Kuzey Kıbrıs Türk Cumhuriyeti`nde turizm yatırımlarının finansmanı

Abstract

ÖZET KUZEY KIBRIS TÜRK CUMHUR İYETÎ'NDE TURİZM ÎATIRIMLARINIH FİNANSMANI OEM şmt&Ll Doktora Tezi, îşletme Amabilim Halı Danışman : Prof. Dr. M. Zeki USLU %lül 1998, t9® -Sayfa Turizm yatırım açısından. Kuzey Kıbrıs Türk Cumhuriyeti için karşı laştırmalı avantajı bulunan eğitim yanında ikinci bir sektör olarak belirlenmiş bulunmaktadır. Bu çerçevede Ülke kalkınmasında turizm hedeflerine varmak için turizm yatırımları, ve finansmanına ySnelik olarak hem devlet kem de işletme açısından `optimal dQzeyde çalış maların Jbaşlatılmasi ve yürütülmesi gerekmektedir. Yatırımların ve finansmanın optimum düzeyde gerçekleşmesi, teorik kapsamda bilim sel yöntemlerin uygulanması anlamını taşımaktadır* `K.K.T.C'nde Tu rizm Yatırımlarının Finansmanı11 konulu bu çalışmada, Kuzey Kıbrıs* da gerçekleştirilen turizm yatırımları ve finansmanına yönelik eksik ve yanlış uygulamalar optimal düzeyde ortaya konmuştur* Bun lar aşağıda kısaca belirtilmektedir. Turizm sektörüne yönelik devletin oynaması gerekli rolle. ilgili &* larak, turizm master planının balen hazırlanmamış olduğu, etkin Ö- zerk bir turizm Örgütünün kurulmamış olduğu ve yatırımların yeterli düzeyde teşvik edilmediği ortaya çıkmıştır. Buna ilaveten, Özellik le turizm, eğitim, çevre, ulaşım gibi sektörlerle ilgili kurum ve kuruluşlar arasında gerekli eşgüdümün olmadığı gözlemlenmektedir. - ITurizm yatırımlarının gerçekleşmesinde, ekonomik, teknik ve mali etüd bütünselliği içerisinde bir fizibilite etüdünün hazırlanması gerekmektedir. Kuzey Kıbrıs 'da hazırlanan fizibilite etüdleri bi limsel açıdan eksiklerle doludur. Şöyle ki, ekonomik etüd Özellik*» le arz/taleb, fiyat ve isletme etüdlerinden noksan, mali etüd i- se mali bünye ve kara geçiş analizi gibi etüdlerden noksandır. Ay ni paralelde, bilimsellikten uzak olarak Kuzey Kıbrıs 'da turizm yatırımları sözkonusu fizibilite etüdüne dayandırılarak makro ve mikro açıdan değerlendirilmektedir. Turizm yatırımlarının finansmanı için uzun vadeli fonlara gereksi nim duyulmaktadır. Bu çerçevede, f inansal kaynak olabilecek; hisse senedi ve tahvil ihracı için gerekli şartlar Kuzey Kıbrıs1 da oluş mamış, ipotek kredileri için gerekli yapılaşma gerçekleşmemiş ve bürokratik nedenlerle Kalkınma Bankası yatırım kredilerinde etkin olmamış bulunmaktadır. Ayrıca, kredi imkanı yaratabilecek kredi kooperatifleri ve kooperatif tasarruf bankaları turizm sektöründe kurulmamış bulunmaktadır. TSırizm yatırımlarının finansmanına yönelik gerçekleştirilen araş tırma sonucuna göre, Kalkınma Bankası kredilerinin ticari banka kredilerinden daha önemsiz olduğu ortaya çıkmaktadır. Bunun esas nedenleri, Kalkınma Bankası' nın yatırım dönemi başında kredi ver memesi ve bürokratik açıdan verilen kredilerde zaman ve miktar ba kımından aksamaların olmasıdır. Kuzey Kıbrıs Türk Cumhuriyeti *nde yüksek oranda politik riskin o- luşu ve teşviklerin yetersizliği nedeniyle hedeflenen düzeyde ya bancı sermaye ülkeye çekilemeraektedir. Anahtar Kelimeler: Kuzey Kıbrıs, ^urizm, Yatırım, Einansman - H -

