應用土地價值獲取方案籌措捷運建設計畫資金──中央與地方政府賽局分析

Game Analysis of the Central and Local Government in Securing Funding for the Mass Transit Development Projects through the Implementation of Land Value Capture Schemes

The construction of mass transit systems is often seen as key to stimulating local economic development. Cheap fares make the immense cost of construction difficult to meet. The law allows local governments to apply to the government for development subsidies. The financial resources of the central government are finite; however, not all local government requests for subsidies can be met. The accessibility of mass transit systems generates a space spillover effect that increases the value of certain surrounding areas. If Land Value Capture (LVC) can be used to capture and channel the increase in value into the construction costs, this will enhance the self-financing resources of the project and reduce the pressure on the government budget. As a result, a new scheme was devised by the central government in 2011, requiring local governments to also include self-financing resources such as returns from the development of nearby land and tax increment when they submit an application for mass transit system subsidies. The information is used to decide whether to provide subsidies and the percentage of such subsidies. The result is a game of dynamic interactions between the self-liquidation ratio and subsidy ratio presented by the two parties. Game construction and analysis carried out in this essay, however, showed that such a regime not only failed to filter out impractical plans but also amplified self-interest and opportunism in the local government. The final equilibrium path saw the incorporation of the self-liquidation ratio into the finance plan by the local government and the raising of the self-liquidation rate. The self-liquidation rate was also increased until it coincided with the highest subsidized self-liquidation threshold in order to maximize central government subsidies. Previously approved mass transit plans serve as clear proof of such an outcome. In conclusion. the author recommends the inclusion of review standards other than financial self-liquidation ability to avoid derivative financial risks, moral hazard and other problems.