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台灣軌道產業投融資政策及管理 Investment and Financing Policies in Taiwan’s Railway Projects 顏邦傑 2014. 11. 16 1 台灣軌道產業投融資政策及管理 Investment and Financing Policies in Taiwan’s Railway Projects 顏邦傑 2014. 11. 16 1

一、前言 • • 台灣軌道運輸發達,串起全台與都市內交通路網,並已深入旅客生活品質中,影響城 市前景發展。 The well-developed railway systems in Taiwan have penetrated the 一、前言 • • 台灣軌道運輸發達,串起全台與都市內交通路網,並已深入旅客生活品質中,影響城 市前景發展。 The well-developed railway systems in Taiwan have penetrated the entire island connected to urban transport networks. As a major part of people’s daily life, the railway services are critical to urban development in Taiwan. 2

1. 1軌道運輸深入民眾生活 Railway service is a part of people’s daily life. 3 1. 1軌道運輸深入民眾生活 Railway service is a part of people’s daily life. 3

1. 2台灣軌道運輸旅客能量 Taiwan’s railway service capacities 軌道運輸平均日運量 2, 774, 461人次 V. S 汽車客運量 3, 1. 2台灣軌道運輸旅客能量 Taiwan’s railway service capacities 軌道運輸平均日運量 2, 774, 461人次 V. S 汽車客運量 3, 281, 516人次 Average daily 2, 774, 461 passengers on railway transport, vs. 3, 281, 516 passengers for automobile transport. 軌道運輸系統 Railway system 每日客運量(人次) Daily passengers 台灣鐵路Taiwan Railway Administration 650, 655 台灣高鐵Taiwan High. Speed Rail 133, 529 2014年 8月資料 台北捷運Taipei Metro Transit 1, 822, 855 高雄捷運Kaohsung Metro Transit 167, 422 4

1. 3台灣軌道運輸現況_台灣鐵路 introduction of Taiwan Railway, the inter-city rail services • 1887年開始建造第一條鐵路(基隆-台北) • First 1. 3台灣軌道運輸現況_台灣鐵路 introduction of Taiwan Railway, the inter-city rail services • 1887年開始建造第一條鐵路(基隆-台北) • First railway (Taipei-Kee. Lung) built in 1887 • 路線 1053公里,環繞全島,串起各城鄉都市交通, 每日 65萬人次。 • Currently total of 1, 053 km tracks to circle the island connect all major cities with services to 650, 000 passengers daily • 政府建設台灣鐵路局運營。 • Built by the government and operated by Taiwan Railway Administration • 近來推行通勤電車,鐵路捷運化。 • Transformed to transit services in urban regions for commuters 5

1. 4台灣軌道運輸現況_台灣高速鐵路 Introduction of Taiwan High-Speed Rail • • 縱貫人口最密的西部走廊,全長 345公里。 Total of 345 1. 4台灣軌道運輸現況_台灣高速鐵路 Introduction of Taiwan High-Speed Rail • • 縱貫人口最密的西部走廊,全長 345公里。 Total of 345 km along Taiwan’s west corridor, the most populated areas 2007年 1月5日通車後,成為台灣西部重要的 長途運輸 具,造成島內西部航線結束。 Commissioned for services since 2007 and become the choice for north-south transport, resulting in the demise of airline services 台灣高鐵公司自行投資貸款興建運營。 Build-operate-transfer (BOT) by Taiwan High. Speed Rail Corporation under a concessionary contract with the government 每日旅運量 14萬人次。 Currently providing services to 140, 000 passengers daily 6

1. 5台灣軌道運輸現況_台北捷運 Introduction of Taipei Metro Transit • • • 1996年通車第一條線 First line commissioned 1. 5台灣軌道運輸現況_台北捷運 Introduction of Taipei Metro Transit • • • 1996年通車第一條線 First line commissioned to services in 1996 現有通車路線 5條,營運車站 109個,營運長 度 121. 3公里,每日運量 182萬人次。 Currently five transit lines with a total of 121. 3 km and 109 stations in services for 1. 8 million passengers daily 捷運局興建,台北捷運公司經營。 Built by Taipei City Government and operated by Taipei Rapid Transit Corporation 11月底新增松山線。安坑萬大線興建中。 The 6 th line (Song. Shan Line) to be commissioned for service in Nov. 2014 An. Keng and Wan. Da lines under construction 7

