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