A Study on Trust of Private Participation in Infrastructure

• Main Authors: Pei-Yu Hsu, 徐珮瑜
• Other Authors: Yaw-kuang Chen
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/63631444888811847045

碩士 === 國立成功大學 === 建築學系碩博士班 === 96 === Regarding to the huge capital of public infrastructure, the government currently introduces folk enterprises to participate in building infrastructure; however, there is a causality between two factors: the risk of its publicly-owned land utilization, and folk enterprise getting fund. These factors make influence on the success of building infrastructures and operating as well. This research hopes to utilize the characteristic of trust to solve the risk problem of land utilization, probe into and build the structure and procedure constructed and handled public construction of folk participation with expert's interview by way of trust through the trust case at the same time. Currently, most private participation in infrastructure is held by setting up Superficies Right, and “trust” provides another type of land utilization, allowing financing organization to have one more protection of its creditors’ right under special project financing; besides, the government can smoothly obtain the infrastructure after operation time. Besides the way of passively protecting assets by trust, it can also activate the investment of infrastructure through the way of the securitisation actively. However, not every case is suitable for joining the trust mechanism. This research sums up that the following three types of infrastructure are suitable by way of trust: longer operation time, complicated involvement of public-owned property and private-owned land, and the huge amount of investment. Private investors are concerned about the financial benefit of investment. After the comparison of financial affairs, the npv and irr of the whole project handled by way of trust, are higher than the way of Superficies Right. This research draws and compares the financial characteristics between two ways of execution, for being as a reference of the case by way of trust in the future