In the past, Taiwan¡¦s economy is growing very fast and city development is flourishing. But with time evolved, the urban development experienced from fast growing to mature, and now gradually decline. Therefore the key of urban development now focuses on the improvement of urban life¡¦s quality not to increase the quantity. This research is major in how to integrate real estate investments trusts into urban renewal. We probe into the urban renewal regulation, laws of real estate investments trusts and study some previous similar cases to understand restriction and difficult encountered in the operation. Besides we analyze its strengths and weakness compare with other raise found ways. The major conclusions of this research are: 1.For some poor resource city, adopting REITs to raise found can efficiently carry on urban renewal. 2.In the past, there are no any cases that using REITs to do urban renewal and quite complicated to undertaking, but it really a feasible method. 3.Adopting urban renewal investment can alleviate public finance, flexible real estate commerce and offer a long-term investment for the people. 4.Integrating urban redevelopment investment and BOT can get more efficiency.

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The medical equipment market is very competitive in Taiwan, the equipment suppliers in response to the multiplex market changing, and to satisfy with the hospitals about demands of equipment and costs of control, we adopt the cooperative way, buildoperate- transfer (BOT) for specific equipment in some hospitals. ¡´The equipment suppliers may participate in the management of non-medical behavior to achieve mutual benefit and win-win situation with the hospital. ¡´ This study is case study research, according to the experiences of management over past several years I collect data from the objects of 6 BOT cases in each 6 hospital. By data classification and statistical analysis, found the characteristics and differences in each case that the equipment suppliers can proposed the more precise investment appraisal in the future. ¡´ This research found that medical equipment, the number of patients, examination items, the proportion between hospital and the equipment supplier, hospital¡¦s location, and the payment points from NHI are causing hospitals and equipment suppliers having a large gap between revenue and are affecting the survival of medical suppliers. ¡´ According to the results, in order to providing more accurate diagnosis to doctors and improving patient's medical quality, this study suggested that the hospitals and the equipment suppliers should develop a set of medical equipment about BOT investment appraisal system. To achieve the aspect that a three-way win for the patient, hospital and equipment supplier.

BOT model is widely used in developing countries to facilitate the construction of immediately needed infrastructure projects with both technical and financial risks being borne by the private sector. BOT model differs from traditional ones because of its financial structure and operation service that is included in the concession. The aim of this research is to identify the critical success factors (CSFs) for BOT projects by examining real BOT projects, mainly airport projects. In this research, a detailed literature survey has been carried out as well as in-depth interviews with experts to identify the CSFs that are categorized in 13 groups. Based on these factors, a decision support v checklist has been developed. The checklist has the &ldquo / source&rdquo / of each CSF and the &ldquo / phase&rdquo / of the project that the CSF will have an effect. Finally two BOT projects, namely Dalaman and Aktau International Airport Projects, are studied thoroughly using the developed checklist. This research gives clear description and understanding of CSFs for airport projects which was a missing part in the construction management literature together with illustrative real cases. The findings of this research may be helpful for decision makers at the initial stages of BOT projects by providing a checklist of CSFs and demonstrating their significance in each phase of a BOT project.

Cette thèse propose une étude globale sur les contrats build-operate-transfer (BOT). Ils sont traités dans leurs aspects financiers, juridiques et contractuels. Les investissements dans les infrastructures publiques telles que les transports, l’eau, l’énergie constituent non seulement un outil de développement économique, mais aussi contribuent à l’amélioration des conditions de vie humaine. Mais, pour réaliser ces projets souvent de taille importante, le financement est un des principaux soucis des décideurs publics. En particulier, le Cambodge figure parmi les États à bas revenus. Les contraintes financières sont telles que l’État recourt de plus en plus au secteur privé, notamment par le biais des contrats BOT. Par cette technique, l’État peut cibler ses besoins spécifiques, tout en évitant le déficit budgétaire. En contrepartie, le secteur privé bénéficie d’un droit d’exploiter une infrastructure en cause pour une durée généralement longue pendant laquelle il rentabilise ses investissements.En se basant sur l’association des intérêts publics et privés, la mise en œuvre des contrats BOT nécessite un cadre juridique adéquate, sans lequel les intérêts publics pourraient être menacés, et cela pourrait être dissuasif pour la décision des investisseurs, notamment étrangers. / This thesis suggests a comprehensive study on the build-operate-transfer contracts (BOT). They are analysed in their financial, legal and contractual aspects.Investment in public infrastructure such as transport, water, energy is not only a tool for economic development, but also contributes to the improvement of human life’s conditions. However, to achieve these major projects, funding is a major concern of policy makers. In particular, Cambodia is among the States with low income. Financial constraints are such that the State resorts increasingly to the private sector, including through BOT contracts. By this technique, the State can target their specific needs, while avoiding the budget deficit. In return, the private sector has a right to operate the infrastructure in question for a period generally long during which it recovers its investments.Based on a combination of public and private interests, the implementation of BOT contracts requires a proper legal framework, without which public interests might be threatened, and that could be a deterrent for the decision of investors, especially foreigners.

