Financial Feasibility Study of the Adventure Business Establishment

Main Article Content

Thatphong Awirothananon


The objective of the study is to analyse the financial feasibility of the adventure business establishment. Depth interview is a study instrument to collect the data from one entrepreneur in Chiang Mai. The project life of the adventure business establishment is set at 10 years, as the lifetime of the fixed assets. A discount rate of eight percent is also set. The results show that the net present value (NPV) of the project is 349,294.51 Baht while the Benefit cost ratio (BCR) is 1.09 times. In addition, the internal rate of return (IRR) is 9.87% and the payback period (PB) is 6.25 years. This study further sets an analysis of the average inflation rate of 3.03%. The results show that the NPV of project is 217,510.89 Baht while the BCR is 1.05. In addition, the IRR is 9.17% and the PB is 6.44 years. Therefore, it can be concluded that the adventure business establishment in Chiang Mai is a worthwhile investment.



Download data is not yet available.

Article Details

How to Cite
Awirothananon, T. (2018). Financial Feasibility Study of the Adventure Business Establishment. Journal of Management Science Chiangrai Rajabhat University, 13(1), 92-107. Retrieved from
Research Articles
Author Biography

Thatphong Awirothananon

Ph.D. (Accountingt, Finance and Economics) Griffith University, Australia, (2009). Currently a Assistant Professor in Finance, Faculty of Business Administration, Maejo University.


Ariyaphonpanya, Rungnapa. (2008). A Financial and Economic Feasibility Study of Hotel Building Investment in Patong Beach, Phuket Province. Master of Economics (Managerial Economics), Srinakharinvirot University, Bangkok. (in Thai)

Awirothananon, T., Chaoprayoon, P., Madhyamapurush, W. & Panyadee, C. (2016). Financial feasibility study on spa establishment with Lanna wisdom in Chiang Rai. PONTE Journal, 72(3), 241–247.

Awirothananon, Thatphong. (2016). Financial feasibility of the use of mixing valve solar hot water by industrial enterprises in the Northern region, Proceedings of Naresuan Research Conference No. 12 : Research and Innovation for National Development, pp. 1170-1179, Naresuan University, Phitsanulok. (in Thai)

Awirothananon, Thatphong & Supapunt, Patcharin. (2016). Economic worthiness of organic vegetable business by using earthworm compost. RMUTL Journal of Humanities and Social Sciences, 3(2), 99–105. (in Thai)

Bank of Thailand. (2015a). Loan Rates of Commercial Banks. Retrieved 30 May 2015, from
Bank of Thailand. (2015b). Thailand's Macro Economic Indicators. Retrieved 30 May 2015, from

Chatkun, Nisa. (2004). Adventure Tourism Management. Phuket : Faculty of Management Science, Phuket Rajabhat Institute. (in Thai)

Chuaybudda, Noodang, Thaweewat, Bhisanuwat & Thaweewat, Kanatnan. (2016). A Feasibility Study of Investment on Concentrated Latex Facturing in Mueang Bueng Kan District, Bueng Kan Province, Journal of Management Science Chiang Rai Rajabhat University, 11(2), 133-147.

Core Planning & Development. (2003). Community Tourism. Bangkok : Odeon Store. (in Thai)

Department of Tourism. (2016). Statistics of Domestic Tourists Year 2015 (Region and Province). Retrieved 30 November 2016, fromสถิตินักท่องเที่ยวภายในประเทศ%20ปี%202558/TH-TH. (in Thai)

Jittangwattana, Boonlert. (2005). Sustainable Tourism Development. Bangkok : Press and Design. (in Thai)

Moolla, Ladavan. (2005). A Feasibility Study on Developing Health Tourism by Local Herbs : Pang Ma-Oh Village, Mae-Na Sub-district, Chiang Doa District, Chiang Mai Province. Master of Arts (Community Research and Development), Chiang Mai Rajabhat University, Chiang Mai. (in Thai)

Nantawan Na Ayudhaya, Sudcheewan. (2008). Cultural Tourism Management by Community Approach. Master of Arts (Political Economy), Chiang Mai University, Chiang Mai. (in Thai)

Prachachat. (2015). X-ray Adventure Attractions : Safety Reform – Zip-line Value 100M. Retrieved 30 October 2015, from (in Thai)

Ross, S. A., Westerfield, R. W. & Jordan, B. D. (2002). Fundamentals of Corporate Finance. 6th ed., McGraw-Hill: Kuala Lumpur

Sattarattanakhachon, Ketsanee. (2007). Feasibility Study of Agro-tourism Management : A Case Study of Ma-O Village, Mae Tha District, Lampang Province. Master of Arts (Tourism Industry Management), Chiang Mai University, Chiang Mai. (in Thai)

Thai Ecotourism and Adventure Travel Association. (2006). Types of Adventure Tourism Business. Retrieved 30 May 2015, from (in Thai)