REITs投資基礎建設項目案例研究: 臺灣導入基礎建設證券化可行性分析

Abstract

隨著基礎建設需求日益上升，傳統的融資方式如預算編列、公債發行及公私協力（PPP）等，已難以因應龐大的資金需求。無論是廢棄物轉能廠、AI新十大建設、記憶體中心，亦或綠色基礎設施等重大政策項目，皆需要增加多元的資金管道、並且在推行上需要更有效率的監管手段。本研究以基礎建設資產如何導入證券化的架構為核心，採取跨國案例研究與比較分析之研究取向，逐步建立基礎建設證券化之制度、運行與財務評估架構，作為後續探討臺灣導入相關制度可行性之基礎。透過證券化方式，將基礎建設及其未來現金流轉換為具證券性質的金融商品，不僅能夠以較低的價格進行不動產的投資也能解決基礎建設前期成本負擔較高、還本期較長等問題。希望能透過本研究提出之有效建議幫助基礎建設證券化之推行，促進民間參與，增加政府融資選擇。 此研究前半部分分析美國、新加坡、日本及中國推行基礎建設證券化之實際案例，並依制度架構、運行模式與財務結構三大面向逐案整理，進一步完成跨國比較。比較結果顯示，以基金型 REIT 結合促參法所稱 BOO 案件作為初期試點，較符合我國現行制度條件與基礎建設資產特性。據此，本研究選取現行 BOO 案件，並結合條件相近之成熟類案建立財務試算，以評估證券化後之資本結構、投資人收益及償債能力。研究結果顯示，本案於基準情境下具備一定可行性；其導入路徑、資產持有安排、治理機制及財務試算參數，亦已透過兩階段專家訪談進行檢核與修正，以降低理論設計與實務運作間可能產生之落差，並提升研究結果之可信度。 後半部分則以基金型 REIT 結合 BOO 之架構進行財務試算，選定新竹焚化廠 BOO 案為主案例，並以條件相近且已穩定營運之苗栗焚化廠案建立主要參數。試算結果呈現證券化前後之資本結構、債務負擔、可分配現金流、投資人現金收益率、內部報酬率及償債能力變化，作為制度設計可行性之量化檢驗。 本研究以股權自由現金流折現法為基礎，區分原始專案企業價值與證券化後投資人評價兩個層次：前者以加權平均資金成本估算企業價值並作為發行規模之參考。後者則以權益成本折現投資人可獲配現金流，評估資產淨值、內部報酬率及現金配息收益率。期末價值採有限期 Gordon 成長年金模型估算，並透過情境分析檢視政府服務對價、營運收入、折現率及維持性資本支出等關鍵參數變動對投資人收益與償債能力之影響；再將估計之現金配息收益率與國內外 REIT 及基礎建設證券化商品之收益水準對照，以評估本案之投資誘因與財務可行性。

As infrastructure demand continues to rise, traditional financing approaches—such as budget appropriation, government bond issuance, and public–private partnerships (PPP)—are increasingly unable to meet the enormous capital requirements. Major policy initiatives, whether waste-to-energy plants, the new Ten Major AI Infrastructure Projects, memory-chip centers, or green infrastructure, all require more diversified funding channels and more efficient regulatory mechanisms for their implementation. Centering on how infrastructure assets can be brought into a securitization structure, this study adopts a cross-national case-study and comparative-analysis approach to progressively construct an institutional, operational, and financial evaluation framework for infrastructure securitization, serving as the basis for subsequently examining the feasibility of introducing such a system in Taiwan. Through securitization, infrastructure and its future cash flows are converted into financial instruments with securities characteristics, which not only enables real-estate investment at a lower unit price but also addresses the high up-front cost burden and the long capital-recovery period of infrastructure. It is hoped that the practical recommendations proposed in this study can facilitate the implementation of infrastructure securitization, promote private participation, and broaden the government's financing options. The first half of this study analyzes real-world infrastructure securitization cases in the United States, Singapore, Japan, and China. Each case is examined from three perspectives—institutional structure, operating model, and financial structure—and subsequently synthesized into a cross-national comparison. The comparative analysis indicates that a fund-type REIT combined with a Build-Operate-Own (BOO) project under Taiwan’s Act for Promotion of Private Participation in Infrastructure Projects is the most suitable initial pilot structure under Taiwan’s current institutional conditions. The proposed implementation pathway was further examined through two rounds of expert interviews. Based on the interview findings, the securitization structure was refined to include asset holding through a special-purpose company (SPC), the incorporation of securitization arrangements and BOO contract succession at the tendering stage, governance mechanisms for related-party transactions, and arrangements for government service consideration, distributable cash flow, and risk control. The second half applies this pilot structure to a financial simulation. The Hsinchu incineration-plant BOO project is selected as the primary case, while the operationally mature Miaoli incineration-plant project is used as a comparable case for establishing key parameters. The simulation evaluates changes in capital structure, debt burden, distributable cash flow, investor cash yield, internal rate of return, and debt-service capacity before and after securitization. It is based on a free-cash-flow-to-equity framework and distinguishes between two valuation layers: first, the enterprise value of the underlying project, estimated using the weighted average cost of capital and used as a reference for the issuance scale; and second, the investor-level valuation, in which the cost of equity is used to assess net asset value, internal rate of return, and cash distribution yield. Terminal value is estimated using a finite-horizon Gordon growth annuity model. Scenario analysis is conducted to examine the effects of changes in government service consideration, operating revenue, discount rates, and maintenance capital reserves on investor returns and debt-service capacity. The estimated cash distribution yield is also benchmarked against the yield levels of domestic and overseas REITs and infrastructure securitization products to assess the investment attractiveness and financial feasibility of the proposed structure