Financing methods in the development of tourism resources

The development of tourism resources should be based on a market-oriented enterprise, which we can call a developer. Developers can be state-owned enterprises, joint-stock companies or private enterprises, but with limited responsibility system.

Developers must have at least the right to develop and operate resources (generally 50 years), but also the right to use land and the ownership of related buildings except cultural relics protection units on the land.

Developers invest in enterprises with their own funds and own the above assets, thus forming the capital composition of the development subject. Relying on this composition, developers can carry out financing from eight aspects.

1, bank credit

Bank credit is the main financing channel for developers. For the development of tourism resources, project credit can be used to borrow money. The project credit needs more than 25% of its own capital investment, and 75% can borrow from banks. Developers can use the following assets as collateral or pledge: land use rights, related building ownership, development and management rights, future tickets or other charging rights. At present, there are no perfect financial instruments for bank loans to develop tourism resources, but some enterprises have tried to pledge the right to develop and manage and the right to charge in the future, and have achieved success.

Commercial banks: pledge and mortgage

Policy banks: China Development Bank, Agricultural Development Bank, Agricultural Bank of China and Bank of China.

Seller's credit: equipment import

bonding company

World Bank loan

Inter-state support loan

2. Private equity financing

Developers reorganize their capital structure and set up joint-stock companies. Developers, as the main sponsors of joint stock limited companies, recruit investors from the society to become shareholders, and * * * forms financial financing as sponsors.

Developers can also set up their own absolute holding limited liability company or joint stock limited company, and then issue shares to the society to introduce capital through capital increase and share expansion.

Strategic investor

Hitchhiking investor

Asset integration

3. Overall project financing

In the development process, developers set up multiple projects, and formulate business plans for a single project, and prepare investment materials according to the requirements of investment norms. According to the investment materials, developers can attract investment from domestic and foreign social funds, adopt BOT and other modes, or jointly develop, jointly develop and transfer the project development and management rights.

4. Policy support financing

Make full use of national encouragement policies to carry out policy-based credit financing, including

Tourism national debt project

Support from the Poverty Alleviation Fund

Ecological protection project

Cultural relics protection project

World Tourism Organization Planning Support

National and provincial tourism industry structure adjustment funds

5. Commercial credit financing

If the development plan is attractive enough and the developer has a certain credit, the project under development can be built in advance. Under normal circumstances, the project investment can reach 30%-40%, and it is also possible to contribute 100% if there are corresponding financial arrangements for investment financing.

Commercial credit can be manifested in many aspects. If it can be developed simultaneously with the open tour, commercial credit financing can be carried out for tourism commodities, advertisements, road construction and landscape construction.

6. Overseas financing

There are many overseas financing methods, including general bonds, stocks, high-interest risk bonds, industrial investment funds and trust loans. At present, overseas financing is restricted by some policies, but there are still many ways to do it. This requires an overseas investment bank as an underwriter to make comprehensive arrangements and designs.

7. Trust investment

Since the promulgation of the new Trust Law, trust and investment companies have great operating space and created some new financial instruments. Among them, the issuance of trust and investment certificates in the form of projects and topics has aroused the interest of all parties. We are planning to issue the western tourism trust certificate, package the western tourism projects and raise funds from the society through the trust certificate.

8. Domestic listing financing

Because the ticket income can not be included in the main business income of listed companies, it is difficult for resource-based tourism enterprises to go public directly at present. However, by transferring income to ropeways and other means of transportation, enterprises that mainly package hotels, restaurants, souvenirs and other projects can still take the road of listing, and can also attract investment from listed companies as rights issue and additional issuance projects.

To sum up, the financing operation in the development of tourism resources is still in a very primitive stage. Creating financial instruments is the direction that financial circles should strive for, but tourism enterprises and relevant tourism management departments should organize experts to cooperate, study how to capitalize the value of tourism resources, and make a quantitative evaluation, so that resources can be used as capital and play their role in inciting financing.