DOI QR코드

DOI QR Code

Application Method of the Financial Feasibility study of New Hotels

신규호텔의 재무타당성분석의 적용방안

  • Published : 2009.01.28

Abstract

It is evident that a financial feasibility study based on the economic analysis has been theoretically and practically accepted in the aspect of its adequacy. However, it is not easy to apply in the practical business affairs since there exist some difficulties on the economic analysis and the interpretation of the result because of the difficulty of the estimation of the discount rate. This study aims to suggest a method of the financial feasibility study based on the economic analysis. The results of this study are as follows. First, this study can increase the reliance and adequacy of the economic analysis result by suggesting a method of estimating the discount rate by means of the proxy ${\beta}$ method in the practical way. Second, this study can provide the overall frame of the financial feasibility study based on the economic analysis method (namely, Net Present Value Method internal rate of return, profit index method and payback period method)which use discount rate and cash flow. Third, this study can suggest an practical analysis skill required in each step of the financial feasibility study.

Keywords

Discount Rate;Cash Flow;Net Present Value Method;Internal Rate of Return;Profit Index Method

References

  1. 대한교원공제회, 제주관광호텔 사업성 분석, 신라호텔, 1993,
  2. 신도길, 노윤구, 관광상품론, 남두도서, 2004.
  3. 세종경영연구원, 아산온천관광지내 호텔건립에 대한 타당성 연구, S.M.S. 1996.
  4. 여동길, "기업평가 및 자본비용에 관한 연구", 홍익대학교 대학원, 박사학위논문, p.27, 1988,
  5. 이석규, 신재무관리론, 석정, 1995.
  6. 이석규, 창업 및 사업성 검토, 다산출판사, 1995.
  7. 임완순, 재무관리, 대왕사, 1998.
  8. 최복수, 이석규, "신규호텔의 재무타당성 분석모형의 설정 및 적용에 관한 연구", 관광개발논총, 제11호, p.220. 1999.
  9. 최복수, 이석규, 호텔프로젝트, 백산출판사, 2003.
  10. 최정길, 호텔회계학입문, 21세기사, 2006.
  11. y기업, x호텔 사업타당성 분석보고서, 2004.
  12. A. J. Games, "Step by Step Approach to Hotel Development," Lodging, Vol.13, pp.34-50, 1988(2).
  13. S. M. Elisa and J. P. Nestorde, "Financial Accounting for Hospitality Management," AVI Publishing Inc, p.198, 1986.
  14. R. S. Hamada, "Protfolio Analysis, Market Equilibrium and Corporation Finance," Journal of Finance, Vol.24, pp.19-30, 1969(2).
  15. R. K. James, "Principles and Practices of Management in the Hospitality Industry," Van Nostrand Reinhold Company, 1981.
  16. J. W. Fred and E. C. Thomas, "Managerial Financial," The Dryden Press, 1992.
  17. W. P. Andrew and R. S. Schmidgall, "Financial Management for the Hospitality Industry," AH&MA, 1993.
  18. T. J. Ward, "Progress in Tourism, Recreation and Hospitality Management," Belhaven Press, 1989.