1. 6台灣軌道運輸現況_高雄捷運 Introduction of Kaohsiung Metro Transit • • 2008年通車,2條路線,全長 41公里,38 座車站。 First line 1. 6台灣軌道運輸現況_高雄捷運 Introduction of Kaohsiung Metro Transit • • 2008年通車,2條路線,全長 41公里,38 座車站。 First line commissioned to services in 2008 Currently two transit lines with a total of 41 km and 38 stations in services for 170, 000 passengers daily 每日運量近 17萬人次 高雄捷運公司建造與經營 Build-operate-transfer (BOT) by Kaohsiung Rapid Transit Corporation under a concessionary contract with the government 新增水岸輕軌 Coast Light Rail Line under construction 8

1. 7台灣軌道運輸現況_機場捷運 Introduction of Taoyuan International Airport MRT • • • 高鐵局興建中,預計2015年通車。 Built by 1. 7台灣軌道運輸現況_機場捷運 Introduction of Taoyuan International Airport MRT • • • 高鐵局興建中,預計2015年通車。 Built by the Bureau of High-Speed Rail, MOTC, and to be commissioned for services in 2015 全長 53公里,26座車站。 Total 53 km with 26 stations 桃園捷運公司經營。 To be operated by Taoyuan Metro Corporation 9

1. 8軌道運輸需求殷切 Why the railway services are of high demand? • • • 民眾信賴與喜愛 1. 8軌道運輸需求殷切 Why the railway services are of high demand? • • • 民眾信賴與喜愛 Trusted and chosen by the public 綠色環保 Environmental friendly 六都版圖布局 Transport plans for Taiwan’s 6 major Cities – 城市軌道建設要與台北、高雄並駕齊驅 – City rail systems to match Taipei and Kaohsiung – 都會區內交通問題解決 – Solution to metropolitan transport – 市中心串接衛星城鄉 – Connecting CBDs to satellite towns • • 地方政府政績 Major achievements for local governments 10

1. 9現行台灣軌道運輸建設浮現問題 Emerging problems for railway projects in Taiwan • 興建地鐵系統費用高昂 • Heavy cost 1. 9現行台灣軌道運輸建設浮現問題 Emerging problems for railway projects in Taiwan • 興建地鐵系統費用高昂 • Heavy cost in building metro transit systems • 政府財政資金緊迫 • Financial strains in governments • 二線城市人口密集不足,客流 量不夠高 • Low density and passenger flow in secondary cities • 土地取得不易 • Difficulties in land acquisition • • 11 獎勵民間參與 Incentives to private investment and participation 興建較小型軌道運 輸系統 Build smaller rapid transit systems

1. 10軌道運輸發展持續中… Metro transit continues to grow… • • 新北市3環 3線 The 3 loop 1. 10軌道運輸發展持續中… Metro transit continues to grow… • • 新北市3環 3線 The 3 loop lines and 3 extension lines in New Taipei City 串連衛星城市,創造新北捷。 To connect the satellite towns and to complete transit networks 12

台中捷運 Tai. Chung Metro Transit • 規劃63公里4路線,綠線正興建中, 採輕軌系統。 • Planned networks of 63 km 台中捷運 Tai. Chung Metro Transit • 規劃63公里4路線,綠線正興建中, 採輕軌系統。 • Planned networks of 63 km in 4 lines • Light Rail Green Line under construction 13

桃園捷運 Tao. Yuan Metro Transit • • 規劃有五條路線,除了藍線、機場 線的部分已開 ,其餘路線仍在規 劃中,由桃園捷運公司運營。 A network of 桃園捷運 Tao. Yuan Metro Transit • • 規劃有五條路線,除了藍線、機場 線的部分已開 ,其餘路線仍在規 劃中,由桃園捷運公司運營。 A network of 5 lines planned Blue Line and Taoyuan International Airport MRT Line under construction To be operated by Tao. Yuan Metro Corporation 14

