|Economic Feasibility for Developing Large Offshore Cage Culture in Taiwan|
研究結果顯示，臺灣發展離岸大型箱網，當箱網口數達十六口時，各項獲利指標表現最好。採用敏感度分析，模擬不同情境下之財務經濟指標，黃鱲鰺與海鱺於可能情境下具備投資經濟效益；於樂觀情境下黃鱲鰺盈利能力表現，毛利率31%、益本比1.45，投資價值表現，獲利能力指數4.23、淨現值709,333千元、內部報酬率53.21 %及回收年期1.66年；海鱺盈利能力表現，毛利率32.21 %、益本比1.48，投資價值表現，獲利能力指數4.46、淨現值768,148千元、內部報酬率56.59 %及回收年期1.57年。
Large, scaled, and intelligent cage culture, now a development trend of global aquaculture, not only can help solve the food supply problem and reduce the use of land resources, but also can meet the United Nations' sustainable development goals. Taiwan has vast sea areas, but the cage culture has a very low usage rate on a small industrial scale. Therefore, this study conducted a snubnose pompano and cobia culture experiment in the demonstration area with a large intelligent submersible cage system in Checheng Township of Pingtung County. During the process, capital expenditure and revenue expenditure were collected. Financial and economic indicators, including gross margin, benefit-cost ratio, profitability index, net present value, internal rate of return, and payback period, were used to analyze the economic feasibility of developing a large offshore cage culture in Taiwan over a ten-year investment period.
The results show that profitability indices performed the best when there were 16 cages for developing large offshore cage culture in Taiwan. A sensitivity analysis was used to simulate financial and economic indicators in different situations, and the results show that snubnose pompano and cobia have economic benefits under possible circumstances. In optimistic situations, the profitability performances of snubnose pompano included a gross margin of 31% and a benefit-cost ratio of 1.45. Its investment value performances presented a profitability index of 4.23, a net present value of NT$709.333 million, an internal rate of return of 53.21%, and a payback period of 1.66 years. The profitability performances of cobia included a gross margin of 32.21% and a benefit-cost ratio of 1.48. Its investment value performances exhibited a profitability index of 4.46, a net present value of NT$768.148 million, an internal rate of return of 56.59%, and a payback period of 1.57 years.
Large offshore cage culture, therefore, has investment feasibility in Taiwan. However, as offshore cage culture is different from near shore cage culture in management, industrial investment should be made cautiously. A small number of cages should be used for testing at first, and the scale can be expanded when the aquaculture management technology is mature in order to reduce investment risks.
Keywords: Trachinotus anak, Cobia, Rachycentron canadum, Cage Culture, Economic Analysis.