بررسی ساختار بهینه سرمایه در سرمایه‌گذاری پروژه‌های گردشگری شهر مشهد

محورهای موضوعی : فصلنامه علمی برنامه ریزی منطقه ای

مریم رسول زاده ¹ , حمیده خاکسار آستانه ^{2 *} , علی رهنما ³

1 - پژوهشگر گروه اقتصاد گردشگری، سازمان جهاددانشگاهی خراسان رضوی، مشهد، ایران
2 - عضو هیات علمی گروه اقتصاد گردشگری سازمان جهاددانشگاهی خراسان رضوی، مشهد، ایران
3 - پژوهشگر گروه اقتصاد گردشگری سازمان جهاددانشگاهی خراسان رضوی، مشهد، ایران

تاریخ دریافت : 1399/04/02 تاریخ پذیرش : 1400/04/13 تاریخ انتشار : 1402/02/01

کلید واژه: شهر مشهد, تامین مالی, پروژه‌های گردشگری, ساختار سرمایه,

چکیده مقاله :

یکی از مهمترین چالش‌های سرمایه‌گذاری، تامین‌مالی و تهیه بودجه اجرایی برای انجام انواع پروژه‌ها می‌باشد. پروژه‌های گردشگری نیز برای انجام به موقع و مناسب نیاز به تامین منابع مالی دارند. لذا تعیین ساختار بهینه سرمایه به شناسایی ابزارهای مناسب تامین مالی در پروژه‌های گردشگری کمک خواهد کرد. هدف مطالعه حاضر تعیین ساختار بهینه سرمایه در پروژه‌های تفریحی شهر مشهد به کمک دو روش شامل؛ «محاسبه کارایی (DEA) از طریق مدل‌های ورودی محور، غیر شعاعی، بهره‌وری در مقیاس» و «تحلیل حداکثر بازده (EPS) و حداقل ریسک مالی (FL)» می‌باشد. جامعه آماری مطالعه، پروژه‌های تفریحی با ساختار سرمایه همگن در شهر مشهد می‌باشند که تعداد 10 پروژه به عنوان نمونه آماری در نظر گرفته شدند. نتایج نشان داد با توجه به آنکه پروژه‌ای دارای ساختار سرمایه بهینه‌تر خواهد بود که به طور همزمان دارای ریسک مالی کمتر و بازده بیشتر باشد، لذا پروژه‌های شماره‌های 2 و 7 که به طور همزمان می-توانند دو آیتم ریسک کمتر و بازده بیشتر را پوشش دهند، دارای بهترین عملکرد در ساختار سرمایه خود، در مقایسه با سایر پروژه‌ها بوده و در انتخاب روشهای تامین مالی، موفق عمل نموده‌اند. پروژه شماره 2 پروژه‌ای است که سهم تامین مالی آن از روش «مشارکت عمومی- خصوصی و سرمایه شخصی و مشارکت با افراد حقیقی و حقوقی» بیشتر از سهم روش «تسهیلات بانکی» بوده و پروژه‌ 7 نیز دارای زمین بوده و سهم تامین مالی آن از روش«سرمایه شخصی و مشارکت با افراد حقیقی و حقوقی» بیش از سهم روش «تامین مالی مشارکتی و تسهیلاتی» بوده‌ است. با لحاظ نتایج محاسبه کارایی، باید گفت که در پروژه‌های تفریحی شهر مشهد، در حال حاضر روش‌هایی که نسبت «سرمایه به بدهی» را افزایش دهند، مناسب می‌باشند بنابراین از بین سه روش تامین مالی پرکاربرد در بین پروژه‌‌های تفریحی مورد مطالعه، یعنی روشهای «سرمایه شخصی و مشارکت با افراد حقیقی و حقوقی»، «تسهیلات بانکی» و «مشارکت عمومی- خصوصی»، تامین مالی از طریق افزایش سهم روش «سرمایه شخصی و مشارکت با افراد حقیقی و حقوقی » نسبت به دو روش دیگر سبب موفقیت بیشتر پروژه‌ها خواهد شد.

چکیده انگلیسی:

