A Construction of Financial Analysis Model on Zone expropriation

• Main Author: 柯俊宏
• Other Authors: 盧秋玲
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/45513653542288223648

碩士 === 元智大學 === 管理研究所 === 91 === Since 1991, the government has gradually been proceeding with land exploitations by zone expropriation to obtain the lands for public facilities or develop new communities. This has saved some expenses in public-construction budgets for the government. However, the environment-wide depression affected the estate trade in recent years, resulting in a symptom of land-auctioned difficulties for some development cases of zone expropriation after the exploitations. Under such circumstances, even though it was intended to pay back for the development costs with the revenues of the auctioned lands, the development of financial self-liquidity zone expropriation couldn’t be sold out to the markets with the original schedule or price, and it affected the whole financial quality, failing to meet the financial self-liquidity. Therefore, the recent development cases pay much emphasis on financial analysis in the viable assessment period. Based on such a demand, the study tries to construct the model of financial analysis on zone expropriation according to relative practical experiences and literature review. The model starts with the contents of original city planning and the gratuitous public facilities on relative regulations of zone expropriation. With the help of two concepts in financial analysis---net present value and statement of cash flow, development-costs analysis and development-revenues analysis are put into analysis in turn. While development-costs analysis consists of estimation of cash compensation, the ratio of cash compensation by land owners, estimation of facilities compensation and migrated-expense, estimation of public facilities and land unscrambled-expense, and estimation of loan-interests, development-revenues analysis is composed of the analysis of land-auctioned and land-attorned prices after development, and the analysis of land-sales period. Then, the statement of cash flow is made accordingly. Furthermore, five variables are inducted from development-costs and development-revenues, adding the ratio of pay-for-land. These six variables are then used to proceed with sensitivity analysis. The largest three variables of net present value are chosen for scenario analysis with one another, inducing the final result of analysis. If the result can’t meet the financial self-liquidity, it can follow up the feedback mechanism to revise the ratio of original gratuitous public facilities or the contents of city planning. Finally, on the principle of meeting financial self-liquidity, the ratio zone of pay-for-land is proposed to the relative committee or commissioners to make the final decision. The study also proceeds with practical simulated analysis with two cases so as to make the model of financial analysis on zone expropriation clearer. Simply put, through objective results of financial analysis, zone expropriation investigates all contents of city planning, predicts the viability of the ratio of areas of gratuitous public facilities, and set up a reasonable ratio of pay-for-land.