觀光團地 開發事業의 財務的 妥當性 分析에 관한 硏究 : 인천 용유마린 월드를 중심으로 = A study on the financial feasibility in the process developing to tourist resort

다국어 초록 (Multilingual Abstract)

This study intends to look for efficient ways of carrying out tourist site development projects through a financial feasibility analysis employing theoretical considerations and case studies on its significance, components, processes and investment techniques.
To this end, various techniques for a financial feasibility analysis were established for their theoretical value, while both the macroeconomic significances of tourist site development projects and their financial feasibilities were analyzed in terms of their linkage with available capital, impact on the local economy or on the total cash flow and sales.
There were considerable limitations on attempts to carry out a project feasibility study due to the wide gap between the theoretical financial objectives and the realistic process of meeting them, a wide variety of changes being made in market situations, and the occurrence of
unexpected instances in the direction of national policy.
Under such circumstances, it is thought that the following things should be carried out first for efficient financial feasibility study focusing on tourism projects:
First, role models shall be developed both for the private project implementation party and the central (or local) government, in consideration of proper rates of return.
Second, the government shall settle on proper rates of return in consideration of direct and indirect ripple effects, such as a national tax, local tax, the creation of employment and rise in land prices, following successful development.
Third, proper models and improved methods for financial feasibility analysis need to be urgently developed, because a uniform application of the interest rate on the borrowed capital that impacts the financial feasibility analysis may function as a cause to over-evaluate the interest expense during the analysis period.
Fourth, it should be considered that there are limitations to the attempt to include all cash flow factors. That is, it is not easy to find a possible relationship between an attempt for the appraisal of investment values or realistic limitations on capital expense/cash flow and the ancillary effects of investment.
Fifth, a conservative approach is inevitable, because quite an error may be caused, in consideration of the launching time of business feasibility analysis, with regard to the tourist attraction development. The reason is because the collection period has quite a gap from the sales and the project launching time in reality concerning the cash collection in view of the point in time of investment proposal theoretically.
According to the financial feasibility of the Yongyu Marine World Tourist Complex in Incheon, carried out by this study as a case study, it appears possible for a private project implementation party to recover their entire investment after the 10th year of the project commencement. We also learned that financial feasibility remains low based on present values, with NPV (net present value) estimated to be 22.1 billion won and IRR (internal rate of return) 4.94% as a result of calculation of the present value with the social discount rate set at 8%. In the event that the value of the land within the leased complex or belonging to the public sector is also considered, it appears that the investment profit exceeds the interest for bank loans, meaning that it is a reasonably profitable business (with NPV estimated at 2.4 billion won and IRR at 8.34%).
The financial feasibility as reviewed in this study should also be utilized for other tourist sites, and even in development projects carried out by the KNTO, to carry out more efficient businesses, improve various problems on a national level and initiate development projects by taking into account actual capital providers and the feasibility of projects in the public sector separately.
This study intends to propose the following as ways for improving the noted problems.
First, tourist site development projects are likely to be affected by local characteristics, which means that statistical data related to local characteristics are likely to affect the results of a feasibility study. Thus, the developer and the government authorities in charge should cooperate with each other for the collection of accurate data
Second, there is not sufficient empirical data available and thus many theoretical assumptions are used for a feasibility analysis. This means that the government should provide sufficient legal and economic support, recognizing that tourist development projects carry much importance in terms of efficient using national land.
Third, the private sector should be given more say in tourist development projects so that it may take a leading role, with the government only providing the necessary support.
Development projects in the future should be carried out in such a way so as to gamer a continuing public good through government operation, putting an end to social problems caused by the practice of development projects ending up with sales after their development.

목차 (Table of Contents)

• 목차
• 제1장 서론 = 1
• 제1절 연구배경 및 목적 = 1
• 1. 연구배경 = 1
• 2. 목적 = 4
• 제2절 연구범위 및 방법 = 5
• 제2장 이론적 고찰 = 7
• 제1절 관광지 개발의 개념 = 7
• 1. 관광지 = 7
• 2. 관광지 개발 과정 = 8
• 제2절 관광지 개발사업의 타당성 분석 = 10
• 1. 개발사업 타당성 분석 = 10
• 2. 개발사업 타당성 분석 과정 = 14
• 3. 관광지 개발사업 타당성 분석 = 18
• 제3절 관광지 개발사업의 재무적 타당성 분석의 개념 = 20
• 1. 재무적 타당성 분석의 개념 = 20
• 2. 관광지 개발 사업의 재무적 타당성 분석의 개념 = 21
• 3. 관광지 개발 사업의 재무적 타당성 분석 과정 = 22
• 4. 관광지 개발 사업의 재무적 타당성 분석 기법 = 35
• 제3장 사례연구 = 59
• 제1절 계획의 걔요 = 59
• 1. 개발대상지 = 59
• 2. 계획의 목적 및 범위 = 60
• 제2절 개발여건분석 = 61
• 1. 입지환경 분석 = 61
• 2. 인문환경 분석 = 62
• 3. 교통환경 분석 = 66
• 4. 관광환경 분석 = 67
• 제3절 마켓 분석 = 73
• 1. 경쟁지 분석 및 마켓 포지셔닝 = 73
• 2. SWOT 분석 = 83
• 3. 수요 추정 = 85
• 4. 개발 대상자의 수요추정 = 87
• 제4절 용유·무의지역 관광단지의 재무 타당성 분석 = 90
• 1. 용유마린지역 관광단지 투자계획 = 90
• 2. 재무타당성 분석결과 = 92
• 제5절 경제적 파급효과 분석 = 100
• 1. 산출효과 = 100
• 2. 고용파급 효과 = 101
• 3. 소득파급 효과 = 103
• 4. 부가가치 효과 = 104
• 5. 경제적 파급효과 종합 = 105
• 제6절 분석의 평가 = 106
• 제4장 사례결과에 대한 평가의 시사점 = 107
• 제1절 사례분석의 평가 및 시사점 = 107
• 1. 평가 = 107
• 2. 시사점 = 110
• 제2절 사례부지 재무타당성 분석의 한계 = 112
• 1. 재무이론상의 한계 = 112
• 2. 사업추진상의 한계 = 114
• 3. 향후분석의 개선방안 = 116
• 제5장 결론 = 118
• 참고문헌 = 121
• Abstract = 125