捷運系統之永續財務策略探討： 桃園機場捷運公司個案研究

Abstract

大眾交通捷運系統為永續城市發展之重要交通發展的政策，但是國內外有許多大眾捷運系統經營卻陸續面臨重大營運問題甚至面臨倒閉的危機，因此本研究基於永續運輸及發展，透過經濟及財務與永續評估方法，分析國內外經營捷運系統公司永續經營面臨之問題與成功策略，將此分析結果導入評估分析桃園捷運公司機捷運線之永續經營，並依據評估結果給予永續經營之策略建議。 本研究透過文獻回顧，分析臺北捷運與高雄捷運過去實際營運經驗，評估台北捷運與高雄捷運各階段重置基金提撥與營運損益及現金流量之影響與變化。依據本研究分析結果，得知重置成本佔捷運公司營運成本極高的比例，如果再加上運量不若預期，導致票箱收入不足的問題，將會使捷運公司面臨倒閉的危機。因此本研究從「永續財務」的角度探討捷運系統的營運，以符合捷運永續經營的趨勢─追求利潤，財務永續。本研究除對桃園捷運系統個案之重置基金提撥方案進行評估分析並給予建議外，並依據國內外相關捷運公司實際營運，研擬相關擴增桃園捷運收入的策略建議。 經由本研究分析探討之結論建議，為使桃園捷機場公司永續經營，應於捷運路線網建設完整與營運量穩定之後，再視營運狀況調整重置經費提撥比例。桃園捷運公司目前應以通車為優先努力目標，嚴格控管經營成本費用，努力尋求政府的實質協助，簽訂適當的重置基金提撥合約，爭取與政府聯合開發捷運周遭大型建設，爭取政府稅收補貼，以健全桃園捷運公司財務，使桃園捷運公司順利度過經營初期，單一捷運路線網路，票箱收入不足、營運現金不足、資本虧損過高，公司倒閉之嚴峻挑戰。 機場捷運線為臺灣近年來重要的交通建設及我國對外門戶的延伸，提供機場出入旅客安全、便利、舒適、高水準的捷運服務，為先進國家的重要表徵，機場捷運線之穩定營運對台灣的國際形象很重要，因此兼顧企業獲利與社會責任，成為財務永續及社會永續的永續捷運系統，為桃園捷運公司的重要經營目標。

Mass transit system as an important transit transport development policy of sustainable urban development, but there are many mass transit system operators in Domestic or foreign had faced serious operational problems and even face closure crisis. This study is based on sustainable transportation and development, through using economic and financial and sustainability assessment methods, analysis of domestic and foreign companies operating transit system and sustainable development issues, the successful strategies of those companies. By implement the results of this analysis to assess the sustainable operation of Taoyuan Metro rapid transit line of the company, and based on the assessment results recommendations for the case’s sustainable management. Through literature review in this study, analysis of the Taipei MRT and Kaohsiung MRT actual operating experience, to assess the Allocation percentage of Taipei MRT and Kaohsiung MRT to reallocation fund in each stage that reflect to operating profit and loss and cash flow and the impact of those changes. According to the research results of the analysis, which the replacement cost accounting for a high proportion of operating costs in Rapid Transit Corporation financial result. If traffic is not as expected, resulting in insufficient revenue problem, the company will make MRT face closure crisis. Therefore, this study perspectives on the operation of the MRT system by 'sustainable finance 'to meet the MRT sustainable trend ─ pursuit of profit, sustainable finance. In this study, in addition to an evaluation analysis of the Allocation percentage plan of reallocation fund and give recommendations, and in accordance with relevant domestic and international transit company's actual operations, to elaborate associated strategy recommendations to increase Taoyuan Metro operation revenue. Recommendation from Analysis and Discussion of the study, sustainable operations is the goal of Taoyuan Metro, the findings recommended that Taoyuan Metro should adjust the Allocation percentage plan of reallocation fund depending on the actual operation after Airport MRT line construction completed and operation stability. Through the analysis of the case study, this study suggests Taoyuan Metro should regard MRT operation as a first priority objective, to strict control of operating costs, to seek the essence of government assistance, to sign an appropriate allocation plan of reallocation fund contracts with the government, seek for a joint development plan of large-scale construction around transit with government, urging the Government tax subsidies, in order to establish and improve Taoyuan Metro 's financial. To successfully survive in the beginning of operations, with a single transit route network, lack of operation revenue, operating cash shortage, the capital deficit is too high, the severe challenges above threatened the company. Airport MRT is important transportation construction and foreign portal for Taiwan in recently years, providing access to the airport passenger safety, convenience, comfort, high level of transit service, as an important symbol of the advanced countries, stable operation of the airport MRT line is very important for Taiwan's international image, so both corporate profits and social responsibility, and to become financially sustainable social and sustainable transit system for Taoyuan Metro company's important business objective.