A Study On The Rural Tourism Project Financial Appraisal

As tourism with its own characteristics of comprehensive and relevance etc., so it can provide employment opportunities for tourism area, promote consumption, and develop regional economy. Rural tourism occurs in rural areas; it not only can increase the income of farmers and strengthen the urban-rural cultural exchanges, but also can promote rural agricultural restructuring and change the rural landscape, which can seep up the urban-rural integration. At present, the State is vigorously building a new socialist countryside, which is taking the "the development of production, affluent life, civilization, clean and tidy village, democratic management" as its target, and the State issued tax-free, low-interest loans and other preferential policies to encourage the development of new industries in rural areas and foster new economic growth point in rural areas. In this background, large numbers of rural tourism investment projects appear, and the state investment or personal investment Floods into rural areas.To ensure the effectiveness of investment in rural tourism and avoid project duplication and inefficient use of funds, etc., it is necessary to scientific evaluation and decision-making rural tourism investment projects. And project evaluation is an important investment decision guidance method. Financial evaluation, economic evaluation, social assessment is the main contents of project evaluation. Financial evaluation focuses on the investment profitability, debt repayment capacity, uncertainty analysis, risk analysis, which provides investment in the financial viability of judgment basis for investors. Therefore, the research on the financial evaluation of the rural tourism investment project, not only can enrich the theoretical system of tourism and project evaluation, but also improve efficiency in the use of investment funds and promote the healthy development of rural travel, which is of great theoretical and practical significance.This paper mainly studies on the rural tourism investment project financial evaluation, draws on the general project financial evaluation's theory and methods, combines with its own characteristics of the rural tourism investment project, and constructs the financial evaluation system for the rural tourism investment project, finally takes the Jingzhu village tourism project in Wulong country of Chongqing city for example to study. First, this paper mainly introduces the research status of the investment projects evaluation of rural tourism at home and abroad, and ums up the characteristics of the rural tourism investment project:(1) investment environment be same with construction of objects;(2) seasonal production and management;(3) diversified revenue structure;(4) low investment, low cost;(5) obvious external effects, which is based on the introduction of the concept of investment projects and other related concept. Second, this paper draws on the general project financial evaluation's theory and methods, combines with its own characteristics of the rural tourism investment project, it constructs a financial evaluation system for the rural tourism investment project, which is including financial parameter selection, the financial cost-effective estimates, financial capacity analysis, uncertainty analysis and risk analysis, and focuses on the forecast method of the number of visitors and each visitor spending. Financial parameters mainly includes the financial benchmark rate of return, the social discount rate, the depreciation rate of fixed assets; the financial cost-effectiveness estimates includes revenue estimates and cost estimates; the financial capacity analysis includes profitability analysis and liquidity analysis; the uncertainty analysis includes break-even analysis and sensitivity analysis; and it uses decision tree analysis or Monte Carlo simulation for risk analysis. At last, this paper forecasts the number of visitors and the amount spent per visitor through market research and forecasts, analyzes the project's financial capacity, uncertainty and business risks and it draws the following conclusions:(1) the profitability indicators of compliance, the financial profitability of the stronger; (2) the breakeven point is low, only reached the design capacity of 22.78% the maximum reception can be guaranteed, ability to resist risks; (3) the probability of project finance in high-risk small. Finally it draws evaluation conclusions:the case project is financially viable.