崔丹

CuiDan

　　尽管中国旅游行业的增长性有目共睹，尽管国家旅游局公布的《关于鼓励和引导民间资本投资旅游业的实施意见》(下称《实施意见》)首次提出了“向民间资本全方位开放”的新政，但未解决的细则问题显然使民营资本无法与旅游业全方位“亲密”接触。与地方政府合作的种种不愉快、传统旅游景区本身商业模式的局限性，让已身处其中的民营企业和欲进入其中的业外资本不得不如履薄冰、小心翼翼。

Although China's tourism industry's growth to see，Although the national tourism administration announce《About encouraging and guiding the implementation of the folk tourism investment advice》(Said the《Implementation opinion》)Presented for the first“To the folk capital all-around opening up”'s New Deal，But not solved the problem that private capital rules apparently can't and comprehensive tourism“close”contact。And the local government of cooperation unpleasant、The traditional tourism scenic area itself business model limitations，Let already in one of the private enterprise and to establish the into the capital had to skating on thin ice、Be careful。

　　这其中，经营权期限短，导致景区开发商更注重短期利益最大化，或许是众多景区自然景观、生态平衡遭到破坏的重要原因。

This one，Right short term，Lead to scenic spot more attention to short-term benefit maximization developers，Maybe many scenic spot the natural landscape、The ecological balance the destruction of important reasons。

　　经营权的博弈 The game right

　　在江苏中明休闲旅游开发有限公司的一名运营总监看来， 《实施意见》中提出的“全方位的开放”虽然看起来给了民营企业足够的经营权，但其中有很多细则问题并未解决，比如产权问题。

In jiangsu province Ming leisure tourism development co LTD, a operation director looks， 《Implementation opinion》Put forward in the“Open all-round”Although look to the private enterprise enough franchise，But there are a lot of rules did not solve the problem，Such as property rights。

　　“我们有个同行，在江西婺源从十年前就是几处景点的经营开发商，但是当地政府重新组建的旅游公司取得财政资金后，就强迫他们终止合同，如果意见能更明确自有转让权、私有使用权，民间资本独立或参与建设旅游景区的经营管理权益才能得到保障，而不是被当地政府无视。”上述运营总监说。

“We have a company，In jiangxi from ten years ago is a few main sites business developers，But the local government to form a tourism companies get after financial capital，Will force them to terminate the contract，If more clear opinion can own transfer rights、Private use right，Folk capital independent or participate in the construction of scenic spot management rights can be guaranteed，Not by local government to ignore。”The above operation director said。

　　同时，对景区的集中快速开发也使得民间资本进入时顾虑重重，“当地政府一旦决定开放景区后，会同时引入很多开发商，但政府给的投资门槛太低了，包括我们在内没有一个景点投资超过千万的。进入者多了，为了争夺客源我们不得不给旅行社打折，从开始的9折一路降到5折的团队价，基本上这样景点就无法维生了，没有规划，谁来谁开发，导致大家日子都不好过。” 该人士表示，“所以我们现在进入景区开发也会仔细小心看当地政府的规划协议。”

At the same time，The rapid development of scenic spot on also makes private capital into concerns when crossing，“The local government once the decision to open after scenic spot，Will also introduced many developers，But the government to investment threshold too low，Including us without a scenic spot investment over。More in the，In order to for the passengers we have to travel at a discount，From the beginning of 9 discount all the way down to 5 fold team price，Basically can't survive such sites，No planning，Who to who development，Cause all alike。” This person said，“So we are now in the development of the scenic area will also be watching carefully of the local government planning agreement。”

　　而经营权的期限除了让民企与当地政府的博弈中处于下风外，也让这些民企更注重短期开发而非长期规划。“对很多开发商而言，一般很难拿到50年以上的独家经营权，通常都是二三十年的经营权，这使得很多民营资本进行旅游资源开发时，往往趋利性更重，容易导致环境和生态的破坏。”中国旅游研究院一名研究员称。