高雄水岸輕軌 Kaohsiung Coast Light Rail Line • 高雄市政府為補足原高 雄捷運之路網,興建輕 軌串接。 • To be a 高雄水岸輕軌 Kaohsiung Coast Light Rail Line • 高雄市政府為補足原高 雄捷運之路網,興建輕 軌串接。 • To be a part of the loop circling the CBD 15

基隆輕軌(或逕稱為基隆捷運) Kee. Lung Metro Transit • 規劃中的輕軌運輸系統,採 平面及高架路線並行的設計, 初期路網以基隆車站為中心, 開展山線、海線兩條路線。 • Two light rail 基隆輕軌(或逕稱為基隆捷運) Kee. Lung Metro Transit • 規劃中的輕軌運輸系統,採 平面及高架路線並行的設計, 初期路網以基隆車站為中心, 開展山線、海線兩條路線。 • Two light rail lines (Mountain Line and Coast Line) centered at Kee. Lung Rail Station • Designed with surface and elevated tracks 16

新竹輕軌捷運 Hsin. Chu Metro Transit • 原規劃紅、藍二線共計約26 公里,新路線規劃目前評估 中 • Planned with Red and 新竹輕軌捷運 Hsin. Chu Metro Transit • 原規劃紅、藍二線共計約26 公里,新路線規劃目前評估 中 • Planned with Red and Blue lines with a total of 26 km • Extension lines under study 17

1. 11輕軌主流優勢 advantages of light rail systems • • • • 占地面積小 Less lands 1. 11輕軌主流優勢 advantages of light rail systems • • • • 占地面積小 Less lands required 技術相對簡易 Less technical issues 建置時間短 Less construction time 興建投資金額少 Less investment 維護成本低 Lower maintenance costs 可完全自動化節省人力 Highly automated operation to save labor costs 適合中、低運量之運輸 Fit for medium and low volume transport 18

二、軌道運輸建設財務模式 Financial model for railway projects • • 軌道建設成敗之關鍵因素 Critical success factors for rail 二、軌道運輸建設財務模式 Financial model for railway projects • • 軌道建設成敗之關鍵因素 Critical success factors for rail projects § 可行的財務預測建立穩健的財務模式 § Feasible financial forecast to render stable financial plans § 穩健的財務模式確保成功的營運成果 § Stable financial plans to ensure sustainable operations 19

2. 1軌道運輸之財務模式 Financial model for railway projects 公辦公營 Government projects 政府編列預算自建營運,為傳統 軌道運輸之提供與投入模式。 Funded, constructed 2. 1軌道運輸之財務模式 Financial model for railway projects 公辦公營 Government projects 政府編列預算自建營運,為傳統 軌道運輸之提供與投入模式。 Funded, constructed and operated by the government - the traditional model 公私協力 Public Private Partnership (PPP) 利用私部門資金、管理和技術, 解決政府財政預算不足之困境。 To leverage the investment, management, and technologies from private industries To ease the fiscal strains on the government 20

2. 2 PPP模式之定義與精神 What’s PPP? • 政府透過與民間建立各種程度之伙伴關係以提供公用事業的一種方式。 • PPP is a model to create 2. 2 PPP模式之定義與精神 What’s PPP? • 政府透過與民間建立各種程度之伙伴關係以提供公用事業的一種方式。 • PPP is a model to create partnership between government and private industries in building public infrastructures Public Private Partnership 21

