BOT投資效益檢測之研究 以『大學學生宿舍BOT』為例

Abstract

民主自由化帶來社會福利經費的劇升，原本政府向人民徵稅來建設服務，為彌補財政收支之不足，改為「BOT」獎勵民間參與公共建設投資。因BOT開發資金大、授權經營期間長，長期投資效益受經濟景氣、環境制度與合約規範條件之影響，不可預期的變化多風險很高，由於財務數據是假設條件的推估，經常發現規劃成本差異很大，在資訊化管理的時代，靜態的財務分析無法解釋或有效預防動態的風險變化，使得BOT計畫存有諸多困擾爭議中外皆然，因此規劃效益專業評估是很重要的關鍵，本研究建構「BOT投資效益檢測模式」，希望能預防減少類似問題再發生。 「BOT投資效益檢測模式」架構理念設計，以經濟理論二八法則為基礎，應用價值工程與風險管理概念，配合個人擔任重大工程建設會計審核實務，以及對BOT投資計畫研究心得之整合，強調「BOT三角均衡規劃」作設計邏輯檢定，提出獎勵投資財務成本新概念，針對影響財務成本重大假設，作規劃作業評估與財務專業診斷分析，有效提出檢測建議報告。本研究將收集大學宿舍興建計畫，選用『台大學生宿舍BOT案』作套用分析驗證，針對投資計畫書興建營運計畫，評估其假設條件的合理性，探討財務指標規劃數據，依程序經過設計邏輯檢定、規劃作業再評估與財務專業診斷。研究結果；(1)發覺文教設施原本免稅，獎勵BOT後產生稅負增加學生負擔，是大學宿舍BOT的關鍵問題。(2)可測定不同區域、投資條件的規模經濟效益。(3)能找出個案的規劃能力效益與執行風險。充份可以證明模式有檢測功能。能在決標前建立「第三專業再評估」檢測機制，將有助於政府單位的決策參考，預防降低廠商的投資風險，發揮BOT獎勵投資功能效益，將是消費權益的保障與國家社會之福。

The development of BOT requires huge capital expenditure and a long time period to operate. Lots of unanticipated changes make investment risks increase. Therefore, it is of great importance to use professional assessments of the potential benefits. Due to the amount of economic data and other variable factors, the emergence of computerized management of static financial data has benefited analysis. However, even with the computerized technology improvements it is difficult to fully interpret the data and avoid dynamic risks. The conclusions drawn from the “BOT Investment Benefits Model” research should reduce the likelihood of aforementioned problems from occurring.

The concept of the “BOT Investment Benefits Model” is based on the rule of 80/20 of economic theory and uses this model on value engineering and risk management. The study includes personal accounts of individuals involved in the building of infrastructure and integrates the study of the BOT investment plan. Using the “BOT Triangle Equilibrium Planning” to check the “BOT Investment Benefits Model” can bring about a new concept of investment incentives of financial costs to work from. The professional financial analysis and operating assessment of the factors that affect financial costs will determine the validity of the report. The analysis of the use BOT for the dormitories at National Taiwan University supports the thesis. This study focuses on investment proposals as well as building and operating planning to prove the thesis. Investigating the data of financial index following the checking steps and using the professional financial analysis and assessment again will further legitimize the thesis. The conclusion of the study found that: a) educational facilities originally are duty-free and BOT increased the burden of university students. This was the main problem with using BOT on university dormitories; b) different conditions for investment will lead to different benefits; c) we can find the planning capacity of individual cases and the risks involved. These three results prove that the “BOT Investment Benefits Model” is valuable and works. Before choosing the appropriate bid, a “The Third Professional Assessment” checking mechanism should be established to receive them. This will assist the government in making the right choice and decrease investment risks for companies. Using “BOT Investment Benefits Model” will protect the customer’s rights and also benefits society.