運用專案融資開發公共工程基礎建設計畫-以台東縣BOO垃圾焚化廠興建及營運專案為例

• Main Author: 孫梓皓
• Other Authors: 邊裕淵
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/75177800362236640530

碩士 === 國立臺北大學 === 資源管理研究所碩士在職專班 === 90 === The basic concept of “Project Financing” is to finance a specific and independent project which has the ability to repay its debts using revenues generated through daily operation after completion of its construction phase on schedule. Such financing method is especially suitable for projects which need large sum of capitals, with high risks and cannot gather sufficient amount of funds through conventional finance. Therefore, large — scale infrastructure projects can usually benefit from Project Financing. For example, applied Project Financing on BOO/BOT scheme of large — scale infrastructure project can reduce the financial burdens on government finance, and encourage private investors to participate in the project. This thesis will summit following five suggestions for our government through discussion and probing of Project Financing on current government directed BOO/BOT scheme projects. 1. Government should set a clear and supporting policy. 2. Government should have an efficient executive branch. 3. Government should have cohesive law and regulations. 4. Government should provide investment incentives and necessary assistants. 5. Government should encourage developing of an effective domestic Project Financing market. Using “Construction & Operation Project for the Taitung County Waste Incineration Plant under BOO Scheme” project which was the first BOO waste incineration plant adopted Project Financing in Taiwan as a case study, the thesis will demonstrate the lender’s concerned on project’s self-liquidating abilities and various risk factors during the project operation period when reviewing the Project Financial Proposal and Project Insurance Proposal. Nevertheless, a reasonable Project Financial Proposal should demonstrate its economic benefits are steady and reasonable. It should able to withhold major risks and unfavorable environment factors. In contrast, a reasonable Project Insurance Proposal should not cover all the risk factors of the project to cause enormous insurance cost and jeopardize a sound economic plan. Under reasonable risk sharing principle, it should demonstrate the project’s insurance should only insure primary items with proper coverage and liabilities. It should share the risk using collaterals and supports provided by the relative parties of the project to control its risk and obtain lender’s approval.