促進民間參與公共建設法－融資研究

Abstract

依據我國促進民間參與公共建設法，民間機構參與公共建設之主要方式有六種，其中又以BOT模式最具代表性，最常為世界各國所採行。\nBOT專案融資之償還責任，由傳統的政府機關移轉到民間企業集團承擔，而民間企業集團除有限的自有資金部位之外，大部分資金仍需仰賴金融機構融通，亦即，政府機關移出之風險，到頭來還是會轉嫁到融資機構。因此，融資機構除了審慎評估專案融資風險或尋求其他有效方法轉嫁風險如保險或共同承貸等之外，另需透過契約妥適規範風險分攤，才能有效控制風險承受程度。\n鑒於「專案融資」為BOT專案計畫最重要關鍵變數之一，本研究除了深入探討BOT專案計畫之定義、適用之先決條件、法源依據、基本契約架構、民間參與公共建設涉及政府出資樣態，並述及可行性評估、先期規劃、招商作業、甄審及評決、議約及簽約、興建、營運及移轉等作業流程，再就攸關BOT專案計畫成敗之「專案融資」起源、意義、計畫、類型、優缺點、與傳統融資之差異、當事人法律關係、法令規範、風險管理、政府提供融資協助機制等進一步研析；最後援引並評析臺北縣政府刻正辦理之重大BOT「徵求民間參與淡水鎮漁人碼頭休閒專用區觀光旅館暨藝術大街計畫案」，俾結合專案融資理論與實務。\n綜上研究，歸納提出5項結論併相關建議，備供學界及實務界人士參考。\n一、BOT專案成功關鍵繫於當事人間之風險認知與有效溝通協調。\n二、政府融資協助機制相對保守。\n三、現行BOT計畫之融資管道仍以間接金融為主。\n四、實務上，融資機構評估意見之甄審評分權重比率並不高。\n五、促參案件爭訟之實務判決案例仍然不多。

According to our Act for promotion of private participation in infrastructure projects, the private institution may participate in an infrastructure project by six means but BOT is the typical model that usually be adopted in the world.\nThe responsibilities of the debt of BOT project finance have transferred to private institution from the authority in charge of government. Nevertheless, except limited private capital, lots of capital for BOT still needs to depend on the financing institution. That is, the risk of the debt of BOT project finance will transfer to the financing institution finally. Therefore, besides evaluating the risk of project finance deliberately or looking for the effective methods to transfer the risk by insurance or consortium loan, the financing institution needs to plan the appropriate risk distribution via the contract for controlling the risk that can be accepted.\nBecause project finance is one of the most important key factors of BOT, besides fundamental characteristics, suitable conditions, law bases, contract frame, the investment types of government and the process of feasibility study, preliminary plan, announcement by a public notice, evaluation and selection, negotiation and signing of concession agreement, construction, operation and transfer, this research will further study BOT project finance, relevant risk management, law relation between the persons involved, the financing assistance by government . Then, proceeded with the representative case study domestically and laid the special emphasis on both of principal plan terms and important financing conditions.\nAccording to the research as above, summarized five conclusions combined with suggestions as following for reference.\n1. The key factors of success about BOT depend on the risk understanding and effective communication between the participators.\n2. The regulation of financing assistance by government is conservative relatively.\n3. Indirect finance is the principle channel for BOT at present.\n4. The weight of opinion of financing institution evaluating BOT is not enough.\n5. There are still a few cases with regard to the law suit about promotion of private participation in infrastructure projects.