營運資金管理為營建工程管理中極為重要之一環，由於營建工程之特性，承包商參與工程專案興建所需資金相當龐大，多數承包商往往透過各種金融機構之融資工具以健全公司財務結構，因應興建期間不足資金，根據文獻指出，金融機構提供營建工程中約66%之資金需求，如此大量資金需求勢必造成承包商融資成本大幅提升，獲利空間隨之減少；此外目前使用之營建款借貸大多屬於一次性貸款，除了利率較一般產業為高，借貸之手續亦相當複雜，無法隨時提供專案工程中所需資金，故若能具體提供有效之融資工具，減少融資成本並提供便利之融資流程將可為承包商帶來最大利益。本研究主要先透過文獻回顧了解目前工程支付款、工程專案營運資金籌措方式及融資所需之成本，同時以客帳代理之理論及應用流程建立適用於營建業工程支付款之客帳代理融資模式，進而以此模式推導承包商應用客帳代理後之成本函數，且使承包商可利用其融資便利、減少成本、提供財務管理等優點，縮減承包商於專案工程中融資之成本；最後將本研究蒐集之實際工程興建案例以專家訪談方式進行一般借貸融資與客帳代理融資之模擬情形，透過此模擬結果進行成本計算驗證，如此將使承包商了解客帳代理非但可減少因一般借貸融資所造成之利息損失與減緩專案工程中營運資金不足導致之頻繁融資次數，更能提供方便、迅速且具資金管理服務功能之融資工具，減少具體或無形之非必要融資成本。

It is normal that project financing for a construction project claimed by the contractor occurs frequently. Literature reveals that approximate 66% of construction project funding are raised from banks or financial institutions. The burden of capital costs on these contractors is heavy so that a financial alterative to reduce capital costs for construction projects is always desired. The research objective is to derive the cost function of factoring account receivables, which is a generally accepted financial tool but has been not used for construction projects. Literature, empirical practices, and factoring theories from outside of the construction industry are studied and the features of construction projects are explored and integrated so as to derive the cost function. It consists of commission costs, expected costs of debt by recourse, costs of credit management, factor’s administration costs, and costs of factor’s risk hedging. A case study is utilized and discussed to bring out the use of factoring in a construction project and it related costs. The results conclude that the contractor’s factoring costs in a construction project reach only 0.7% of a $183 million NTD project that is relatively lower than most traditional financing.

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