Value Capture of Mass Rapid Transit System and Its Self-Financing and Risk Analysis

• Main Authors: Peng, Yi-Tsui, 彭怡翠
• Other Authors: Feng, Cheng-Min
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/72qsy5

碩士 === 國立交通大學 === 運輸與物流管理學系 === 106 === In order to improving the self-finance ability of a rapid transit construction and reduce financial burden of local governments, the Council for Economic Planning and Development implemented ”Project for Cross-Field Value-Adding in Public Works Financial Planning”, which requests local governments to develop the public construction together with the land within the scope of the affected area, achieve the value capturing as financial resources through fiscal methods or development feedback. For this purpose, the “Guidelines for Application and Review of Plans for Mass Rapid Transit System Construction Projects & Development of Adjacent Land” also require that the calculation of the self-liquidation ratio (SLR) of the rapid transit construction should be incorporated into the value capturing resources, including the redevelopment of the surrounding land and the implementation of the tax increment financing (TIF). Under the consideration of the maximization of self-interest, local governments may seek to pass financial examination by overestimating the SLR of the rapid transit construction. This study considers the financial risks arising from this uncertainty of financial resources, and establishes a set of processes to estimate the reasonable SLR for a rapid transit construction. In this study, the concept of NPV-at-risk proposed by Ye and Tiong (2000) is going to be used as estimatomg the earning from value capturing which implies risk of financial failure to reach the approved amount. This study applied the multi-objective mathematical model proposed by Chen (2017), which is based on the optimization of local government interests and aim to solve the most suitable financial planning. The results of the study are expected to help the local government to reasonably anticipate the financial benefits and provide the central government with more financial information for the construction project so that they can effectively supervise the fund usage of local governments.