臺大戶外游泳池興整建工程財務可行性分析

Abstract

本研究旨在評估國立臺灣大學戶外游泳池改建工程之財務可行性，並提出管理上的意涵。本研究採用資本預算分析技術與次數分配、百分比等統計方法，以國立臺灣大學戶外游泳池改建工程規劃及財務分析報告、國立臺灣大學校總區運動場館管理辦法實施細則為研究資料，評估臺大戶外游泳池改建工程之財務可行性。本研究顯示：一、各項財務指標皆符合可行性標準：淨現值大於0、內部報酬率大於折現率、自償率與分年償債比率皆大於1、利息保障倍數大於2，故本案具有財務可行性。二、本研究挑選興建成本、營運收入、營業費用及貸款利率等共四種參數進行敏感性分析，並分析這些參數變動對於淨現值之影響程度。透過試算可知，四種參數皆為高敏感性參數，且營運收入增加愈多，淨現值愈多；反之，興建成本、營業費用及貸款利率增加愈多，淨現值愈少。本研究結果可提供臺大校方評估泳池改建工程之財務可行性與營運策略之參考，亦可作為國內大學運動設施改建工程之參考。同時建議後續之研究能一併評估臺大戶外泳池改建工程之無形效益，以全面暸解臺大戶外游泳池改建工程之整體效益。

This study was aimed to assess the financial feasibility of National Taiwan University (NTU) Outdoor Swimming Pool Renovation and Building Alteration Project to give some practical suggestions to the management. This study applied capital budgeting techniques, and descriptive statistical analysis including frequency distribution, and percentage to assess the financial feasibility of NTU outdoor swimming pool project using data from National Taiwan University Enforcement Rules for Sports Fields Management and Outdoor Swimming Pool Renovation and Building Alteration Project planning, and financial analysis report. The findings showed that: 1. After considering financial indicators, namely net present value (NPV), internal rate of return (IRR), self-liquidation ratio (SLR), debt-service coverage ratio (DSCR), and timed interest earned (TIE), the NTU outdoor swimming pool project is financially feasible. 2. The results from the sensitivity analysis showed that the NPV has a significant positive relationship with operating revenue, and significant negative relationships with construction cost, operating expense, and interest rate. These findings can be used as a reference for assessing the financial feasibility and developing operational strategies for not only NTU’s sport facility proposals, but also similar proposals from other domestic universities. Future research is recommended to estimate the intangible benefits of NTU’s outdoor swimming pool project to provide people and the government with a reference for understanding the overall benefits of this project.