英文摘要 |
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. |