中草藥契作模式財務分析

Abstract

本研究擬主要目的是以個案研究，探討兼具非營利組織(non-profit organization, NPO) 和社會企業(social enterprise)特色組成之管理團隊，運用莊園經濟(manorial economy)概念推行的契作模式，以期為我國打造中草藥材ZespriTM品牌之參酌。該模式由出資者提供土地與資金給契作農民從事中藥材原料生產，並由管理團隊負責研發與行銷，藉以減輕農民可能承受之風險。本研究採用淨現值(Net Present Value，NPV)與內部報酬率(Internal rate of Return, IRR)，比較個案與農民契作，以及雇工經營的財務可行分析。此外，假設產量增減25%，進行敏感性分析。 莊園經濟契作模式的NPV=$6,534,000(假設資金成本20%)，IRR=35%;對比雇工的NPV＝$-18,968,000，IRR=-22%，顯示從投資人角度而言，個案宜採用契作模式經營。再者，敏感性分析發現在假設減產25%，NPV＝$181,000，IRR=20%；當增產25%，NPV＝$12,887,000，IRR=47%。因此在總產能50%變動範圍內，莊園經濟契作模式都能為管理團隊創造經濟利益。最後計算不同情境之利潤分配，參與莊園經濟契作的農民，每公頃都能得到七百萬元以上利潤，顯示利潤分配制度有利資金不足或沒有土地的農民專心經營。更重要的是出資者也得到合理報酬率因此有著契作模式的永續經營。

The purpose of this study is to explore the contract farming model promoted by a management team with the characteristics of both non-profit organizations (NPO) and social enterprises, using the concept of manorial economy, in order to provide references for the establishment of ZespriTM brand of Chinese herbal medicines in Taiwan. The model is that investors provide land and funds to contract farmers to produce raw materials for Chinese herbal medicines, and the management team is responsible for research and marketing, so as to reduce the risks that farmers may bear. This study uses net present value (NPV) and internal rate of return (IRR) to compare the financial feasibility of the case with farmer contract farming and employment management. In addition, sensitivity analysis is conducted under the assumption of a 25% increase or decrease in production. The NPV of the manorial economy contract farming model is $6,534,000 (assuming a funding cost of 20%), and the IRR is 35%. In contrast, the NPV of employment management is $-18,968,000, and the IRR is -22%. This shows that from the perspective of investors, the case should adopt the contract farming model. In addition, sensitivity analysis found that under the assumption of a 25% decrease in production, the NPV is $181,000, and the IRR is 20%. When the production increases by 25%, the NPV is $12,887,000, and the IRR is 47%. Therefore, within the range of a 50% change in total capacity, the manorial economy contract farming model can create economic benefits for the management team. Finally, the profit distribution under different scenarios is calculated. Farmers participating in the manorial economy contract farming model can get more than NT$7 million in profit per hectare, which shows that the profit distribution system is beneficial to farmers who are short of funds or have no land to focus on management. More importantly, investors also get a reasonable return rate, so there is a sustainable operation of the contract farming model.