2. 3 PPP之主要分類與模式 Various PPP models 服務合約(Service Contract) 外包 Contract-out 設計-興建(Design-Build Turnkey) 設計-興建-主要維修(Design-Build-Major Maintenance) 2. 3 PPP之主要分類與模式 Various PPP models 服務合約(Service Contract) 外包 Contract-out 設計-興建(Design-Build Turnkey) 設計-興建-主要維修(Design-Build-Major Maintenance) 營運-維修(Operation and Maintenance) 特許經營 Concessionary Agreement 私有化 Privatization 移轉-營運-移轉(Transfer-Operate-Transfer) 興建-租賃-營運-移轉(Build-Lease-Operate-Transfer) 興建-營運-移轉(Build-Operate-Transfer) 購買-更新-營運(Procure-Update-Operate) 興建-擁有-營運(Build-Own-Operate) 22

2. 4 PPP模式成功之要件 Critical Success Factors for PPP 風險分擔 Risk Sharing 利益分享 Profit Sharing 2. 4 PPP模式成功之要件 Critical Success Factors for PPP 風險分擔 Risk Sharing 利益分享 Profit Sharing 避免將模式中所有風險轉移到單一部門,應由對風險項目最 有控制力的一方承擔該項風險。 Risks shall NOT be all borne by one party, but by most competent party on each individual risk basis. 政府藉由私部門提供服務以節省政府開支或獲得外部社會效 益,私部門則藉由提供服務獲取合理報酬。 Government saves spendings yet benefits the public, and private party earns profits through partnership. PPP模式中政府與私部門為伙伴關係,政府除扮演監督與管理角色外,更應給私部門最大 支持。Government and private investors are partners under PPP agreement. Government shall support the private parties, despite its supervision and management roles. 23

2. 5台灣軌道運輸系統興建營運型態 Construction and operation scheme for Taiwan’s railway systems 代表系統 System 台灣高鐵 Taiwan 2. 5台灣軌道運輸系統興建營運型態 Construction and operation scheme for Taiwan’s railway systems 代表系統 System 台灣高鐵 Taiwan High-Speed Rail 高雄捷運 Kaohsiung Metro Transit 台北捷運 Taipei Metro Transit 機場捷運 Taoyuan International Airport MRT Line 台中捷運 Taichung Metro Transit 參與模式 Business model 建營模式 Construction and operation 興建-營運-移轉 (BOT) 建營合一 Built and operated by the same party 建營分離 營運-移轉 (OT) Built and operated by separate parties 公辦公營(暫定) Government project 公辦公營(暫定) By government 24

2. 6政府資產交付軌道業者經營管理模式 Rights and obligations under BOT/OT scheme 參與模式 Scheme 政府權利義務 Rights and obligations 2. 6政府資產交付軌道業者經營管理模式 Rights and obligations under BOT/OT scheme 參與模式 Scheme 政府權利義務 Rights and obligations - government BOT特許經營 BOT concessionary agreement • 負擔非自償部份之建設費用 • Responsible for construction of nonconcessionary items • 營運期滿取得財產及經營權 • Acquire assets and operation rights upon the end of concessionary period • 是否收取營運權利金視營運單位財務特性而定 • Collection of fees on operating rights and provision of subsidies shall be assessed. OT特許經營 OT concessionary agreement • 提供業者經營所需財產 • Build and provide assets required for operation to private parties • 營運期滿收回財產及經營權 • Acquire assets and operation rights upon the end of concessionary period • 是否收取營運權利金或補貼視營運單位財務特 性而定 • Collection of fees on operating rights and provision of subsidies shall be assessed. 25 業者權利義務 Rights and obligations - concessionaire 經營收益歸業者所有 Earn all operating profits 負擔自償部份之建設費用 Responsible to build all concessionary items 負責維護保養、汰換及重置 Responsible to maintain and replace assets required for operation • 是否支付營運權利金視營運單位財務特性而定 • Collection of fees on operating rights and provision of subsidies shall be assessed. • • • 經營收益歸業者所有 Earn all operating profits 負責維護保養、汰換及重置 Responsible to maintain and replace assets required for operation • 是否支付營運權利金視營運單位財務特性而定 • Collection of fees on operating rights and provision of subsidies shall be assessed. • •