Public Private Partnership (PPP) is a well established methodology for procuring public works projects. By incorporating the private sector’s expertise, efficiency, innovation, business sense, risk sharing, financing etc. into public works projects, the quality of public services and facilities can be uplifted. Like many jurisdictions, Hong Kong is also keen to take aboard this methodology which is so familiar but yet so distant. Although they have been one of the first jurisdictions to utilise the private sector in public works projects, their comfortable financial reserves has meant that there has been no urge to push the movement until recently. PPP has become increasingly popular amongst governments. The Hong Kong Special Administrative Region (HKSAR) government is no exception. Some of the more active works departments have commissioned studies to investigate the best ways to deliver these projects, others have even trialed the method themselves. The efficiency Unit of the HKSAR government has also become an active arm in conducting research in this area. Although so, the information that is currently available is still very broad. Building from their works there is a need to develop a best practice framework for implementing PPP projects in Hong Kong by incorporating international experiences. To develop a best practice framework will require thorough investigation into the benefits, difficulties and critical success factor of PPP. PPP should also be compared with other procurement methods. In order to do so it is important to clearly understand the local situation by an analysis of projects conducted to date. Lessons learnt can further be derived from other countries and incorporated to those derived locally. Finally the best conditions in terms of project nature, complexity, types, and scales for adopting PPP should be derived. The aim and objectives of this study were achieved via a comprehensive literature review, in-depth case analyses, interview survey with experts from both Hong Kong and overseas, and finally a large scale data collection was conducted via a questionnaire survey with PPP practitioners. These findings were further triangulated before they were used as the basis to form the best practice framework presented in this thesis. The framework was then further validated by PPP experts to ensure it is comprehensive, objective, reliable and practical. This study has presented a methodology that can be adopted for future studies. It has also updated our knowledge on the development trends of PPP as well as opened up the experiences of other jurisdictions. The findings have shown that the local industry is familiar with “what” should be done in PPP projects but they are unsure of “how” these goals can be achieved. This framework has allowed this further knowledge to be delivered to PPP practitioners. As a result, the development of this framework can help to resolve the current economic crisis by encouraging more developments and business opportunities for the private sector. In addition, the correct projects can be delivered by PPP, the advantages of PPP can be maximised, and the general public can benefit from the private sector’s participation.

Build-Operate-Transfer (BOT) is a form of Public-Private Partnerships that is commonly used to close the growing gap between the cost of developing and modernizing transportation infrastructure systems and the financial resources available to governments. When assessing the feasibility of a BOT project, private investors consider revenue risk - which is stemmed from the uncertainty about future traffic demand - as a critical factor. A potential approach to mitigating the revenue risk is the offering of revenue risk sharing mechanisms such as Minimum Revenue Guarantee options by the government. In addition to Minimum Revenue Guarantee options, a mechanism known as Traffic Revenue Cap options may also be negotiated, which makes the government entitled to a share of revenue when it grows beyond a specified threshold. Financial valuation of investments in BOT projects should take into account uncertainty about future traffic demand, as well as Minimum Revenue Guarantee and Traffic Revenue Cap options. The conventional valuation methods including Net Present Value (NPV) analysis are not capable of integrating the uncertainty about future traffic demand in the valuation of BOT projects and properly pricing Minimum Revenue Guarantee and Traffic Revenue Cap options. Real options analysis can be used as an alternative approach to valuation of investments in transportation projects under uncertainties. However, the appropriate application of real options analysis to valuation of investments in transportation projects is conditioned upon overcoming specific theoretical challenges. Current real options models do not provide a systematic method for estimating the project volatility, which measures the variability of investment value. Existing models do not provide a method for calculating the market value of Minimum Revenue Guarantee and Traffic Revenue Cap options. Also, current models are not able to characterize the impact of Minimum Revenue Guarantee and Traffic Revenue Cap options on private investors' financial risk profile. The overarching objective of this research is to apply the real options theory in order to price Minimum Revenue Guarantee and Traffic Revenue Cap options under the uncertainty about future traffic demand. To achieve this objective, a real options model is created that characterizes the long-term traffic demand uncertainty in BOT projects and determines investors' financial risk profile under uncertainty about future traffic demand. This model presents a novel method for estimating the project volatility for real options analysis. This model devises a market-based option pricing approach to determine the correct value of Minimum Revenue Guarantee and Traffic Revenue Cap options. An appropriate procedure is created for characterizing the impact of Minimum Revenue Guarantee and Traffic Revenue Cap options on the investors' financial risk profile. The proposed real options model is applied to a BOT project to illustrate the valuation process. The limitations of the proposed real options model, as well as the barriers to its implementation, are identified and recommendations for future research are offered. This research contributes to the state of knowledge by presenting a new method for estimating the project volatility, which is required for the real options analysis of transportation investments. It also introduces a risk-neutral valuation method for pricing the market value of Minimum Revenue Guarantee and Traffic Revenue Cap options in BOT projects. The research also contributes to the state of practice by introducing a novel class of assessment tools for decision makers that characterize the investors' financial risk profile under uncertainty about future traffic demand. Proper methods for pricing of Minimum Revenue Guarantee and Traffic Revenue Cap options are useful to public and private investors, in order to avoid wasting capital in transportation projects.

