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研究生： 艾德華
Mansal, Edward
論文名稱： Linking the Concessionaire’s Financial Abilities during Different Stages of a BOT Project
Linking the Concessionaire’s Financial Abilities during Different Stages of a BOT Project
指導教授： 張行道
Chang, Andrew S.
學位類別： 碩士
Master
系所名稱： 工學院 - 土木工程學系
Department of Civil Engineering
論文出版年： 2009
畢業學年度： 97
語文別： 英文
論文頁數： 64
外文關鍵詞： Construction, Financial Ability, Concessionaire, NPV, BOT Project
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    • Financial ability is extremely important for the success of BOT projects. Many criteria and indicators are stipulated in the bidding documents and design construction contract of BOT projects for evaluating the financial abilities of an investment company (or concessionaire). However, although these financial measures are proposed and evaluated during the concessionaire selection stage, their influence on and relationships with the cash flows during construction and operation of the BOT project are not further examined.
    This study examines the concessionaire’s financial abilities during different stages of a BOT project. Financial abilities are expressed as financial issues in four parts (or stages) of a BOT project: (1) Financial qualifications for investment companies which can be financial structure such as debt/equity ratio, (2) BOT project financial measures for investment companies: NPV, IRR, payback period, (3) Cash flows in construction which is cash outflows to pay construction costs. And (4) Cash flows during the operating phase which indicates the revenues generated from key activities minus costs and expenses incurred.
    This study integrates financial issues and displays a whole finance picture of a BOT project. The inclusion of cash flows in construction has shown a considerable impact on the investment company’s financial ability. The findings can be used by BOT practitioners to check the appropriateness of financial requirements during the bidding stage, evaluate the reasonableness of cash flows in the investment company’s proposal, and examine the real cash flows during the construction and operation stages.

    ACKNOWLEDGEMENTS I ABSTRACT II LIST OF ABBREVIATIONS III TABLE OF CONTENTS V LIST OF TABLES VIII LIST OF FIGURES IX CHAPTER 1 INTRODUCTION 1 1.1 Motivation 3 1.2 Research Objectives and Limitation 4 1.3 Research Method and Flow 5 1.4 Thesis Structure 7 CHAPTER 2 LITERATURE REVIEW 8 2.1 Concessionaire Selection and Evaluation 8 2.1.1 Selection Process and Criteria 8 2.1.2 Evaluation Techniques 10 2.2 Risks of BOT Projects 11 2.2.1 Risks to Parties Involved 11 2.2.2 Risk Identification 12 2.2.3 Risk Management Strategies 13 2.3 Financial Issues in BOT Projects 14 2.3.1 General Financial Issues 14 2.3.2 Financial Linkages 15 2.3.3 ROE as a measure of performance 17 CHAPTER 3 FINANCIAL ABILITY AND FEASIBILITY ISSUES 18 3.1 Financial Qualification for Investment Companies 18 3.1.1 Debt Repaying Ability 23 3.1.2 Financial Structure 23 3.1.3 Management Efficiency 24 3.1.4 Earning Ability 24 3.2 Financial Feasibility of a BOT Project Proposal 25 3.2.1 Self-Liquidating Ratio (SLR) 26 3.2.2 Debt Service Coverage Ratio 27 3.2.3 Net Present Value (NPV) 27 3.2.4 Internal Rate of Return (IRR) 28 3.2.5 Profitability Index (PI) or (Benefit-Cost Ratio) 29 3.2.6 The Payback Period (PBP) 29 3.3 Cash Flows of a BOT Project in the Construction phase 30 3.3.1 Construction Phase 30 3.3.2 Construction Phase Risks 31 3.3.3 Operation Phase 32 CHAPTER 4 BOT PROJECT CASE AND INVESTMENT COMPANY 34 4.1 Case BOT Project 34 4.1.1 Construction Assumptions 34 4.1.2 Operation Assumptions 35 4.2 Financial Statements of Company X 38 4.2.1 Income Statement 38 4.2.2 Balance Sheet 39 4.2.3 Cash Flow statement 41 4.2.4 Equity Statement 42 CHAPTER 5 LINKAGES OF FOUR FINANCIAL PARTS 43 5.1 Financial Feasibility and Linkage Frameworks 43 5.1.1 Linkage Models 43 5.1.2 Scenario Analysis 46 5.2 Analyses of Financial Statements during Construction 49 5.2.1 Financial number calculations in construction 49 5.2.2 Financial Numbers Comparison 56 CHAPTER 6 CONCLUSION AND SUGGESTIONS 58 6.1 Conclusions 58 6.2 Recommendations for Future Study 59 REFERENCES 61

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