One of the most important challenges is investing, financing, and preparing the executive budget for various projects. Tourism projects also need funding to be done in a timely and appropriate manner. Therefore, determining the optimal capital structure will help identify appropriate financing tools in tourism projects. The purpose of this study is to determine the optimal capital structure in recreational projects in Mashhad using two methods including; "Performance calculation (DEA) through input-oriented, non-radial, scale productivity models" and "Maximum return analysis (EPS) and minimum financial risk (FL)". The statistical population of the study is recreational projects with a homogeneous capital structure in the city of Mashhad, of which 10 projects were considered as a statistical sample. The results showed that considering that a project will have a more optimal capital structure that has less financial risk and higher returns at the same time, projects No. 2 and 7 can simultaneously have two items with less risk and higher returns. Have the best performance in their capital structure, compared to other projects, and have been successful in choosing financing methods. Project No. 2 is a project whose share of financing through the method of "public-private partnership and personal capital and partnership with individuals and legal entities" is more than the share of the method of "bank facilities" and project 7 also has land and its share of financing The method of "personal capital and partnership with individuals and legal entities" has been more than the share of the method of "participatory financing and facilities". In terms of performance calculation results, it should be said that in recreational projects in Mashhad, current methods that increase the ratio of "capital to debt" are appropriate, so among the three most widely used financing methods among recreational projects studied is, the methods of "personal capital and partnership with individuals and legal entities", "bank facilities" and "public-private partnership", financing by increasing the share of the method of "personal capital and partnership with individuals and legal entities" compared to the other two methods It will make more projects successful.

منابع و مأخذ:

1. V. (2010). The Financing Policy and Spatial Development of Tourism in Greece: A Brief Review. Revista Turismo and Desenvolvimento. 13-14.


2. Bagherzadeh, S (2003), Explanation of the Capital Structure Pattern of Listed Companies in Tehran Stock Exchange, Financial Research Quarterly, Year 16, No. 16; pp 16-20. [In Persian]


3. Brounen D., A. de Jong and K. Koedijk (2006), "Capital Structure Policies in Europe: Survey Evidence", Journal of Banking & Finance, 30 (5);


4. Brownac, S; Dutordoir, M; Chris, V, Yulia V.Veld-Merkoulovac (2019), what is the role of institutional investors in corporate capital structure decisions? A survey analysis, Journal of Corporate Finance, Volume 58, October 2019, Pages 270-286


5. Carrillo-Hidalgo. I. and, Ignacio Pulido-Fernandez, J. (2016). Is the financing of tourism by international financial institutions inclusive? A proposal for measurement. Current Issues in Tourism.


6. Dufour, D; Luu, Ph and Teller, P (2018), The influence of cash flow on the speed of adjustment to the optimal capital structure, Research in International Business and Finance, Volume 45, Pages 62-71.


7. Fallihi, N. (2009), Investigating the Factors Affecting Tourism Investment and Comparing Financing Practices, Proceedings of the National Conference on Tourism Investment Development, Tehran. [In Persian]


8. Fotoure Bonabi, M. and Sahebghorani, A (2014), Explaining the Optimal Capital Structure Using the Correlation-Based Model of Financial Leverage and Some Financial and Performance Variables, Journal of Economics and Business, 5 (9): 24- 15. [In Persian]


9. Gabriela Rădulescu, I. (2017). The role of international financial institutions in tourism development. Economic insights- Trends and Challenges. Vol. VI (LXIX). No. 2. P.45-52.


10. Gajdošíková, Z & et.al (2016). Reengineering of tourism organization structure: The case of Slovakia. Procedia - Social and Behavioral Sciences 230 (2016) 405 – 412.


11. Hassanzadeh, R., H., Taghizadeh, & A., Rezaei (2011), The effect of shareholder composition on the information content of accounting profits of companies listed on the Tehran Stock Exchange, Journal of Financial Accounting Research, Third Year, No. 2.


12. Hess, J., & Kelman, I. (2017). Tourism industry financing of climate change adaptation: exploring the potential in small island developing states. Climate, Disaster and Development Journal, 2(2), 33-45.


13. Jafarzadeh, M. & M., Jannati, (2010), Financing through the Release of Partnership Papers; Opportunities and Threats (Case Study: Rehabilitation and Improvement of the Worn Texture around the Holy Shrine of Imam Reza) And modernization of worn-out urban textures. [In Persian]


14. KPMG (2017), Caribbean Hospitality Financing Survey.


15. Li, L and Islam, S. Z. (2019), Firm and industry specific determinants of capital structure: Evidence from the Australian market, International Review of Economics & Finance, Volume 59, January 2019, Pages 425-437


16. Liu, H; Song, Sh; Hu, Y; Yan, X (2020), Monte-Carlo optimization model for dynamic capital structure adjustment in Chinese public-private partnerships under revenue uncertainty Transportation Research Part A: Policy and Practice 9 November 2020 Volume 142. (Cover date: December 2020) Pages 115-128.


17. Maroney, N; Wang, W; Hassan, M. K (2018), Incorporating active adjustment into a financing based model of capital structure, Journal of International Money and Finance, 28 September 2018, Volume 90 (Cover date: February 2019) Pages 204-221.


18. Marques M.O., and M.C. Santos (2004), "Capital Structure Policy and Determinants: Theory and Managerial Evidence", Working Paper, Department of Economy, University of Porto, Portugal. Available at SSRN: http://ssrn.com/abstract=494143;


19. Martellini, L; Milhau, V and Tarelli, A (2018), Capital structure decisions and the optimal design of corporate market debt programs, Journal of Corporate Finance, Volume 49, Pages 141-167.