三、台灣獎勵民間投資公共建設機制 Taiwan’s Act for Promotion of Private Participation in Infrastructure Projects (2001. 10. 31) 三、台灣獎勵民間投資公共建設機制 Taiwan’s Act for Promotion of Private Participation in Infrastructure Projects (2001. 10. 31) , referred as “Private Participation Act” 公辦公營 (政府採購法) Government Project (under government 軌道建設模式 Railway Projects procurement laws) 民間參與 (獎勵民間參與交通建設條例 ) (促進民間參與公共建設法) PPP l台灣鐵路局 l. Taiwan Railway System l台北捷運 l. Taipei Metro Transit l機場捷運 l. Taoyuan International Airport MRT l台中捷運 l. Taichung Metro Transit l台灣高鐵 l. Taiwan High-Speed Rail l高雄捷運 l. Kaohsiung Metro Transit Private Participation Act [中]促進民間參與公共建設法 [英]ACT FOR PROMOTION OF PRIVATE PARTICIPATION IN INFRASTRUCTURE PROJECTS(2001. 10. 31 26

3. 1促參法立法背景 • 「獎參條例」以 BOT精神創造出台灣高鐵 與高雄捷運。 • 台灣政府為落實民間參與公共建設政策, 以「獎參條例」精神與規定,擴大其適用 範圍,新立法「促參法」, 「獎參條例」即 停止適用新案 。 27 3. 1促參法立法背景 • 「獎參條例」以 BOT精神創造出台灣高鐵 與高雄捷運。 • 台灣政府為落實民間參與公共建設政策, 以「獎參條例」精神與規定,擴大其適用 範圍,新立法「促參法」, 「獎參條例」即 停止適用新案 。 27

3. 2促參法主要內涵 Private Participation Act • • 交通建設為獎勵投資範圍 Applicable to transport infrastructures 所謂民間機構: Qualified 3. 2促參法主要內涵 Private Participation Act • • 交通建設為獎勵投資範圍 Applicable to transport infrastructures 所謂民間機構: Qualified private entity – – – • • 公司法設立之公司、私法人 Private corporations and entity duly set up according to Taiwan’s laws 政府、公營事業< 20%資本總額 Corporations with <20% shares held by government 外資(持股比例個案核定) Foreign private entities 公共建設,得由民間自行規劃提案 Private entities may initiate a PPP proposal to public projects. 28

 • • 參與方式 How to participate in PPP – 由民間機構投資興建並為營運;營運期間屆滿後,移轉該建設之所有權予政府。 BOT – The • • 參與方式 How to participate in PPP – 由民間機構投資興建並為營運;營運期間屆滿後,移轉該建設之所有權予政府。 BOT – The private parties invest, build and operate the project. Upon the end of the agreed concessionary period, the project ownership is transferred to the government. BOT – 由民間機構投資新建完成後,政府無償取得所有權,並委託該民間機構營運;營運期間屆滿後, 營運權歸還政府。BOT – The private parties fund the construction of the project, and the government owns the project without investment. Government contracts the funding private parties to operate the project until the end of the agreed operation contract, when the project operation is transferred to the government. BOT – 由民間機構投資新建完成後,政府一次或分期給付建設經費以取得所有權,並委託該民間機構 營運;營運期間屆滿後,營運權歸還政府。BT+OT – The private parties fund the construction of the project, and the government owns the project through installed payments to the private parties. Government contracts the funding private parties to operate the project until the end of the agreed operation contract, when the project operation is transferred to the government. BT+OT – 由政府委託民間機構,或由民間機構向政府租賃現有設施,予以擴建、整建後並為營運;營運 期間屆滿後,營運權歸還政府。BLOT – Under a contract with government, private parties rent, expand, upgrade, and operate existing facilities. BLOT – 由政府投資新建完成後,委託民間機構營運;營運期間屆滿後,營運權歸還政府。OT – Government fund the construction of new facilities, and contract private parties for operation. OT – 為配合國家政策,由民間機構投資新建,擁有所有權,並自為營運或委託第三人營運。BOO – Private parties fund the construction of new facilities with ownership, and operate the facilities. BOO – 其他經主管機關核定之方式。 – Other scheme authorized by the government 29

