本研究基於制度論的觀點，透過深度訪談、田野觀察與歷史文件資料分析，檢視被重工業污染的瀨戶內海小島，如何在企業財團倡導的公益資本主義之下，透過舉辦國際藝術祭而活化。研究結果顯示，日本式資本主義的制度特質——政府與財團之間的結合關係，以及承襲半封建制度的土地所有權觀念，影響了政府、財團與常民的思維模式與行爲，再加上偏鄉的特質，使得強調以企業資本解決社會問題的公益資本主義，在應用於偏鄉振興時，自然而然出現了由上而下、由外而內的振興途徑。財團在政府部門的支持下，主導了振興獲利模式與在地文化詮釋，使島上呈現了明顯的階層差距。同時，偏鄉住民承擔著觀光帶來的外部成本，卻沒有獲得足以支撐島民經濟的實質獲益，因此無法抑制人口流失。本研究於結論嘗試提出三大原則，以減少公益資本主義在應用上的侷限。

Through in-depth interviews, field observations, and historical document analysis, this research uses the perspective of institutionalism to examine how private corporations applied public interest capitalism to revitalize the Setouchi Islands via contemporary art festivals. The results of the research show that the characteristics of Japanese capitalism, namely strong ties between businesses and the government, and the conception of property rights inherited from semi-feudalism, affected the thoughts and behaviors of the government, private corporations, and citizens. Adding the characteristics of rural communities, further resulted in a top-down and outside-in revitalization approach when the private corporations intended to address rural social problems through the power of capital. Supported by the government, the private corporation then created the profit-oriented revitalization model and dominated the interpretation of local culture, which led to an increasing divergence between social stratums on the islands. At the same time, islanders bore the external cost of tourism without deriving sufficient benefits for the island economy. The Setouchi Islands, which are a so-called example of successful revitalization, have been suffering from population loss. To conclude this research, three principles are provided to reduce limitations of applying public interest capitalism to rural revitalization.