本文以治理結構之概念，應用於地方建設BOT 模式之治理，將BOT模式之治理分為準市場、準廠商之混合模型，然後以交易成本及資產專用性強度為基礎，研究其治理績效，據以瞭解BOT 方案的達成度，驗證推動BOT 方案適合以何種模式經營。本文之研究設計，以18 種地方建設方案為標的，假設可行性、需要性、融資易、低風險、報酬、廠商意願六項準則為績效指標，其中融資易（不確定性低）、低風險（資產專用性低）二項準則為低交易成本指標。研究方法以德菲法徵詢學者專家意見，尋求一致性後，以集群分析及階層迴歸驗證結果。結果顯示推動BOT 之地方建設方案，醫院、停車場、靈骨塔、渡假旅館、遊樂區、勞工住宅、焚化爐等有較高績效，U 檢定顯示其相對效率有顯著差異，階層迴歸顯示交易成本有高解釋力，上開方案傾向準市場模型特性，資產專用性低導致交易成本較低。由區組集群分析驗證，交易成本低之區組與績效高之區組，二者觀察體的集群分類相同，並有高解釋力，顯示交易成本低為方案取得高績效之原因。由驗證之結論，BOT 模式治理之經營，資產專用性低的方案適合準市場模式經營，資產專用性高的方案適合準廠商模式經營，支持治理結構之理論假說。

This article takes the viewpoints of governance structure to apply togovernance of local infrastructure by BOT modes which is divided into themixed models of quasi-market or quasi-firms. Next, transaction cost and thestrength of asset specificity are the bases to study the governance performanceto understand the achievements of BOT program and prove which model isadequate to operate and promote BOT projects.This study design focuses on 18 local infrastructure projects to assume 6criteria of practicability, desirability, easily financing, low risk, remuneration,and manufactures’ intentions as the performance index, two criteria of easilyfinancing (low uncertainty) and low risks (low asset specificity) as the lowtransaction costs index. The research method is to ask experts and scholars foropinions by Delphi method and look for consistency, cluster analysis andhierarchical regression are used to verify the results.The findings show that the local infrastructure promoted by BOT such ashospitals, parking lots, Columbarium Pagodas, Resort hotels, Amusement parks,labor housing and Incinerators, etc. have higher performances. U test shows thatit has significant differences in relative efficiency. The hierarchical regression shows that transaction cost has high explanatory power. The abovementionedprojects are inclined to the property of quasi-market model, and manifest lowerasset specificity causes lower transaction cost.The sections of low transaction cost and high performance are verified bycluster analysis. The cluster classification of two observing objects is the sameand has high explanatory power which shows low transaction is the reason forthe program to achieve high performances.The conclusion of the operation governed by BOT modes is that theprojects of low asset specificity is suitable for quasi-market model and theprojects of high asset specificity is suitable for the mixed model of quasi-firmswhich stands for the theoretical proposition of governance structure.