BOT證券化之研究

Abstract

吸引民間資金參與公共建設的興建與營運已是近來許多國家或地區所積極推動的施政政策與方向。而BOT即是一種政府借重民間之籌資、規劃、興建及經營能力、效率及創意，以減少政府舉債壓力和財務負擔、加速工程興建時程、精進經營管理效率與賣點，進而發揮該設施投資效益與提升環境生活及經濟品質的公共建設投資推動模式。另資產證券化則是將缺乏流動性的資產藉由結構性群組、風險隔離及必要的信用增強、包裝，以設計成小額及標準單位化的流通性證券售予巿場投資大眾進而籌集資金的一種專案融資方式。 因此，結合BOT與資產證券化的運用，對BOT投資商而言，亦能從多元之資金來源管道中選擇最具競爭力的資金來源，或者藉由證券化早日回收部份資金並持續充分運用於BOT業務巿場的開發，而不致影響該BOT專案公司的經營穩定性。對民間資金而言，藉由BOT證券化商品的持有，亦能提供大眾參與公共建設投資的機會與管道，進而達到投資獲利與BOT公共利益相結合的優點。 本研究即著眼於BOT與資產證券化兩者之結合在巿場應用及配套機能上對於架構、方法及推動考量方面的呈現與對策的研擬及建議。研究係依據資產證券化及公共建設BOT二者分別在實務應用上之特性、法令基礎及實例之分析為著眼，進而從國內現行法令許可或適用性與BOT證券化在發行時機、產生穩定淨現金流、破產隔離設計、信用增強設計、特許權期滿或終止之移轉、道德風險與代理問題防範等各方面之應用考量檢討與研擬，並以此為方向就BOT股權及債權證券化分別提出模擬之概念設計以為應用之參考。 研究探討之結果顯示，在適當的配套規範條件與機制設計下，BOT債權或股權證券化均不僅反而能防範或減低民間企業道德風險的發生，亦有助於BOT經營朝向更為透明、有效率及更符合BOT計畫需求與增加投資管道進而獲致投資大眾與公共利益相結合之效果；另綜觀國內現行相關法令，則BOT證券化之應用唯有以能依據「不動產證券化條例」中不動產投資信託模式發行類似股票屬性之受益證券商品為 限，而對於以債權證券化應用於該BOT計畫之融資則受限「促進參與公共建設法」之規定而不可行，建議宜有檢討修改放寬之必要。

In recent years, many countries have implemented a number of policies in order to encourage private investors to build and operate the public infrastructure works. BOT, a policy designed to attract private capital into this works initiated by the government, stresses the private investors’ participation with emphasis on financing, planning, construction, management, efficiency, and creativity and thereby alleviates the debts and financial burden for the government, speeds up the construction progress, upgrades managerial efficiency and eventually enhances the investment benefits, improves the living standard and environment quality. In addition, asset securitization is designed to divide the illiquid asset into small-amounted and standardized liquid securities by means of structuring pools, risk isolation, credit enhancement and thus financing from the capital markets. Apparently, a modal combined with asset securitization and BOT will allow the BOT investors to identify the most lucrative financing source. Furthermore, asset securitization helps the BOT investors recover a portion of their investments earlier than expected without undermining their managerial stability. Thus, they may continue to invest in the other new BOT projects. Moreover, BOT securitization allows the populace investors to participate in the public infrastructure works practically. Thus, the populace investors will get benefits from BOT and the BOT projects also serve the general public’s interests in the meantime. This study focuses on the utilization of BOT and asset securitization with emphasis on the market application and conditional requirements for the frameworks and thereby presents the implementation considerations and countermeasures together with the tangible recommendations. This study has also analyzed the features, legal basis, and case studies related to asset securitization and BOT. Furthermore, this study has reviewed the relevant laws and regulations as well as feasible topics related to BOT securitization, such as timing for public issuance, stable net cash flow, bankruptcy remote, credit enhancement, transfer of concession expiration or termination, moral hazard and agency issues, etc. This study finally has provided some examples of securities of BOT equity and debt securitization and has thereby presented the concepts for reference. The research results indicate that, with the appropriate conditional measures and mechanism design, debt or equity securitization of a BOT project will not only minimize or prevent the moral risks or agency problem from happening, but also enhance managerial efficiency in compliance with the requirements of this BOT project and expanding investment pathways. Thus, the populace investors’ interests and the general public’s interest served at the same time. Furthermore, the relevant laws and regulations in Taiwan indicate that only those specified in the real estate investment trust (REIT) of the Real Estate Securitization Act are eligible for BOT securitization at this moment. Restricted by the Act for the Promotion of Private Participation in Infrastructure Project, however, the financing of debt securitization of a BOT project is not permitted. Therefore, the laws should be discussed and revised for the application and benefits of BOT securitization.