加油站轉型商辦大樓 - 以資本預算決策方法評估

Abstract

摘要 隨著各個國家經濟結構的調整以及低碳經濟的發展，目前全球正面臨新一波的能源轉型浪潮，因此，加油站經營轉型也將是時勢所需。除了比較偏向透過業務性質的多元化來增加加油站的收益之外，加油站用地的轉型開發，也是值得研究探討的。本篇研究以個案企業為研究對象，在考量台商回流，致使整體工業區用地供不應求、租金與工業區地價逐年攀升的趨勢下，透過土地資源活化的角度，思考將加油站用地轉型作為商辦經營之用，並有別於過去台灣企業透過直覺決策分析的方式，以資本決策預算方法中的回收期間法、淨現值法與內部報酬率法，實際評估投入成本與每年淨現金流量。研究後發現，無論是出租商辦亦或是於最後一年出售，從NPV法的結果來看，所得到的投資計畫價值皆為正值，且高於持續經營加油站的計畫價值；而在IRR法分析中，其內部報酬率均高於加權平均資金成本；最後在PPM法分析中，整個投資案預估於第24年可回收成本，最後本研究亦討論研究結果的管理意涵。

關鍵詞：轉型、加油站、商辦、資本預算決策、淨現值法、內部報酬率法、還本期間法Abstract With the economic restructuring in each country so as the trends of low carbon economies, the global energy transformation is facing a new wave; hence, the gas stations are also forced to transform into new business models. In addition to business diversification, this study aims at exploring different investment options for gas stations in view of maximize the business profits. This research takes one case company as the research object. Considering the return of overseas Taiwanese firms will affect the supply of industrial land usage in shortage, and the rental and land prices in industrial areas are rising. From the perspective of land resource activation, it considers the transformation of gas station usage into a commercial office building. Different from the Intuitive Decision-Making analysis in the past; this study applied the Payback Period method, the Net Present Value method and the Internal Rate of Return method in the Capital Budget Decision-Making method to actually evaluate the input cost and annual net cash flow. The empirical study found whether the rental optional or sold out optional, from the final year results of the NPV method, the value of the investment plan obtained was all positive, and both returns are higher than continuing the gas station business. In the IRR method analysis, its internal rate of return is greater than the weighted average cost of capital. In the PPM method analysis, the entire investment case is estimated to be recoverable in the 24th year. In the end, this study also discussed the managerial implications of the findings.Key words: Transformation, Gas Station, Commercial Office Building, Capital Budget Decision-Making method