資本預算
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公共工程的資本預算
大多為傳統的財務方法評估
其中NPV
IRR考量現金流量
貨幣的時間價值
容易使人了解因此最常被使用
本文以這兩項財務指標作為輔佐參考計畫的可行性。
面對未來的不確定性
建構合理的折現率並考量報酬率才使投資者能評估是否要投入計畫。
除了投資決策
BOT案的風險多且複雜
風險的考量是另外要注意的課題
可做為銀行融資之參考。
傳統考量風險的財務指標為DSCR、自償率
藉由兩項常用決策的指標
可看出回收投資的風險與資金償還的能力。
本文由投資指標NPV、IRR 及風險指標DSCR、自償率可綜合性分析報酬與風險的衡量
使投資者與銀行間建構最適資本結構。
然而
傳統的財務方法面對未來的變動仍有失敗的風險
即使當下財務計畫可行或自償率大於一
由於財務的項目都是預估衡量
資金通常無法一次到位
計劃如何在工程經濟上做合理的資金分配
才能完整BOT的財務可行性Capital budget for public works projects
mostly for traditional financial assessment
which theNPV
IRR
consider the cash flow
time value of money
people are likely to learn the most commonly used
these two financial indicators as his assistant
referenceplanfeasibility. The face of uncertainty about the future
to build a reasonable discount rate and considering the rate of return investors can assess whether you wantto put into the plan. In addition to theinvestment decision-making
The risk of BOT projectsare more complex
risk considerations Also pay attention to thesubject
can be used as thereference of thebank financing. Traditional consideration of the risk of financial indicators for the DSCR
self-liquidatingrate by twocommonly used decision-making indicators
we can see the recovery of the investment risks and the financial abilityto repay. Investmentindicators NPV
IRR
and risk indicators DSCR
sincethe compensation ratecan be a comprehensive analysis of return and riskmeasure to enable investors to construct optimal capital structure andthe inter-bank.However
traditional financial methods to face the changes of the future is still the risk of failure
even if the current financialplan or self-liquidating rate greater than one financialprojects are estimatedto measure
funding is usually not a place
how it plans toengineering economicand rational allocationof funds
in order to completethe financial viability of the BOT rarelyexplore optimal investmentproportion of the industrial Port BOT .
Capital budget for public works
mostly traditional financial methods of evaluation
which NPV
IRR take into account cash flow
time value of money
easy to understand and therefore is most often used
this article to both the financial feasibility of pointers as a supporting reference program. Faced with the uncertainty of future
building a reasonable discount rate and taking into account rate to enable investors to assess whether the investment plan. In addition to investment decisions
risk of the BOT and complex
risk considerations are also subject to note
can be used as reference of bank financing. Traditional risk financial pointers to DSCR
compensation rates
through the pointer to the two common decision-making
can see the recovery of investment risk and financial ability to repay. NPV
IRR and risk by investing in this article pointer pointer DSCR
comprehensive analysis of risks and rewards of compensation rates may be measured to enable investors and the construction Bank optimal capital structure. However
traditional methods of financial changes in the future there is a risk of failure
even if the present financial plan feasible or debt service rate is greater than one
due to the Finance of the project is estimated to measure
funds are often not in place
plans to do a reasonable amount of funds allocated in the project economy
to complete the financial feasibility of BOT
