BOT計畫以資產證券化融資之初步研究-以民間機構之觀點討論

Abstract

基於政府的財力與能力有限，另一方面又受到全球自由競爭的催化，BOT（Build-Operate-Transfer）模式已成為各國政府推動公共建設主要方式之一，透過民間企業的資金與經營績效，改善公共工程品質。BOT計畫最重要的就是龐大財務資金的問題，必須完全由特許公司負責，現行民間機構參與公共建設之籌資方式，除了自有資金外，多會以專案融資的方式向銀行取得融資貸款，資金缺乏流動性與多樣性。而專案融資與資產證券化同為結構性融資的一種，當具備能預期產生穩定現金流的資產，即具有資產證券化的可行性，於是BOT計畫能以專案融資取得資金，則對於資產證券化應也有相當程度的適用基礎。 在現今全球金融市場積極開發創新金融產品的時代，本研究期望以新的資金管道-資產證券化，支應BOT計畫民間機構的資金需求。BOT計畫採用資產證券化，乃分別結合兩者之特性，由政府主辦單位出讓特許經營權予民間機構，達到公共建設健全發展的目的，而民間機構再出讓其資產未來之收益權予投資人，以達到融資之目的。然而資產證券化與BOT各有其法律制度、理論與架構，故將兩者結合時勢必會存在衝突與競合之議題。於是本研究便探討其中之衝突、市場應用可能面臨的問題及相關配套措施或對策，進而整理出適用於我國制度下，BOT計畫辦理證券化資產證券化之可行架構。 研究結果顯示，BOT計畫應用資產證券化在法律上，不論是辦理金融資產證券化或不動產證券化皆為可行，只是其中對標的、證券化上限等條件充滿諸多限制，因此要採用何種證券化模式，端看民間機構是否有相關需求，必須考慮不同模式的不同限制條件，而資產證券化是否為當下最具競爭力、最具效益的融資工具？基本上，因為金融資產進行信託移轉相較於不動產單純，故建議民間機構可優先考慮辦理金融資產證券化。另外， BOT計畫採用資產證券化，必須用相關的手段機制確保民間機構依舊保有政府給予之特許經營權；並且須建立完善的監督、防範機制設計，以預防民間機構道德風險之發生。 本研究經由財務試算也驗證，當BOT計畫辦理金融資產證券化時，因為大筆現金於前期流入，因此可以提高計畫之淨現值、內部報酬率、自償率，優化各財務分析指標。除了財務績效外，對民間機構劇最大的效益，更是因為回收的現金可用做不同的融資投資決策，可支應民間機構對於資金的應急需求，將移轉、流通與變現不易的資產變現，增加資產流動性。

Due to the limited financial rescources of the government and the catalysis of global free contention, BOT model has become a major solution for the governments to develop infrastructures. With the capital and the efficiency of private sector, BOT model can not only relieve the financial burden of the government, but also improve the quality and the performance of the infrastructure. The most important issue in a BOT project is the huge capital and that the concessionaire should be in charge of financing. Generally, in addition to own funds, private sector would seek for bank-loans in the form of project finance. However, the capital funding still lacks of liquidity and diversity. As project finance and asset securitization are both structured finance, when the assets of the project can be expected to have stable cash flows, such assets are feasible to be securitized. That is to say, since a BOT project can obtain funds by project finance due to projected cash flow, then asset securitization should also be applicable to this project. Since the global financial markets are aggresively developing innovative financial instruments, this research expects to introduce a new financial practice – asset securitization, to fulfill the capital requirements of the private sector in a BOT project. BOT project adopting asset securitization combines the characteristics of each. Government grants the concession to the private sector, and the private sector grants the income rights to the public investors. However, asset securitization and BOT model has its own legal system, theory and schema, so there must be conflicts and discords while combining. This research is to study those conflicts and to discuss important issues. And then to generalize feasible structures for BOT project to adopt asset securitization in the system of Taiwan. The results show that it is feasible in law for BOT project to implement “financial asset securitization” or “real estate securitization”. However there are lots of restrictions for securitized subjects and amount. Therefore which securitization model should be adopted depends on the relevant requirements of the private sector. Different restrictions for different models should be taken into consideration, to see whether asset securitization is the most competitive and efficient financing instrument at that time. Basically, it’s simpler for financial assets to be transferred to the Trust than real estate, thus it’s suggested that the private sector could give priority to adopting “financial asset securitization”. And, relevant measures and mechanism must be taken to ensure that the private sector still owns the concession granted by the government. Also the government should establish supervision and prevention mechanisms to prevent the moral hazard of private sector. Through a financial calculation, this research also verify that when a BOT project adopts financial asset securitization, large cash inflows in the early stage and the net present value, the internal return rate and the self-liquidation ratio of the project can all be improved. In addition to financial performance, the greatest benefit of securitization for the private sector is that the recovery cash could be used for other financing or investment decisions. The emergency needs for funds can be accomplished.