And the right of management time limit in addition to let corporation and the local government in the game of the disadvantage，Also let these corporation pay more attention to short-term development rather than long-term planning。“For many developers，Generally it is difficult to get 50 years of exclusive franchise，Usually the right of administration of two hundred and thirty，This makes a lot of private capital for tourism resources development，QuLiXing often more heavy，Easy to cause the destruction of the environment and the ecosystem。”China's tourism research institute a researcher says。

　犹豫的PE Hesitate PE

　　除了民营企业对于进入旅游业小心翼翼外，大规模的风险投资基金对是否踏入旅游业处在犹豫观察的状态。

In addition to the private enterprise in the tourism careful outside，The scale of the risk investment fund to whether step into tourism in hesitate state of observation。

　　过去一年，深圳一家创投公司的投资经理王先生参加过不下数十场的旅游业研讨会，除了研究机构的报告会、行业媒体举办的会议之外，更多是各地举办的招商引资会议，“尤其是去年在山西，为鼓励民间资本由矿产投资转移到旅游服务业，各地甚至县级政府召开过多场旅游招商引资会，我们也参加了好几次。”他表示。

In the past year，Shenzhen a venture company investment manager, Mr. Wang participated in dozens of the tourism industry in the field not seminar，In addition to research institutions to lecture、The meeting held outside media industry，More around the investment promotion is held the meeting，“Especially last year in shanxi，To encourage private capital investment by mineral transferred to tourism services，All over the county government even held a tourism investment promotion will be too much，We also took part in the several times。”He said。

　　不停飞来飞去的他主要是为了找到合适的投资项目。从2011年开始，他所在的创投公司与地方政府发起成立了一家文化旅游投资基金，但至今这笔首期募集的近10亿元资金大部分仍没有找到投资项目。

Keep itinerant he basically is to find the right investment projects。From 2011 to，He is at the venture capital firm and local governments have launched a cultural tourism investment funds，But so far the raising of the nearly 1 billion yuan capital is still not find most of the investment project。

　　事实上，从2007年开始，随着IDG资本、高盛、海纳亚洲、云峰基金投资2500万美元入股北京印象创新艺术发展有限公司后，其打造的“印象·丽江”等实景演出这一创新的商业模式由于高利润、高票房、可复制性，使得旅游业企业私募融资活动开始逐渐增加。

In fact，From 2007 to，Along with the IDG capital、Goldman sachs、HaiNa Asia、Yunfeng fund investment $25 million contribution Beijing impression innovation art development Co., LTD，The build of the“Lijiang impression ·”The innovation and subject-live performance of the business model due to high profit、High box office、Can be replicated sex，Make tourism enterprise private financing activities began to increase gradually。

　　“我认为最大的一个感受就是，尽管旅游行业前景大家都非常看好，但是真正能直接对接风险投资的、比较创新的商业模式非常少，我们还是比较关注相关的差旅服务及旅游资讯网站等行业，但其中适合风投进入的标准化强、能在短时间内快速规模化复制的如酒店、机票等已经被携程这样的企业分销掉了，而传统的景区旅游开发项目因为本身受气候与经济景气程度影响比较大，自然景区门票收入难以纳入商业模式、投资回报周期比较长、景区整修扩建与营销成本比较高，无论在模式上、成长性上等对风险投资而言都缺乏吸引力。” 该投资经理认为。

“I think one of the biggest feel is，Although the tourism industry, we are so promising prospects，But the real risk of investment can directly docking、More innovative business model is very little，We still is more attention related travel service and travel information website, etc，But among them for the standardization of wind is cast into the strong、In such a short period of rapid scale copying such as hotel、Air ticket, etc have been ctrip.com such enterprise distribution away，While the traditional scenic area tourism development project for itself by climate and economic performance impact is bigger，Natural scenic spot tickets income into business model to、Investment return cycle is long、The expansion and marketing costs scenic spot is higher，No matter in the model、Superior to the risk investment growth for less attractive。” The investment managers think。