There has been a rapid growth of private participation in infrastructure projects throughout the world in the last three decades. China as the largest developing country in the world has a huge amount of demands for high quality infrastructure projects and public services. The government has actively developed and used the Build-Operation-Transfer (BOT) model to deliver public facilities and services, particularly after 2002. Certain benefits have been brought by the adoption of the BOT model in China's motorway and water sectors. However, issues were also found in the processes behind BOT applications. International organisations as well as scholars suggested that China should learn experiences and lessons from the UK and its PFI scheme. The UK has been the leading country to use private finance in developing public buildings and services. However, very little has been written addressing how lessons from British PFIs can be learnt by China to improve its BOT practice. This study is an attempt to address this vacuum in the existed literature. It was designed to explore the current problems of using BOTs in Chinese motorway and water sectors and looks at what needs to be improved, based upon the PFI lessons in the UK. A mixture of qualitative and quantitative methods has been employed and various methods of data collection used in this study. These included: 21 interviews, 2 observations and one focus group and the analysis on 14 government reports about BOTs in China. The governments' decision-makers, directors, project managers and contractors were involved in the research to explore the results and emerging issues involving the implementation of BOT models in 87 Chinese motorway and water projects in 10 cities covering six provinces. As a result of its findings, the research is able to discuss and identify the relevant experiences and lessons from PFIs in the UK to improve further application of China's BOTs. This study fills the gap in knowledge regarding comparisons between PFIs and BOTs. It also gives recommendations for good practice in relation to Chinese BOT policy decision making, development and evaluation. Finally, the study hopes to give recommendations that enable the implementation of BOT model in Chinese motorway and water sectors to be more successful in the future.

