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Manuscript ID : JZPM-2006-3675 (R1) Visit : 85 Page: 155 - 172

10.30495/jzpm.2021.25246.3675

Article Type: Original Research

Investigating the optimal capital structure in investing in tourism projects in Mashhad

Subject Areas : Regional Planning

Maryam Rasoulzadeh 1 , Hamideh Khaksar Astaneh 2 , Ali Rahnama 3

1 - Researcher of Tourism Economic Departments, Iranian Academic Center for Education, Culture and Research (ACECR), Khorasan Razavi, Iran.
2 - Faculty Member of Tourism Economic Departments ,Iranian Academic Center for Education, Culture and Research (ACECR), Khorasan Razavi, Iran.
3 - Researcher of Tourism Economic Departments, Iranian Academic Center for Education, Culture and Research (ACECR), Khorasan Razavi, Iran.

Received: 2020-06-22 Accepted : 2021-07-04 Published : 2023-04-21

Keywords: Mashhad, Financing, tourism projects, capital structure,

Abstract :

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.

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