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Abstract: The purpose of this study is to determine the levels of use of the modern financing techniques by the managers of accommodation enterprises which have a high-level financing requirement within the tourism industry. Four- and five-star accommodation enterprises which provide services in Alanya were determined to be the population of study. Survey technique was used as the data collection method. As a result of the study, it was found that the accommodation enterprises choose the financial leasing among the modern financing techniques, and the trade banks among the financial institutions. In addition, another result achieved by the study is that the economic expectations of the accommodation enterprises regarding these techniques increase, as their awareness on modern financing techniques is raised.
Keywords: Accommodation enterprises, financing techniques, leasing, risk capital, factoring, forfaiting, barter.
JEL Classification: L83, G22
1. Introduction
Today the importance of rapidly growing tourism sector is increasing both nationally and internationally. Tourism involves numerous activities simultaneously by its nature. In other words, an accommodation enterprise offers services such as food-beverage, travel agency, souvenirs, etc. as well as accommodation service. Therefore, investments will be increased in line with the number of activities offered by an accommodation enterprise. In this sense, investments made by accommodation enterprises should be large-scale investments, and this requires a strong financial support.
Today, tourism enterprises are constantly renewed in order to have competitive advantages and put in an appearance at international level. Investment decisions also play an important role within this renewal process. One of the most important elements of tourism sector is accommodation service, and therefore, accommodation enterprises have a considerable amount of shares within this field of industry (Met et al., 2013). Accommodation enterprises continuously endeavor to improve their operations in order to gain competitive advantages in today`s competition environment. Therefore, enterprises are required to make investments and generate profits from investments on continuous basis. However, they would not generate the desired income, if they fail to determine the techniques to be implemented for investments.
Today, the products known as modern financing techniques, which provide advantages in cash management, risk management, and receivables management. The objective of this study is to measure the level of accommodation enterprises in using modern financing techniques, since they require high level...