大時，總利潤越大，平均成本越小。但公共設施用地平均負擔比率、讓售抵費地面積比例、重劃後無償取得公共設施比率、行政作業費、公共設施每公頃工程費、地上物補償費等越大時，總利潤越小，平均成本越大。這些性質可以提供在辦理市地重劃前進行都市計劃規劃之參考，事前了解其對於市地重劃財務的影響，並且預為因應，以免窒礙難行。 The cost of a urban land readjustment (ULR) project involves different kinds of expenditure like administration, public facilities construction, compensation for removing private properties and else. And the sale of “Cost Equivalent Land” brings ULR the revenue. This paper uses the concept of fundamental methods of Mathematical Economics to spread out the financial model of a ULR project. The partial derivative of Profit and Average Cost with respect to exogenous variable respectively is also used to judge the effect, holding the values of all the other variables fixed. This paper finds that: the more the Average Burden Ratio of LR Expenditure, the Total Average Burden Ratio of LR, the Ratio of Free Taking Land are, the more(less) the Profit(Average Cost) can get; the more the Average Burden Ratio of the Land of Public Facilities, the Ratio of the Cost Equivalent Land sold to specific persons, the Ratio of Public Facilities, administration expenditure, the Average Cost of Public Facilities Construction, the Compensation of Removing Private Properties are, the less(more) the Profit(Average Cost) can get. The analysis above brings some merits. As we know, the completion of a ULR project can only follow a Urban Plan. The understanding of the financial effect of a ULR project can promote the efficiency of urban planning.

The cost of a urban land readjustment (ULR) project involves different kinds of expenditure like administration, public facilities construction, compensation for removing private properties and else. And the sale of “Cost Equivalent Land” brings ULR the revenue. This paper uses the concept of fundamental methods of Mathematical Economics to spread out the financial model of a ULR project. The partial derivative of Profit and Average Cost with respect to exogenous variable respectively is also used to judge the effect, holding the values of all the other variables fixed. This paper finds that: the more the Average Burden Ratio of LR Expenditure, the Total Average Burden Ratio of LR, the Ratio of Free Taking Land are, the more(less) the Profit(Average Cost) can get; the more the Average Burden Ratio of the Land of Public Facilities, the Ratio of the Cost Equivalent Land sold to specific persons, the Ratio of Public Facilities, administration expenditure, the Average Cost of Public Facilities Construction, the Compensation of Removing Private Properties are, the less(more) the Profit(Average Cost) can get. The analysis above brings some merits. As we know, the completion of a ULR project can only follow a Urban Plan. The understanding of the financial effect of a ULR project can promote the efficiency of urban planning.