Comparing the efficiency of different financing methods in recreational projects in Mashhad

One of the most important investment challenges is financing and executeing the funds to complete projects and exploit their products and services. Tourism projects also need to be financed in a timely and appropriate manner. Therefore, determining the optimal structure of capital will help identify appropriate financing tools for tourism projects. The aim of the present study is to determine the optimal capital structure in Mashhad recreational projects with the help of efficiency methods (DEA) including BCC, Slacks-Based Measure, MPSS, "Maximum Efficiency Analysis and Minimum Risk Analysis. The statistical population is recreational projects with homogeneous capital structure (homogeneity means that similar financing methods were used in all of them) in Mashhad with 10 projects considered as statistical sample. Spirman correlation coefficient was used to determine which model and method of performance calculation is more reliable. Since the correlation coefficient in all methods has a significant level of less than five percent, there is no significant difference between the calculation of project efficiency from different methods of DEA calculation, so the above three methods can be used to calculate the efficiency of financing methods. He used it in recreational projects in Mashhad and identified projects that were effective.The results display due to the small scale of recreational projects in Mashhad and their inability for to use financing methods in market capital, the methods that increase the ratio of capital to debt are suitable at present. Among the three most widely used financing in projects, namely "personal capital, banking facilities and public-private partnerships", Makes the project more successful. financing by increases the share of "personal capital" more than the other two.

Keywords:

Financing , Capital Structure , Maximum Return , Minimum Risk , Mashhad