A Case Study On The Valuation Of Franchise Resource Values For A Tourism Company

The transfer of management rights of scenic spots is a new management model that emerged in the process of the transformation of scenic management systems.With the rapid development of tourism,various regions have followed suit and led the boom of the transfer of management rights.The transfer of management rights of scenic spots has gradually become a normal state.Therefore,the reasonable and fair transfer price determines the key to the development of the management rights of scenic spots.Domestic scholars generally consider that the income method is the most appropriate evaluation for the management rights of scenic spots.However,there are often limitations in the evaluation of the management rights of scenic spots.It is easy to overlook the potential future uncertainty of the project,but it fail to reflect the management flexibility of the operating right.It may overestimate the project with low risk level,but underestimate the project with high risk level.It may also lead to incorrect investment and business decisions,and affect the resources of the attractions.So that it will affect the completion and promotion of the project.This paper adopts the form of case analysis.The selected case adopts the income method when assessing the value of a tour company's S concession rights,and it is representative in the value appraisal practice of tourism resources management right.Based on a detailed analysis of the income assessment process used in the case,the case is used as a starting point,and the traditional income approach is analyzed.The limitations of the income approach assessment in the case are analyzed.In combination with the application mechanism of real options,real options are introduced.The method complements the advantages of the two methods to improve the accuracy of value assessment and to better assist investment decisions.After the case study concluded that the introduction of the principle and mechanism of real options into the valuation of franchise rights for tourism resource projects,the assessment results of the traditional income approach can be reasonably modified to objectively assess the potential value of the project and reduce the assessment distortion.To provide investors with a more reliable and scientific value reference,the combination of the two is the method of amendment and improvement,but also the objective needs of the assessment practice.