Ecological capital is one important capital form，which is a basic capital for sustainable development of economy and society in the future.However，ecologi-cal capital demand has exceeded 50% over the carrying capacity of our earth.We must find a reasonable solution to increase the investment in protecting ecological capital in order to ensure the sustainable development and support over 9 billion population in 2050.Therefore，we must attach importance to use ecological re-sources，construct ecological environment，build sound operational mechanism of regional ecological capital operation，implement benign operation and maintain non-reduce of regional ecological capital stock to realise sustainable development of economy and society.This is the prerequisite for building a society that is re-source thrift，environment friendly，population balancing and regional coordina-tion.Because scholars have different research aspectives and ways on this topic，the results of how to strengthen regional ecological capital operation，boost the quality of regional ecological capital operation，maintain the stock of regionaleco-logical capital has not yet appeared.China is facing the growing gap among re-gions and dual pressure caused by the contradiction between economic develop-ment and environmental constraint.In order to realise the“C pattern”and in-crease green wealth of our country，it is an urgent and realistic issue to choose a “win-win”sustainable roads which requires coordinating regional development and environment protection.

This research focuses on the mechanism of regional ecological capital opera-tion.It mainly uses synthetical methods of literature and social survey，qualitative and quantitative analysis，system research and case studying.The basic theories of this research include theory of ecological capital，theory of capital operation，theory of property rights，theory of externality，theory of public goods，theory of regional economic development and theory of principal⁃agent，and so on.And it takes practise of ecological capital operation both at home and abroad as a precon-dition to analyse the mechanism of regional ecological capital operation.After ana-lysing the barriers and its causes，necessities and possibilities of constructing the mechanism of regional ecological capital operation，this research builds the framework of the mechanism of regional ecological capital operation composing by “Market⁃Government⁃Society”which are balancing and coordinated development each other.And then，it does practise and case analysis on typical areas.The main contents of this research include：

Introduction.Firstly，the introduction explains the background and theoreti-cal as well as practical significance of this topic.Secondly，it reviews the trends of this topic at home and abroad and comments on relevant literature and research.Thirdly，it describes the research techniques and basic methods of this research，introduces its framework，innovations and problems which need to be researched deeperly.

Chapter I，Core concepts and theoretical basis.This chapter defines con-cepts of region，ecological capital operation and the mechanism of ecological cap-ital operation.And then it clarifys the theoretical basis of this research，the rela-tionship between regional externalities and ecological capital operation.

ChapterⅡ，Analytical framework of the mechanism of regional ecological operation.This chapter analyses the barriers and its causes of constructing mecha-nism of regional ecological capital operation，and points out the necessities and possibilities of building the mechanism of regional ecological capital opera-tion.Then it builds the framework of the mechanism of regional ecological opera-tion which includes accumulation mechanism，conversion mechanism，compensa-tion mechanism and incentive mechanism.

ChapterⅢ，Accumulation mechanism of regional ecological capital opera-tion.From the angle of the basic principles of ecology，it needs to increase the stock of ecological capital in ecological system，especially to protect the ecologi-cal capital stock in the important ecological areas to maintain the sustainable de-velopment of economy and society.So it needs to improve relevant mechanisms and policies，and take ways and measures to maintain the proliferation of ecologi- cal capital stock.At last，this chapter takes Zhejiang Province as an example to study the resultsand experience of accumulation mechanism of regional ecological capital operation.

Chapter Ⅳ，Conversion mechanism of regional ecological operation.This chapter analyses the general principle and transition of ecological resources to ec-ological capital，and points out the values of capital operation.Then it analyses deeply the property and price in the process of transition of ecological resources to ecological capital.And it builds assessment methods and pricing models of ecolog-ical capital.At last，this chapter takes the operation of water resources to water capital in Hubei province as an case study.

ChapterⅤ，Compensation mechanism of regional ecological capital opera-tion.From the perspective of external and ecological benefits“spillover”，this chapter analyses how to coordinate the contradiction between regional eco-builders and beneficiaries，and balance inputs and benefits of eco-builders to mobilize the enthusiasm of eco-builders.And then it obtains the process and principles of re-gional compensation mechanism，and builds compensation mechanism and policy system.At last，this chapter focuses on the overall framework，core issues and platform construction of ecological compensation mechanism in the zone of ecolog-ical and cultural tourism in western Hubei.

