Untitled

32 Asia Pacific Journal of Tourism Research
tourism, marketing and research methods, a
student benefits from horizontal articulation.
See also: education; training
K.S. �KAYE) CHON, USA
Asia Pacific Journal of Tourism
Research
The Asia Pacific Journal of Tourism Research publishes
both empirically and theoretically based studies
which advance education, research and professional
standards in the field of tourism in the Asia
Pacific region. The journal seeks to publish
original full-length articles and short research
notes, reports and reviews, and uses a doubleblind
review process. First published in 1996, it
appears twice yearly and is published by the Asia
Pacific Tourism Association �ISSN 1094±
1665).
RENE BARETJE, FRANCE
Asia Pacific Tourism Association
The Asia Pacific Tourism Association was formed
by academic representatives from twelve Asian±
Pacific Rim countries in 1995. With headquarters
in Pusan, Korea, the association now has 365
members representing seventeen countries. Its
conferences are held annually in a member
country. The Asia Pacific Journal of Tourism
Research is the official organ of the
association.
asset management
BANG SIK LEE, KOREA
The term `asset �or assets) management' indicates
an aspect of managing a business organisation
which focuses on its assets. In general, the objective
is to improve return on investment by optimising
asset turnover, or by ensuring that the
organisation does not tie up investment which
it does not strictly require. For this purpose, assets
may be divided into cash and cash equivalents,
working capital and fixed assets. Cash equivalents
are highly liquid securities such as treasury bills
which are an alternative to bank deposits for
holding liquid funds. Working capital consists
mainly of accounts receivable from debtors plus
stocks held for production or sale; net working
capital is arrived at by deducting accounts payable
to creditors.
The management of cash and cash equivalents
is part of the treasurer's function in an
organisation. However, only in large organisations
will one or more people be appointed to exercise
this function; in smaller organisations it is one of
the functions of the chief financial executive. The
latter is also responsible for determining the policy
regarding customer credit and monitoring the
execution of this policy so that the amount of
trade debtors is optimal for the business. A liberal
policy leads to an excessive amount of funds being
tied up in debtors and an increased risk of bad
debts; a tight policy means discontented customers
and lost sales. Related to this is the negotiation of
payment terms with suppliers, there may be a
trade-off between obtaining longer supplier credit
and achieving price reductions. For tour operators,
a key aspect of working capital management is its
timing of advance payments receivable from
customers and the timing of payments to suppliers
of hotel rooms and airline seats.
Stock or inventory control is an important part
of asset management in manufacturing and retailing
organisations. In high-volume retailing, for
example, efficient information technologybased
stock control is a key competitive feature.
Fixed assets include plant and machinery, vehicles
�including ships and aircraft) and property �real
estate). In general, the task of asset management is
to ensure that a proper level of usage of all such
assets is achieved, and that surplus assets are sold
off. In the hotel sector, property management
systems are a key feature of managing property
assets. The term `asset management' is also used to
refer to the activities of the managers of investment
funds, whose objectives are to achieve a satisfactory
combination of income and capital growth for the
fund.
SIMON ARCHER, UK