The development of rural tourism investment and evolution of investors’ characteristics

LI Tao1

(1.Institute of Geographic Sciences and Natural Resources Research, Chinese Academy of Sciences)

【Abstract】Capital investment is a critical driver for industrial improvement, innovation and sustainable development of tourism. This paper conducted a study review on rural tourism and aimed to examine rural tourism investment (RTI) from the perspective of evolutionary economics. The study concluded four stages of RTI development, including the initial stage, the industrial development stage, the industrial rapid expansion stage, and the industrial upgrading and efficiency-improvement stage. Correspondingly, four investment models were summarized, namely, self-management, cooperation, shareholding cooperation and mixed market cooperation. Moreover, the study analyzed the evolution of investors’ relationships among rural elites who had an acute mind of business, rural tourism enterprises and local government, and explored the intrinsic mechanism of role transition of investors on the basis of the law of diminishing marginal returns. The results showed that ROIs, risk-resilience capacities and expected ROIs played key roles in the evolution of RTI and investors’ role transition. The study concluded by discussing the problems and future development of RTI to provide reference for the direction and the scale of RTI in China.

【Keywords】 rural tourism; investment; investor; in stage; China;

【DOI】

【Funds】 National Natural Science Foundation of China (41571139)

Download this article

(Translated by HONG xiang)

    References

    1 Cai, B., Tao, Z., Zhang, J. et al. Economic Geography (经济地理), (5) (2017).

    2 National Tourism Administration. 2016年中国旅游投资报告. Beijing: China Travel & Tourism Press, (2017).

    3 Hu, M. & Huang, J. Journal of Hebei Tourism Vocational College (河北旅游职业学院学报), (1) (2015).

    4 Li, T. & Tao, Z. Journal of Nanjing Normal University (Natural Science Edition) (南京师大学报(自然科学版)), (3) (2014).

    5 Li, T., Tao, Z., Li, Z. et al. Economic Geography (经济地理), (11) (2014).

    6 Li, T., Tao, Z., Liu, R. et al. Human Geography (人文地理), (4) (2015).

    7 Li, T., Cai, B. & Tao, Z. Geographical Research (地理研究), (11) (2016).

    8 Li, T., Zhu, H., Liu, J. et al., Areal Research and Development (地域研究与开发), (3) (2017).

    9 Liu, L. doctoral thesis, Tianjin University, (2007).

    10 Liu, Y., Liu, Y. & Zhai, R. Acta Geographica Sinica (地理学报), (10) (2009).

    11 Long, H. & Tu, S. Acta Geographica Sinica (地理学报), (4) (2017).

    12 Long, Z., Du, Q. & Zhou, T. Economic Geography (经济地理), (10) (2015).

    13 Lu, P. master’s thesis, Shenyang University of Technology, (2014).

    14 [America] Mankiw, N. Essentials of Economics. Liang, X & Liang, S. (trans.) Beijing: Peking University Press, (2017).

    15 Pan, H. doctoral thesis, Shandong Normal University, (2013).

    16 Wang, R. & Zhu, D. Tourism Tribune (旅游学刊), (11) (2009).

    17 Xing, Y. doctoral thesis, Tianjin University, (2011).

    18 Yang, G. Academic Forum (学术论坛), (6) (2000).

    19 Yang, Z., Xia, L., Zhong, Lin. et al. Tourism Tribune (旅游学刊), (5) (2015).

    20 Zhao, H. doctoral thesis, Jilin University, (2016).

    21 Campón-Cerro, A. M., J. M. Hernández-Mogollón, and H. Alves, 2017, “Sustainable Improvement of Competitiveness in Rural Tourism Destinations: The Quest for Tourist Loyalty in Spain”, Journal of Destination Marketing & Management, 6 (5): 252–266.

    22 Gao, J., and B. H. Wu, 2017, “Revitalizing Traditional Villages through Rural Tourism: A Case Study of Yuanjia Village, Shaanxi Province, China”, Tourism Management, 63 (6): 223–233.

    23 Li, H. Y., J. Chen, G. Li, and C. Goh, 2016, “Tourism and Regional Income Inequality: Evidence from China”, Annals of Tourism Research, 58 (5): 81–99.

    24 Liu, J. J., P. Nijkamp, and D. R. Lin, 2017, “Urban-rural Imbalance and Tourism-led Growth in China”, Annals of Tourism Research, 64 (1): 24–36.

    25 Pernías, J. C., and J. Balaguer, 2013, “Relationship between Spatial Agglomeration and Hotel Prices: Evidence from Business and Tourism Consumers”, Tourism Management, 36 (6): 391–400.

    26 Rosentraub, M., and M. Joo, 2009, “Tourism and Economic Development: Which Investments Produce Gains for Regions?”, Tourism Management, 30 (5): 759–770.

This Article

ISSN:1006-4583

CN: 11-3586/F

Vol , No. 04, Pages 132-144

July 2018

Downloads:0

Share
Article Outline

Abstract

  • 1 Introduction
  • 2 Macro background: the development of China’s tourism industry investment
  • 3 The stage evolution of China’s rural tourism investment
  • 4 Characteristics of main China’s rural tourism investment subjects
  • 5 Conclusions and discussion
  • References