中央政府公共建設投資組合模式之研究

A Study on Central Government's Public Construction Investment Portfolio Patterns

中華民國中央政府從2001年至2010年10年之間，粗估投資了1000億新台幣，興建了大量的閒置或效益低落的各式各樣的公共建設建築量體。政府公共建設（public construction）類別繁多，有著具自償性但無外部效益或不具自償性但潛存著龐大外部效益，因此，如何將其作投資組合資產配置的優質規劃，擴大政府公共建設邊際效益，將可作為約制政治人物不理性的公共投資。此種公共投資決策的觀念，將是決定未來中華民國是否成為一個真正進入先進國家的契機。目前政府公共建設計畫計有23個次類別，均以個案計畫方式，缺乏整合規劃；雖經過多層級的嚴密審查與審議通過後，交付執行，但仍屢有成效不彰的公共建設案例，顯見個案計畫審議方式之投資決策，已出現嚴重瓶頸，顯有其侷限之處。投資組合資產配置的觀念，一直有效運用在商業投資領域上。由於公共建設現況諸多缺失，而有關政府公共建設之研究，確無運用投資組合資產配置之文獻，乃擬嘗試運用此財經投資的觀念，研究建構出各類型的公共建設投資組合模式之可行性，以供政府作投資決策時之參考。

It is estimated that the central government of the Republic of China has cast a total of about 100 billion NT dollars on the construction of a large quantity of idle or low effective public buildings within 10 years from 2001 to 2010. The categories of government's public construction are numerous, including self-liquidating nature with no external benefits and non-self-liquidating nature with huge hidden external benefits. Thus, how to wisely organize an investment portfolio to produce a superb asset disposition and then expand government's public construction marginal benefits can serve as a checking mechanism to restrain politicians from initiating irrational investment on public construction projects. This idea of public investment decision-making mechanism determines whether the Republic of China truly qualifies an advanced country.As of now, government's public construction projects cover a total of 23 sub-categories, which are carried out under case by case fashion with no integrated planning. Although the review and scrutiny operation has been strictly implemented via multi-level examination before handing over for execution, ineffective public construction cases are frequently found, proving that the decision-making mechanism on case by case review and scrutiny manner has come to a serious bottleneck with inbred flaws.A concept of investment portfolio on asset disposition has been successfully applied to the field of commercial investment for a long time. When we carefully examine the flaws of public construction projects, we haven't found any studies ever focused on the wise investment portfolio for asset disposition. This is why in this paper it intends to adopt the idea of asset disposition portfolio in engaging government's public construction projects in a way as to prove the feasibility of such investment portfolio concept for government's investment decision-making reference.