ABSTRACT THE FIHANCIHG OP TOURISM INVESTMENTS IN THE TURKISH REPUBLIC OP HORTHERN CYPRUS Okan ŞAFAKLI Ph.D. Thesis, Business Department Sapervisior: Prof. Dr. M. Zeki USLU September 1998, 19® Pages This is an abstract of the above mentioned thesis. This thesis is divided into four main parts. First part is related to basic concepts in tourism and the importance of tourism investments, Second part gives information about tourism investments, Third part is related to financing of tourism investments. Fourth part includes practical aspect of tourism investments and financing in TRHC. The conclusion part is evaluating the findings and making the necessary recommendations. 1. Basic Concepts in Tourism and Importance of Tourism Investments. Inorder to analyze the financing of tourism investments in the TRNC, it is necessary to understand some basic concepts in tourism which this part will attempt to do. Tourism is the sum of the phenomena and relationships arising from the travel and stay of non-residents, in so far as they do not lead to permanent residence and are not connected with any earning activity. There are two basic categories for tourism activities. These are dommestic tourism and international tourism. - HI -Tourism has economic, sooio-cultural and environmental effects for a country. Therefore, this paper argues, a government should play the following roles in tourism: - Determining the tourism policies, - Tourism planning, - Formation of tourism organizations, - B?oviding incentives for tourism activities - Control and supervision of tourism, - Bncouragingr social tourism. The importance of tourism investments can be examined at three levels; its development, as a business and part of international relations. 2. General Information on Tourism Investments İ3.1 of the establishments, land and epuipment aimed at satisfying the needs of tourists for accomodation, food-drink, rest and enjoyment are defined as tourism investment. Tourism investment projects have some common characteristics. These are the following: - Fixed capital intensiveness, - Labor intensiveness, - Excessive fixed costs, - Relation between infrastructure and establishment, - Indirect earning power, - Importance of physical planing. There are pre-speoified steps to be followed in preparing investment projects. These are; the pre -study and the feasibility study. The pre -study involves, the analysis of demand, dimension and technological level of business, and sources of country. In the context öf feasibility study, a project's economic, tecnical and financial feasibilities are examined respectively. - IV3. Financing in the Tourism Sector In general, there are two ways of financing for any sector. These are epuity financing and debt financing. Epuity financing involves issuing and selling new shares and/or auto financing. Within the context of debt financing, there are a lot of instruments that can be applied. Some of them are short, medium and long-term bank loans, euro-credits, financial lease and bond issues. In addition to general Instruments of financing, there are sources of finance that are peculiar to the tourism sector. These are government financing, tourists, tourism organizations themselves and The World Tourism Organization. Apart from WTO, there are other International Organizations and Institutions such as The World Bank, The International Monetary Sund, The United Nations and the European Union, that can be applied fo finance investment projects in tourism sector. 4* Âh Application Regarding Financing of Tourism Investments in The TRNC Xh the TRNC, the Tourism Sector has important contributions to the GNP, balance of payments, fixed capital investments and employment. Susie problems that are encountered in the tourism sector are the absence of a national physical plan, a Tourism Master Elan, deficiencies in Infrastructure, environment, education, financing, promotion and marketing of Tourism, transportation, viable tourism policies, furthermore the inability to cope with seasonal fluactuations, administrative and legal problems, and coordination between institutions* Ba the TRNC, scientific tourism plans are not prepared. Only Development plans and yearly programs include targets regarding the Tourism Sector. These are; production and value added targets, investment necessity, employment targets, targets on the amount of - 7 -tourists, targets of passing night, capacity usage and accomodation capacity, and the targets of foreign travel revenues and expenses» Especially because of the political problem persisting on the island, moreover because of inflation and high interest rates, there is aa unfavorable investment environment in the TRNC. Tourism investments are made without basing them upon, scientific feasibility studies* The feasibility studies are completely deprived of an economic study. In addition, the existing financial studies are deficient as well. The most important deficiency of financial studies are the absence of security ratios. With the help of these ratios, investment projects are evaluated to present whether they carry default or financial risk. Some of the investment incentives given to the Tourism Sect or are import duty exemptions, government contribution to charter-risk, contribution to brochure and advertisement expenditures, exemption from income tax and corporate tax and exemtion from construction licence fee* In the TRNC there are three potential ways of financing tourism investments* These are equity financing, government financing, and obtaining credit from commercial banks. The pros and cons of these sources are briefly mentioned below: - Equity financing involves contributions made by owners of business and auto-financing. Currently, it Is not possible to finance by issuing stocks* - Government financing involves financing from the- Tourism Development and Promotion Fund, the Development Bank, and the Central Bank of the TRNC. However, only a limited amount of long-term loans with low interest are provided through these sources* - Because of the high inflation and high risk that tourism investments carry, commercial banks hesitate to give credit to the tourism sector at favorable terms* - 71 -According to research conducted on touristic establishments, the most important source of financing is equity* The Development Bank and commercial banks come in second and third respectively. Another finding of this research is, the financial problem encountered by touristic establishments when taking credit from the Development Bank* This problem is the delay of installment credits given by the Development Bank, because of the bureaucracy. Because of the high political risk encountered in the TRHC, authorities are facing with a lot of difficulties in attracting foreign investments. Concluding Remarks and Recommendations According to the study conducted we can reach the following conclusions and recommendations: - Regarding Tourism, there are important problems encountered, in the TRNC. These are Tourism planning, Tourism organization, availability of investment incentives, lack of control and supervision, encouracement of social tourism by the government. In this respect, scientific tourism planning should be prepared by taking the following factors into account; market analysis, physical planning, investment planning, financial planning and price analysis. Specific steps to take to accomplish these goals are, effective tourism organization should be formed; new investment incentives, such as initial investment allowance and financial lease should be given to fortify encourgement of tourism investments;, the effect of control and supervision in the tourism sector should be enhanced; and government should contribute to social tourism* - Scientific feasibility studies for investment projects are not realized in the TRHC. Therefore, the feasibility study that includes economic, technical and financial study respectively should be prepared properly. Birthermore, micro and macro- - 711 -economic evaluation have some missing applications. Micro-economic evaluation should utulize some conventional methods such as net present value and pay-back period. In addition to these, macro- economic evaluation should use capital/output and capital/ employment ratio and consider the effect on the balance of payments the distribution of income. -The most important factor for encouraging investments is to provide loans that nave long term and low interest. This opportunity is not created in the TRHC. Consequently, relevant fund and institutions should be re-organized to provide credit at favorable terms. - The basic finding of the research conducted on the touristic establishments is the fact that the most important souroe of financing is equity because loans given to the tourism sector have short term and high interest, and credits of Çhe Development Bank are not given at the time needed. This shows that financial institutions should be encouraged to give long-term credits at low interest rates and the Development Bank should remove the bureaucrat i£ problems to give the credits at the time needed. - Inorder to attract the foreign investment into the THNG, it is necessary to provide valuable incentives comparable to foreign countries. Keywords: North Cyprus, Tourism, Investment, Financing. - Mil -