使用資本運算模型分析一個澎湖渡假村投資案案例的售後回租交易之定價決策

Abstract

In this thesis, capital budgeting model will be used to examine the pricing decision of a sale-leaseback transaction on a hypothetical build-operate-transfer (BOT) resort in Penghu. Penghu Islands are made of more than 90 different islands that is only 50 km away from Taiwan and 140 km from China. With its strategic location and fast growing tourist population, Penghu is sought to be the Phuket and Bali of Taiwan. This thesis intends to examine the informational impediments when using capital budgeting model to analyze the pricing decision for a sale-leaseback transaction. Based on the capital budgeting of a hypothetical BOT resort using financial assumption, this thesis was able to identify some information impediments with capital budgeting. The Penghu case in this thesis obtains the superficies of the land, or the land-use-right, through a BOT tender from the government. Moreover, after completion of the resort development, the land-use-right and its buildings will be entrusted to a “real estate trust” then transfer (sale-off) to a third party financial institution and leased back for operation with annual leaseback rents. A careful analysis before making the sales-leaseback decision helps company L to increase firm value. However, informational impediments increase the difficulty of the uncertainty of the results of capital budgeting analysis. This paper intends to summarize the information impediments in the process of finding “indifferent sale price” using capital budgeting method comparing the Penghu BOT hotel project’s financial performances in two different operations: sale-leaseback approach and standard approach.