Publication: Valoración de proyectos de turismo deportivo con opciones reales: el caso de un campo de golf en las Rías Baixas
Authors
Vizcaíno-González, Marcos ; Sáenz-Díez Callejo, Soraya
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Publisher
Murcia: Servicio de publicaciones de la Universidad de Murcia
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DOI
https://doi.org/10.6018/turismo.42.25
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info:eu-repo/semantics/article
Description
Abstract
El objetivo de este artículo es estudiar la conveniencia de la metodología de opciones
reales para valorar proyectos de inversión en el sector del turismo deportivo, utilizando el
caso de la construcción de un campo de golf como ejemplo para ilustrar la exposición. Tras
valorar el proyecto inicial, se complementa el análisis considerando las opciones de diferir,
abandonar, ampliar y reducir el proyecto. Como conclusión, se recomienda el ejercicio de la
opción de diferir y, a continuación, el ejercicio de la opción de reducir. Ello supone retrasar
el inicio del proyecto respecto al plan inicial, y a continuación iniciarlo con una escala más
reducida, lo que implica externalizar parte de los servicios del complejo deportivo. Si bien
las opciones reales constituyen una metodología de uso general, su aplicación al sector del
turismo deportivo es aún limitada. Este artículo muestra la utilidad de identificar opciones de
flexibilización y modularidad en el sector del turismo deportivo, dada la dimensión temporal
y financiera de los proyectos, así como la incertidumbre del entorno.
ABSTRACT: This study intends to address the convenience of a methodology based on real options to assess investment projects in the sports tourism industry, using the case of the construction of a golf course as an example to illustrate the exposition. After evaluating the initial project, the analysis is complemented by considering the options to defer, abandon, expand and reduce the project. As a conclusion, it is recommended to exercise the option to defer and then exercise the option to reduce. This means delaying the start of the project, and then starting it with a smaller scale, which implies outsourcing part of the sports complex’s services. Although the real options methodology is a general-purpose approach, its application to the sports tourism industry is still limited. This article shows the usefulness of identifying flexibilization and modularity options in the sports tourism industry, given the temporal and financial dimension of its projects, and considering the uncertainty of the environment.
ABSTRACT: This study intends to address the convenience of a methodology based on real options to assess investment projects in the sports tourism industry, using the case of the construction of a golf course as an example to illustrate the exposition. After evaluating the initial project, the analysis is complemented by considering the options to defer, abandon, expand and reduce the project. As a conclusion, it is recommended to exercise the option to defer and then exercise the option to reduce. This means delaying the start of the project, and then starting it with a smaller scale, which implies outsourcing part of the sports complex’s services. Although the real options methodology is a general-purpose approach, its application to the sports tourism industry is still limited. This article shows the usefulness of identifying flexibilization and modularity options in the sports tourism industry, given the temporal and financial dimension of its projects, and considering the uncertainty of the environment.
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Citation
Cuadernos de turismo, nº 42 (2018)
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