循環經濟理念下營建廢棄物處理廠之商業模式之研究

Abstract

營建廢棄物（CDW）為全球最大宗固體廢棄物來源，每年產生量估計達23億至35億公噸。本研究以循環經濟理念為核心，建構CDW處理廠之投資評估財務模型，並設計五種差異化營運情境（情境一：基準模式、情境二：設備技術升級、情境三：強化循環經濟、情境四：情境二＋前端拆除整合、情境五：情境三＋前端拆除整合），進行22年期（施工2年＋營運20年）之財務模擬與比較分析。模型整合淨現值（NPV）、內部報酬率（IRR）、自償能力（SLF）、回收年期及永續年金終值（Terminal Value）等多指標體系，並開發互動式網頁計算器（V10版）實現即時連動計算。 模擬結果顯示，五情境均具備財務可行性（SLF介於1.122至1.275、IRR均高於WACC 5.68%），其中情境三（強化循環經濟模式）在NPV、SLF等價值規模指標中均居首位：NPV(含永續終值) 28,148萬元、IRR 19.11%、回收年期6.6年、安全邊際39.9%，此一「投資更多、報酬更高」之反直覺結果，源自循環經濟模式之「雙向效益」，進階分選設備使篩下物清除費降低50%（年省2,100萬元），同時SRF及綠建材等循環產品帶來額外營收。本研究建議以情境三作為優先投資方案，並提出篩下物級距費率、再生產品強制採購及循環設備投資抵減等政策建議。

Construction and demolition waste (CDW) constitutes the largest solid waste stream globally, with annual generation estimated at 2.3 to 3.5 billion tonnes. This study develops an investment appraisal model for CDW processing facilities grounded in circular economy principles. Five differentiated operational scenarios are designed—baseline, equipment upgrade, enhanced circular economy, upgrade with demolition integration, and full integration—and subjected to 22-year financial simulations (2-year construction plus 20-year operation). The model integrates NPV, IRR, SLF, payback period, and terminal value indicators, supported by an interactive web-based calculator (V9). Results indicate that all five scenarios are financially viable (SLF > 1.0, IRR > WACC of 5.68%), with Scenario 3 (enhanced circular economy) achieving the best performance across all metrics: IRR of 19.11%, NPV of NT$281.48 million, payback period of 6.6 years, and safety margin of 39.9%. This counterintuitive finding—higher investment yielding higher returns—stems from a dual-benefit mechanism whereby advanced sorting equipment reduces screening waste disposal costs by 50% while generating additional revenue from SRF and green building materials. Policy recommendations include tiered screening waste disposal fees, mandatory procurement of recycled products, and tax incentives for circular economy equipment investment.