政府為照護青年及弱勢族群的居住權利，興辦社會住宅為首要政策，然當前政府財政困境及資源不足情形，得運用民間資源以「公私協力夥伴(public-private partnerships，下稱PPP)」模式共同興辦社會住宅。惟現行促進民間參與公共建設法有政府不出資金及民間財務自償率適用門檻等特性，民間企業對於低自償性且具高益性之公共建設案件投資意願低；若開放附屬事業增加投資誘因，則產生政府未達公共建設目的、犧牲弱勢權益及公益性不足等爭議及輿論。 為提高民間企業投資誘因及推動社會住宅政策，本研究以我國BOT(Build-Operate-Transfer，建設-營運-移轉)模式導入國外民間融資提案(Private Finance Initiative，PFI)制度之營運績效付款概念為基礎，透過個案研究財務模擬，在促參法BOT制度下，進行現有民間自主營運及導入營運績效付款機制等兩模式進行財務效益分析，並以此作為深度訪談題綱資料，進行產、官、學三類型受訪者之個別訪談。 最後，經彙總深度訪談意見及各章節分析後，本研究得到下列幾點「運用營運績效付款興辦社會住宅」之重要結論與後續建議，以資作為未來政府機關以民間參與模式推動社會住宅或其他低自償高公益性類型之公共建設案件參考： 1.政府擔負租金率和租金調整風險，可降低民間企業營運風險，增加政府機關政策調整彈性和監督管理權力，具有達到興辦社會住宅政策目的及風險控制效益。 2.政府於營運期依營運績效給付固定價金予民間企業，除可提升公共建設服務品質，於民間企業可收取穩定租金現金流量佳，具投資誘因。 3.提供評估社會住宅之重大參數建議，包含：特許年期設定於20年~25年區間、合理利潤率設定於稅後報酬率8%~10%區間、付款機制於營運期間依服務可用度及績效評估分年付款，及土地租金得以公告地價1%或約定固定費率計收等，降低雙方案件執行風險及保障利潤。 4.促使案件順利執行之應配套事項，包含：政府機關確保長期預算編列及確保給付性、融資機構願專案融資可行性及合理制定成果規範、評核項目及扣款機制。 / To ensure the housing for young people and vulnerable social groups, implementing social housing is a top priority. Given the government’s financial difficulties and lack of resources, “public-private partnerships” (PPP) could be used to provide social housing. However, the Act for Promotion of Private Participation in Infrastructure Projects (the Act) stipulates that the government provides no funding nor an applicable threshold of self-liquidation ratio (SLR) for private enterprises. Private enterprises do not have such a great interest in investing in infrastructure projects with a low SLR or benefits. If affiliated business have a greater incentive to invest, it will result in a dispute or argument over the government’s disregard for infrastructure projects, the rights and interests of vulnerable groups, and public welfare. To increase private enterprises’ incentive to invest and promote the social housing policies, the study has introduced the concept of operating performance payment in the foreign PFI (Private-Finance-Initiative) system based on the BOT (Build-Operate-Transfer) model under the Act and has analyzed the financial benefits of private enterprises and the operating performance payment through a case study. The analysis was applied to develop in-depth individual interview questions with respondents from the businessman, the government, and specialist. According to feedback gathered from in-depth interviews and the summary of each chapter, the study drew the following conclusions and recommendations for the implementation of social housing through operating performance payment. The conclusion and recommendations could be used as future references in the implementation of social housing through PPP or infrastructure projects with a low SLR and high benefits： 1.The government shall bear the risks of adjustments to rental rates and rent to reduce the operational risk of private enterprises and increase the flexibility and power of supervision and management of its policies with the aim of implementing social housing and controlling risks. 2.During operation, the government pays a fixed amount to private enterprises based on their operating performance, which can improve the quality of service of infrastructure projects and provide a more stable rent for private enterprises thus further increasing their incentive to invest. 3.Major parameters of social housing are proposed, including a concession period of 20~25 years, a reasonable profit margin set at 8%~10% of after-tax as a rate of return, the annual payment of which shall made according to the availability of services and performance evaluation during operations, and land rent charged based on 1% of the published land price or an agreed fixed rate. These parameters can help reduce the risks of implementation and guarantee profits. 4.Mechanisms that support the implementation of social housing are proposed, including the government’s guarantee of budgets and payments, the feasibility of project financing and the establishment of proper standards for evaluating the results, determining the evaluation citeria, and deduction mechanisms.

本研究透過針對台東縣都蘭社群建造傳統竹筏所記載的民族誌，探索該社群在政府授權的美麗灣民間興建營運後轉移模式(BOT)發展案中的角色與互動。研究內容包括了(1)對民間興建營運後轉移之模式的總體回顧，以及美麗灣此個案的評估。(2)在地阿美族社群對發展計畫反對的詳細論述。(3)在替代發展方案上的建議。我的田野調查包含了在社群集會與示威抗議活動上的參與觀察，但調查的重心則立基於一條阿美竹筏建造與出海的過程。本文的結論提供了一套能夠兼顧在地居民互動及外來廠商利益的發展方案，旨在透過融合相關各方的觀點以圖能夠減少衝突並促進共同利益。 / This research explores the dimensions and interactions of the Amis community under the Miramar Resort (MR) Build-Operate-Transfer (BOT) development project authorized by the local county government through an ethnographic approach on the construction of a traditional bamboo raft in the township of Dulan, Taitung, Taiwan. The content of this study includes (1) A status review of the BOT policy in general and the MR development project in particular, (2) A detailed account of the local Amis community’s opposition to the project, and (3) Suggestion on alternative methods of land management. My fieldwork includes participant observation in the context of seminar meetings and activist demonstrations. However the centerpiece of the research at Dulan revolves around my personal participation in the construction of an Amis traditional bamboo raft and its launching into the ocean. Conclusions offer alternative ways for the development of an area that is interactive with indigenous peoples and outside commercial interests. The perspective taken is aimed at alleviating conflict through incorporating the views of stakeholders in the best interests of all parties involved.