中文摘要：

本文通过对九寨沟自然保护区的研究发现，在现行保护地管理体制下，由保护地管理机构主导、当地居民参与的股份制经营方式能较好地保障居民利益并保护资源；但资源经营的安排者和生产者未彻底分离致使经营效率低下，并影响该经营方式的可持续性。本研究认为九寨沟式的股份制经营方式仅是一种折中的方式，长期来看应将资源经营的安排者和生产者彻底分离。

英文摘要：

This paper, based on a case study of Jiuzhaigou Nature Reserve（JNR）, finds that under the current management system, the joint-stock mechanism in JNR, in which Jiuzhaiguo Nature Reserve Administration （JNRA） and local residents are both shareholders, will better ensure residents＇ interests and resource protection. However, that arrangers of resource opert,tion and producers are unable to divorce thoroughly from each other leads to the low efficiency of operation and will influence the sustaimnent of this operation mode. Accordingly, this study holds the view that the joint-stock system in Jiuzhaiguo is just an expedient mode. In the long run, JNRA should only be the arranger, not the producer.