بررسی ساختار بهینه سرمایه در سرمایه‌گذاری پروژه‌های گردشگری شهر مشهد

فصلنامه علمی برنامه ریزی منطقه ای

مقاله 10، دوره 13، شماره 49، اردیبهشت 1402، صفحه 155-172   

نوع مقاله: مقاله پژوهشی

شناسه دیجیتال (DOI): 10.30495/jzpm.2021.25246.3675

نویسندگان

مریم رسول زاده¹؛ حمیده خاکسار آستانه^{* 2}؛ علی رهنما³

¹پژوهشگر گروه اقتصاد گردشگری، سازمان جهاددانشگاهی خراسان رضوی، مشهد، ایران

²عضو هیات علمی گروه اقتصاد گردشگری سازمان جهاددانشگاهی خراسان رضوی، مشهد، ایران

³پژوهشگر گروه اقتصاد گردشگری سازمان جهاددانشگاهی خراسان رضوی، مشهد، ایران

تاریخ دریافت: 02 تیر 1399،  تاریخ بازنگری: 31 خرداد 1400،  تاریخ پذیرش: 13 تیر 1400 

چکیده

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.

کلیدواژه‌ها

تامین مالی؛ پروژه‌های گردشگری؛ ساختار سرمایه؛ شهر مشهد

عنوان مقاله [English]

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

نویسندگان [English]

Maryam Rasoulzadeh¹؛ Hamideh Khaksar Astaneh²؛ Ali Rahnama³

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

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

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

چکیده [English]

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.

کلیدواژه‌ها [English]

Financing, tourism projects, capital structure, Mashhad

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