ChapterⅥ，Incentive mechanism of regional ecological capital.Basing on actual research，this chapter analyses the operation principle of regional ecologi-cal capital operation from the aspects of government，enterprises and public awareness.From the agency aspect，it designes the incentive mechanism and pro-poses policies and institutional arrangements of incentive mechanism of regional ecological capital.At last，this chapter researches on building incentive mecha-nism of regional ecological capital taking Enshi Autonomous Prefecture of Tujia and Miao in Hubei Province as an example.

Conclusions and research prospects.Basing on the previous research，this chapter explaines the basic conclusions as follow：Changing the pattern of scarcity requires ecological capital operation.The objective of“regional coordination and ecological harmony”requires promoting regional ecological capital opera-tion.Ecological capital operation needs to balance the power among government， market and society.The integrity of mechanism of regional ecological capital oper-ation needs to establish a complete framework.Performance management，risk prevention，organization system and related empirical research of ecological cap⁃ital operation is the direction of researching in the future.

Basing on the theory and practice of ecological capital operation，this re-search discusses the mechanism of regional ecological capital operation and rele-vant issues.Its possible innovations include：

Firstly，it is a relative new perspective to research ecological capital opera-tion and its mechanism constructing from the regional level.Looking at the breadth of researches at present，researches on ecological capital operation from the enterprise level mainly summarizes ways and measures through cases stud-ying，researches on ecological capital operation from the industry level begans to build mode and design system，researches on ecological capital operation from the regional level mainly stays on the level of advocacy and concept.To sum up，the trend of research on ecological capital operation is system designing combining with specific areas and industry.Therefore，locating region on the basis of admin-istrative divisions，this research studies the mechanism of regional ecological cap-ital operation guided by ecological function and certain practical.This is perhaps a practical and theoretical innovation.

Secondly，from multi-angle of“market failure”，“government failure”and “social deficit”，this research analyses the barriers and its causes of constructing the mechanism of regional ecological capital operation.It builds a system of re-gional ecological capital institution which balances the force of market，govern-ment and publics.This system includes accumulation mechanism，conversion mechanism，compensation mechanism and incentive mechanism.Accumulation mechanism and conversion mechanism are the internal mechanism of ecological capital operation，compensation mechanism and incentive mechanism are the ex-ternal mechanisms of ecological capital operation.

Thirdly，it puts forward the general principle and process of regional ecologi-cal capital operation.The first step of ecological capital operation is transferring ecological resources to ecological capital，which is decided by the value and scar-city of ecological resources.The second step is turning ecological assets into eco- logical capital，which is formed by the joint action of ecological investment and property definition.The third step is producing eco-product through changing the form of ecological capital，which is decided by ecological technology.The forth step is realising eco-productƴs value through dealing in ecological market，which is the result of ecological capital operation.Basing on that，to increase regional ecological capital stock，it is need to put some ecological result as the form of preacticality，technology，capital and labor into the protection and construction of regional ecological environment.This can achieve a virtuous circle of regional eco-logical capital operation.

Although this research has some innovations，there are still some limitations which need study further：

Firstly，Selecting“regional”as the perspective to study ecological capital operation is just a single point of view.In theory，a shallow research is focusing on the relationship among environmental protection，resources conservation，eco-nomic growth and ecological capital operation.A deep research is focusing on the relationship between industrial structure，growth ways and ecological capital oper-ation.A deeper research tends to explore the constructing of ecological ethics and civilized society which is forced by ecological capital operation.Therefore，it needs to research regional ecological capital operation from multiple perspectives in subsequent theoretical studies.

Secondly，this research places more weight on qualitative analysis than quantitative analysis.Some issues need to be strengthened through quantitative a-nalysis in the following study，such as，the regional“spillover”effectof ecolog-ical capital，stock and incremental analysis of regional ecological capital，rela-tionship between regional ecological capital operation and economic growth，measurement of ecological capital value and determination of ecological compen-sation，and so on.

Thirdly，this research discusses regional ecological capital operation mainly from themiddle view.But italso needs to research management and policy of eco-logical capital operation from the macroscopic view to do a comprehensive re-search.Especially itneeds to strengthen risk management of ecological capital op-eration.This aspect includes identifing potential risk，measuring safety standards， analysing risk management effectiveness in order to put forward ideas and strate-gies of eco-risk management.This is the direction and requirement to improve the theory of ecological capital operation.

Keywords：region ecological capital operation mechanism