近年隨著國內外經濟發展、企業營運規模擴大下，在企業發展過程中，資金充足係其發展成敗之重要關鍵。一般而言，企業資金來源可區分為內部資金與外部資金。就外部資金部分，雖目前企業以直接金融透過發行有價證劵之方式，向一般社會大眾募集資金之風氣日增，但透過間接金融向銀行融資借貸，因較具彈性，可針對個案之不同調整融資契約之內容，仍為企業獲取外部資金之重要管道。
因科技日益創新下，許多投資案的規模及複雜性亦日漸擴大，現行傳統融資方式逐漸無法滿足企業之需求，專案融資(Project Finance)之模式逐漸受到重視。但因過去研究中多以政府BOT專案融資案件作研究，鮮少有企業個案提供參考，故本次研究目的為提供較不易得取資訊之企業專案融資個案作參照。
本次研究個案之專案融資係以客製化方式，針對個案之特殊需求(非一般營運週轉金用途)，在個案進行輔導公開發行 (Initial Public Offerings，IPO)階段中提供融資進行財務結構調整之協助。並建置監控資金用途之控管機制(Milestone)，搭配完善的還款機制以保障債權。個案藉由本專案融資之進行，財務結構調整沖銷內部股東往來、與提高流速動比及負債比，目的為讓個案財務結構更加透明，以利後續IPO階段進行。
故不論在私人企業之投資計畫或於公私部門合作(BOT)之計畫案中，專案融資皆扮演相當重要之角色。然在我國法制上，就融資案中居於關鍵地位之擔保機制，並未為特殊之規範，而僅以銀行法之擔保授信作為規範依據。然細究該規定，其僅將民法或動產擔保交易法中早已明文規範用於一般交易行為之擔保機制羅列於條文中，無法完全滿足銀行於專案融資中對擔保機制之需求。本個案企業之融資需求與金額在一般銀行往來融資條件下，並不容易成就。故本專案融資中的研究主要係在說明如何加強擔保機制並作相關之防範功能，使在債務人違約時能有效保障銀行債權。 / The scale of operations continuously extend with the development of the domestic and international economic situation in recent years, capital adequacy is no doubt a key point in the process of enterprise development . In general, the corporate-owned fund of the source can be divided into internal capital and external capital fund. The current corporation use common way raising capital fund through the issuance of Market Securities to the general public. Though indirect financial way to the bank financing is more flexible and still an important channel for gaining access to external funds, bank can customize the conditions of the financing contract case by case.
The traditional financing can’t meet the needs of corporation. Project finance model has to be taken seriously during innovation in technology, scale and complexity of the many investment cases. But most researches focus on BOT project finance of government in the past years, there are few references about single company. Our research provides single company project finance that is uneasy to get to be referred.
This case study of project finance based on the way of customization for the special needs of the case (a non-operating revolving function) , and bank provides financial restructuring during IPO consulting stage. The Bank structures the Milestone mechanism to monitor the use of funds, with carefully repayment mechanisms to guarantee the debt. This case can use project finance to write off the account receivable of shareholders, and to improve the financial ratio such as flow rate ratio and liabilities. It can help financial statement more clear to follow-up IPO stage.
Project finance plays a very important role in any investment case whether the Public sector or private corporation. Guarantee mechanism which is key position of financing case doesn’t be special limited in our legal raw. The technical regulation just bases on the security guarantee of credit in The Banking Act of The Republic of China. The rules of Banking Act of The Republic of China record security guarantee of general trading from Civil law and Personal Property Secured Transactions Act, but it can’t meet the project financial demand. It’s not easy to meet with success under the scale of this project finance and the limitation of general finance. The most important purposes of project finance strengthen guarantee mechanism and control credit risk when debtor defaults.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0097932016 |
| Creators | 郭雨民 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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