FROM ASSET-HEAVY EXPANSION TO ASSET-LIGHT TRANSFORMATION: EVOLUTIONARYS MECHANISM AND PERFORMANCE PATHWAYS OF CHINESE TOURISM ENTERPRISES’ OUTWARD FOREIGN DIRECT INVESTMENT: A LONGITUDINAL CASE STUDY OF H WORLD GROUP (2014–2024)

This study conducts a longitudinal case analysis of H World Group (2014–2024) to investigate the evolutionary mechanism of Chinese tourism enterprises' transition from asset-heavy to asset-light OFDI. The findings reveal that under macro-level pressures, firms leverage digital capabilities to construct a chain mechanism of "model → localization → legitimacy → performance". The asset-light model effectively overcomes the liability of foreignness through non-equity control and local embeddedness. This paper revises the explanatory limitations of the OLI paradigm, expands the social dimension and dynamic perspective of tourism investment research, and suggests that Belt and Road countries such as Uzbekistan can achieve sustainable development and inclusive growth by attracting capability-output-oriented investment.

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