财务可行性评估：BOT个案研討

BOT2002/4/92•BOTLuh-MaanChangandPo-HanChenBOTFinancialmodelTaiwanhighspeedrailcaseBOT2002/4/93••••••••••2002/4/94•BOT–•SLR–•NPV•IRR•PI•PB•DPB•–•DSCR•DER•TIE•2002/4/952002/4/96•2002/4/97•–•–BOT252002/4/98•==2002/4/99•2002/4/910•=(d=axc)%(c=b/)%bNT$a%2002/4/911•-2002/4/912•–2002/4/913•–••••2002/4/914•––––2002/4/915•2002/4/916•1•01•0%100×2002/4/917•NetPresentValue,NPV–NPV0⇒–NPV0⇒•CFttt•k•n{}ttn0tnn2210k)(1CFk)(1CF...k)(1CFk)(1CFCFNPV+=+++++++=∑=2002/4/918•InternalRateofReturn,IRR–IRRNPV0⇒–IRRNPV0⇒•CFttt•k*NVP0IRR•n{}IRR*k0k*)(1CF...k*)(1CFk*)(1CFCFNPVnn2210==+++++++=2002/4/919•ProfitabilityIndex,PI–PI1⇒–PI0⇒PI2002/4/920•Payback,PB–•CFtt•0CFT0tt∑==2002/4/921•DiscountedPayback,DPB–•PVCFtt•’∑=='T0ttT'0)PV(CF2002/4/922•DebtServiceCoverageRatio,DSCR+=DSCR2002/4/923•TimeInterestEarned,TIE•DebtEquityRatio,DER=RatioDE=TIE2002/4/924SLRNPVIRRPIDSCRTIE202020201110102002/4/925•BOT––––––2002/4/926•–2002/4/927•–•3.50–•25•520042002/4/928•–17.8826.811.18.772.8.041.206142.10371.2.200420072002/4/929•–abNTcb/daxc17.8826.8118.7760%*70%8.508.0460%*30%=2002/4/930•–abc=b/a2002/4/931•–302000=204,484/4=51,12142002/4/932•–2002/4/933•2.11==•DPBIRRPIPB2002/4/934•–DSCR1.778.35–TIE2.82215.532002/4/935•–DSCRTIE0.0050.00100.00150.00200.00250.00DSCR3.253.493.761.771.871.982.092.202.322.454.324.564.815.085.375.675.996.336.697.077.477.908.35TIE5.866.797.962.823.153.523.974.545.266.207.187.988.9410.1011.5313.3515.7218.9623.6230.9143.9774.00215.5200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262002/4/936•BOT2002/4/937•––•SLR2002/4/938•––•NPV•IRR•PI•PB•DPB2002/4/939•––•DSCR•DER•TIE2002/4/940•–