20. Matemilola, B. T. Bany-AriffinA.N; Azman-Saini W.N.W, Annuar Md. N (2019), Impact of institutional quality on the capital structure of firms in developing countries, Emerging Markets Review, Volume 39, June 2019, Pages 175-209


21. Mazini, A & N, Morad Hasel, (2008), Identification of Optimal Financing Methods in the Tourism Sector with Emphasis on Competitiveness Indicators in Section 2 of Proceedings of the National Conference on Tourism Investment Development, Tehran. [In Persian]


22. Mazini, A, (2013), The Use of Islamic Tools in Financing the Tourism Sector (A Proposed Operational Model), 6th Conference on Financial System Development in Iran. [In Persian]


23. Modares, A and Abdollahzadeh, F (1999), Financial Management (Volume Two), First Edition, Tehran: Trading Publishing Company. [In Persian]


24. Modigliani F., and M.H. Miller (1958), "The Cost of Capital Corporation Finance and the Theory of Investment", American Economic Review, 48 (3);


25. Moradi, A and Paulet, E (2019), the firm-specific determinants of capital structure – An empirical analysis of firms before and during the Euro Crisis, Research in International Business and Finance, Volume 47, Pages 150-161.


26. Mousavian, AS, M, Kavand and H, Ismaili, G (2009), an Effective Tool for Tourism Development, Islamic Economics Quarterly, Eighth Year, No. 32. [In Persian]


27. Mu,Congming; W. A. and Yang, J (2017), Optimal capital structure with moral hazard, International Review of Economics & Finance, Volume 48, Pages 326-338.


28. Müllner, J and Dorobantu,S (2019), Debt-side governance and the geography of project finance syndicates, Journal of Corporate Finance, Volume 57, Pages 161-179


29. Myers S.C. (2001), "Capital Structure", Journal of Economic Perspectives, 15 (2);


30. Nazarpour, M, and M Fazelian and N, Momeni Nejad, (2014), presenting a Desirable Model of Iranian Oil Industry Financing Based on Succinct and Ranking Its Risks Using Hierarchical Analysis Method, Islamic-Islamic Financial Research, Third year, second issue (consecutive 6). [In Persian]


31. OECD (2017), Tourism Policy Review of Mexico, OECD Studies on Tourism, OECD Publishing, and Paris. http://dx.doi.org/10.1787/9789264266575-en.


32. (2017). Financing approaches for tourism SMEs and entrepreneurs. OECD Tourism Papers, 2017/03, OECD Publishing, Paris. http://dx.doi.org/10.1787/8d06572a-en


33. Olivier, P and  Maltais, B (2015),  SME Profile: Tourism Industries in Canada, SME Research and Statistics,   avalibale at:  https://www.ic.gc.ca/eic/site/061.nsf/vwapj/SMEPTIC-PPMEITC_2015_eng.pdf/$file/SMEPTIC-PPMEITC_2015_eng.pdf


34. Parseh, M (2012), Understand the optimal way to finance tourism infrastructure projects. M.Sc., Allameh Tabataba'i University, Faculty of Management and Accounting. [In Persian]


35. Sadiq, M; Sheikh Usman, Y; Muhammad Khalid A; Haroon urRashid, Kh;  Sriyanto, S; Khalid, Z;  Duong V. T; Siti Nisrin M. A (2020), The role of debt financing in the relationship between capital structure, firm’s value, and macroeconomic factors: To throw caution to the wind, The Quarterly Review of Economics and FinanceAvailable online 20 November 2020 In press, corrected proof.


36. Safi Djerjerdi, D (2015). Financing the tourism industry with an emphasis on benefits. National Conference on New Approaches in Management Science, Economics and Accounting. [In Persian]


37. Setayesh, M. H. and Ghayori Moghadam, A (2009), Determining Optimal Structure of Capital at Industry Level Using Data Envelopment Analysis (DEA) Technique (Case Study: Companies Listed in Tehran Stock Exchange), Journal of Financial Accounting Research, First Year, Nos. 1 and 2.PP 52-33. [In Persian]


38. Tehrani, R. (2011), Financial Management, Naghsh Danesh Publications. [In Persian]


39. Teker & D. Teker ,(2012), Tourism Projects Financing: A Public-Private-Partnership Model,  Business Management Dynamics Vol.2, No.5,  pp.05-11.


40. Weston J.F. (1955), "Toward Theories of Financial Policy", Journal of Finance, 10 (2).


41. Xu, N (2019), what gave rise to China’s land finance? Land Use Policy, Volume 87, Article 104015.


42. Vahedpor, Gh.A and Jafari, M (2011), Strategies for management and sustainable development of Iran's tourism infrastructure with emphasis on the SOWT model, journal of Regional Planning, Volume 1, Number 1, Spring 2011, pp. 83-97. [In Persian]