 • • 主辦機關與民間機構簽訂投資契約,記載下列事項: PPP contracts shall include the following terms and conditions – • • 主辦機關與民間機構簽訂投資契約,記載下列事項: PPP contracts shall include the following terms and conditions – – – – 公共建設之規劃、興建、營運及移轉。 Planning, construction, operation and transfer of target facilities 權利金及費用之負擔。 Concessionary fees and cost sharing scheme 費率及費率變更。 Service changes and their adjustment scheme 營運期間屆滿之續約。 End of the concessionary period and its extension 風險分擔。 Risk sharing mechanism 施 或經營不善之處置及關係人介入。 Intervention of improper construction or operation 稽核及 程控管。 Audit and monitoring of construction and operation 爭議處理及仲裁條款。 Dispute resolution and arbitrary scheme 30

 • • 用地取得,可區段徵收、變更都市計畫 Land acquisition through zone expropriation or changes of urban development • • 用地取得,可區段徵收、變更都市計畫 Land acquisition through zone expropriation or changes of urban development plans 允許民間從事公共建設附屬都市開發 Urban development as incentives to private parties 公有土地租金得予優惠 Favorable land leasing as incentive 公共建設經甄審委員會評定其投資依本法其他獎勵仍未具完全自償能力者, 得就其非自償部分,由主辦機關補貼其所需貸款利息或投資其建設之一部。 When determined by an independent committee that, under the Private Participation Act, a PPP project is NOT fully financially sustainable, the government shall subsidize, financing, or fund the deficit portion. 31

 • • • 公共建設資金融通之必要,得洽請金融機構或特種基金提供民間機構中長期 貸款。 Financing is critical to infrastructure projects. Government shall • • • 公共建設資金融通之必要,得洽請金融機構或特種基金提供民間機構中長期 貸款。 Financing is critical to infrastructure projects. Government shall encourage financial institutes to provide long-term financing to private parties. 民間機構得公開發行新股 得發行指定用途之公司債 Private parties shall finance the project through equity or debt issuance. 參與公共建設支出 5%~20%可抵減稅 地價稅、房屋稅、契稅得予適當減免 Provide deduction, including expenses, land tax, real estate tax, as incentive. 參與案由甄審委員會擇優選之 Reviewed and approved by independent committee 本法核准民間機構興建、營運之公共建設,不適用政府採購法之規定。 PPP projects shall not be subject to the government procurement laws 32

 • • 如有施 進度嚴重落後、 程品質重大違失、經營不善或其他重大情事發生, 損害重大公共利益或造成緊急危難之虞時,得停止興建或強制接管。 Cause for cease of construction or government • • 如有施 進度嚴重落後、 程品質重大違失、經營不善或其他重大情事發生, 損害重大公共利益或造成緊急危難之虞時,得停止興建或強制接管。 Cause for cease of construction or government intervention – – Serious delay in construction Major quality false Operation difficulties Major events that will damage public interest 33

四、結論 Conclusions • • • 大城市地鐵建設逐漸完成,二線城是軌道建設基於客運量考量,逐漸採用輕軌。 Metro transit systems complete in major cities. Secondary 四、結論 Conclusions • • • 大城市地鐵建設逐漸完成,二線城是軌道建設基於客運量考量,逐漸採用輕軌。 Metro transit systems complete in major cities. Secondary cities will adopt light rail systems for smaller demands. 基於地方政府財政因素,如何鼓勵民間資金參與建設及運營將是未來之趨勢,融資政 策及管理相關法規應落實。 In response to government fiscal strains, private participation in construction and operation will be required in the future. 在眾多輕軌中,建設及運營成本低、佔用路幅、噪音振動、轉彎半徑、爬坡能力、 期長短等將是系統勝出之決定因素。 Major considerations on light rail systems – – – Costs for construction and operation Land required Vibration and noise Minimum radius of curvature Slope gradient Construction time 34