| Summary: | 碩士 === 長庚大學 === 企業管理研究所 === 95 === In recent years, the government actively encourages the private sectors to participate into the public infrastructure projects in order to improve its management efficiency and to lead in more resources. Unlike the conventional modes of purchase or operation applied by the government, both sides of government and private sector must work side by side with spirit of partnership. With the support of public forces and administration assistance, the private sectors can perform well in resources integration and efficiency upgrade. Lacking of restrictions from the government, the results of projects will be well under control by private sector. Though most of the capitals come from syndicated loans of banks, the securitization gradually becomes the main stream. In view of the international capital market trend, the project finance securitization used as project financing method could be promoted to be financing manner to support the private sectors participating into the international infrastructure projects.
By studying the cases of project financing, the development of public-private-partnership and overseas securitization, we think that the government should support the private sectors to finance with securitization method. Under the contracting model and its relevant laws, it also suggested that the government, with its public forces, should make its effort to support the private sector to avoid the constraints in the conventional public infrastructure project. Therefore, both public and private sectors could cooperate as an efficient team. Furthermore, according to the international cases of project finance securitization, this research indicated that government should assist the private sector to utilize the securitization. In the first stage, it may be developed a project of unity fees and easy-calculated cash flows, the private sector could control the investment risk through dedicatedly designed project bonds under the limited cash flow. Thus, the assets operator could implement the project cash flow as the fundamentals of securitization. As soon as the project investments become more mature, government could then assist the private sector to finance. When a project turns into a developed one, the government could further assist the private sectors to IPO in the stock market or raising fund from market through issuing appropriate financing products.
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