The Study of Preliminary Assessment of Encouraging Private Participation in Public Exprssway Construction
|關鍵字:||民營化;內生報酬率;淨現值;償債比率;自償率;階層程序分析法;Privatization;Internal Rate of Return;Net Present Value;Analytic Hierarchy Process|
研究生：黃 浩 指導教授：黃台生
The Study of Preliminary Assessment of Encouraging Private Participation in Public Expressway Construction --by Using Bei-Yi Expressway Section between Tou-Chen and Su-Au Student: Hao Huang Advisor:Tai-Sheng Huang Institute of Traffic and Transportation National Chiao Tung University Abstract Conventionally, the budget of transportation construction is listed by government annually. However, since building expressways is an expensive and time-consuming task, it often lags behind schedule when government faces fiscal problems. As government is hand-tied by many aspects, nowadays, it becomes commonplace for many countries to encourage private sectors to participate in transportation infrastructure construction, which is a trend of privatization. However, different sections of an expressway may have various privatization proposals. Government should pick out an appropriate one with thorough evaluation beforehand. As such, the Institute attempts to explore the issues of preliminary evaluation ensued by a privatization of expressway construction work. We first reviewed related articles and papers to understand privatizing public construction models, pertinent laws and regulations. Then analyzed the differences between privately invested and publicly sponsored models, and explored the likelihood of privatization of expressway construction. We use Tou-Chen and Su-Au section of the Bei-Yi expressway as an example to formulate all possible proposals. Finally, we applied the Analytic Hierarchy Process (AHP) to determinate the priority of these proposals. Based on our study, we learn that to successfully encourage private sectors to participate in the expressway construction, government must first raise the return on investment (ROI). Secondly, it has been taken into account whether the privatization will alleviate the fiscal distress of the government, which is the main purpose of privatization. Although the government has provided incentives such as long-term interest subsidy and five-year income tax free on sales revenues according to regulations, the internal rate of return (IRR) and net present value (NPV) of these proposals still limited. The only alternative to raise the IRR and NPV is either to provide lands and direct investment by the government for the non-self-paying portions of these proposals, or to adopt a BOT model of the Tou-Chen Su-Au section and a OT model of the Nan-Kang Tou-Chen section simultaneously.