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題 名 | 交通建設BOT之財務融資與財務調整=Financial Arrangement and Adjustment of BOT for Transportation Project |
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作 者 | 黃明聖; | 書刊名 | 經社法制論叢 |
卷 期 | 23 1999.01[民88.01] |
頁 次 | 頁113-133 |
分類號 | 557 |
關鍵詞 | 自償率; 民間投資規模比率; 償債比率; 財務特性曲線; 財務安排調整; BOT; Self-liquidating ratio; Ratio of private investment scale; Debt service coverage ratio; Project economics; Financial arrangement and adjustment; |
語 文 | 中文(Chinese) |
中文摘要 | 本文目的除了區別完全政府投資、民間參與投資兩者自償率不同之外,旨在強調 民間參與的融資者在BOT案的角色,並指出投資者、融資者、政府所著重的財務指標並不相 同,吾人並無法找到一個單一的財務指標可以完全表達出專案計畫的財務特性。 為了尋求三贏,可以藉由收取權利金,或增加政府初期投資額度,或變動資本結構, 而進行財務安排、調整,以期投資者、融資者及政府三方皆可接受。 |
英文摘要 | In addition to distinguish the self-liquidating ratio of government investment from the self-liquidating ratio of private sector participation, the purpose of this paper is to discuss the role of financiers under BOT project. This paper finds that financial indicators that investors, financiers and government respectively concern most may be different. It is difficult to express completely the project economics with a unique financial indicator. To find an accetable financial proposal for all of the investors, financiers and government, some financial adjustment measures, such as the charge of royalty, the increase in government investment amount during early period, and/or the change in capital structure, are suggested. |
本系統中英文摘要資訊取自各篇刊載內容。