政壇：睇社論學英文：東隧港鐵加價 機制之惡縱容

flawed mechanism connives at the Eastern

Harbour Tunnel’s toll increase

糾纏了兩年的東區海底隧道加價申請，近日被仲裁人駁回，成為近年港府審批兩條私營海底隧道加價屢戰屢敗鮮有的勝仗。兩年前，東隧申請加價的理由，是內部股本回報率未達百分之十五至十七的合理水平，換言之，就是追求最大利潤。東隧的加價理由，反映了專營權有關利潤回報條款與現實脫節，港府一向標榜為行之有效的「建造、營運、移交」（BOT）基建模式，早已淪為專營公司榨取暴利的工具，既增加各類商業車輛的經營成本，亦成為過海隧道巴士加價的藉口，市民日常交通開支更形沉重，累積民怨。

兩條私營海隧不論盈虧均加價，正是BOT模式加價機制容許只加不減，損害市民利益的後果，但港府作為大股東的港鐵，五年前引入票價可加可減機制以來，同樣變成有加無減。港鐵即使年年盈利逾百億元，仍然堅持加價，理由是按機制計算，必須加價，性質上與兩條私營海隧利用機制規定的超高回報率而加價如出一轍，着眼點亟亟於爭取最大利潤，以股東利益最大化為經營目標，罔顧港鐵作為公用事業的社會責任。

The Eastern Harbour Tunnel's application for toll increase had been in a tangle for two years, and it was finally rejected by an arbitrator a few days ago. It is a rare victory of the Government after its repeated lost battles on toll hikes against the two private harbour-crossing operators. Two years ago, the Eastern Harbour Tunnel operator stated that it had to raise its toll because its internal rate of return (IRR) had not reached the reasonable level of 15 to 17%. In other words, it was after the greatest profit. The reason put forward by the Eastern Harbour Tunnel reflects that the franchise's IRR is divorced from reality. The Government has always flaunted its time-honoured mode of building infrastructure -- "build, operate and transfer" (BOT). But now BOT is reduced to a franchisees' profiteering tool that does not only increase the operating cost of commercial vehicles, but also becomes an excuse for tunnel bus operators to raise their fares. As a result, the public has to bear higher traffic expenses and thus harbours more grievances.

Whether they are in the red or black, the two private harbour-crossing companies would raise their tolls regardless. The culprit is none other than the BOT model, which only allows toll to go up, not down, contravening the interest of the public. The Hong Kong Government is the major shareholder of the Mass Transit Railway Corporation Limited (MTRCL). Since MTRCL introduced five years ago the fare adjustment mechanism which allows both upward and downward adjustments, its fare has never been reduced despite the company's annual profits of over 10 billion dollars year after year. MTRCL's justification is that, in accordance with the mechanism, it must raise its fees. As if cut from the same cloth of the two private harbour-crossing companies, MTRCL also makes use of the exceedingly high IRR stipulated in the mechanism to obtain the most profits and maximize its shareholders' benefits, ignoring its social responsibility of being a public utility.

重要生字

connive at 縱容

in a tangle 糾纏

divorced from reality 與現實脫節