골프장의 재무특성이 회원권 가치에 미치는 영향

Abstract

The factors affect a golf membership value have been discussed by many precedent studies. The main findings from the precedent studies are that the accessibility and a number of bookings affect a golf membership value. This study mainly focuses on identifying and analyzing if the financial characteristics affect a golf membership value and the findings are as follows. A number of holes, a number of holes per capita, area per capita and the financial factors such as total market value, initial deposit per capita and an initial deposit ratio appeared to be significant factors. As three of nine are financial factors that affect the golf membership value, the financial characteristics are identified as distinctive factors. Especially, the initial deposit ratio is a financial indicator in valuation of golf membership and it is in a strong inverse relationship with the golf membership value. Because the debt to the golf club increases when the initial deposit ratio is high, the debt would exceed the total market value if the golf membership value decreases. This implies that the financial status of the golf club is unstable and the membership holders may eventually request for a refund or it can be a cause for the undervaluation of the golf club. Thus, the financial characteristics are variables that they should be advertently managed.