Abstract: As a supporting space for rural entrepreneurship, the rural entrepreneurship ecosystem is of great significance to promoting ru-ral entrepreneurship. However, the existing studies remain silent on community-based enterprises' leading role in developing a rural en-trepreneurial ecosystem, thus failing to reveal the unique logic underlying community-based enterprises' addressing significant resource inadequacy. Taking Company M of Yongmei Village in Guangdong province as an example, this paper makes an analysis deep into the process of community-based enterprises leading the construction of rural entrepreneurial ecosystem in the context of indigenous entrepre-neurship based on Henri Lefebvre's space production theory and the theory of entrepreneurial ecosystem. The findings of this paper indi-cate that:the development of rural entrepreneurial ecosystem basically follows the logic chain of ‘value proposition to positive response to action to value spillover'. In this process, community-based enterprises connect the core action-takers of local and remote areas through value propositions, and then match the ‘embedded action' to activate the production of local social resources in villages, and the ‘re-embedded action' to combine the traditional entrepreneurial ecosystem resource elements that are scarce locally but abundant elsewhere, forming a resource relationship order with both resource production and resource combination. The value spillover of rural revitalization through value exchange between rural entrepreneurial ecosystem and village society is an important symbol of the successful construction of rural entrepreneurial ecosystem. This discovery promotes the theoretical analysis on the micro level of entrepreneurial ecosystem and provides new ideas for the practice of rural revitalization.

Key words: rural entrepreneurship, community-based enterprise, rural entrepreneurial ecosystem, space production theory, indigenous entrepreneurship