Research On Real Estate Enterprises' Business Model Innovation In The Background Of Building Industrialization

In recent years,China has vigorously promoted building industrialization."The 13th Five-Year Plan for National Economic and Social Development" and the State Council stated that“promote the development of assembly buildings,and strive to use 10 years to make the fabricated buildings account for 30%of the new construction”.However,compared with developed countries,the overall level of Chinese building industrialization is still much in arrear.From market perspective,most real estate companies in China are still skeptical about assembly buildings.In particular,most real estate companies are not clear whether the use of fabricated construction technology can bring profits for the enterprise.The study conducted a comprehensive review of business model innovation(BMI)research,and analyzed the business model from the perspective of value creation process,and established the analysis framework of business model for real estate industry in China.The study identified the current mainstream real estate business models in China,explored the dynamic factors of BMI of real estate development enterprises in the context of builidng industrialization,and revealed the innovation process of real estate business model under the background of building industrialization.The main work of the thesis is as follows:? Based on the theoretical analysis and in-depth interviews,the real estate business model qualitative/quantitative analysis framework was constructed.Framework of the existing business model analysis were reviewed and summarized.Based on the nature of the business model theory,a qualitative business model analysis framework was proposed based on Value Theory.On this basis,quantitative analysis frame for China's real estate business model was proposed by adopting in-depth interview method.? Based on annual reports and survey data,using cluster analysis algorithm,the main stream of China's real estate business models were identified.The aim of this section is to 1)identify the variables for studying the real estate business model;and 2)reveal the main streams of real estate business model in China.The research was carried out through the combination of a two-step cluster analysis of 117 real estate companies in China.The business model clusters were revealed using a number of variables including target customer,product,market orientation,finance,collaboration network,core capability and revenue.Five clusters were revealed:1)commercial property model;2)government-dominant model;3)management-dominant model;4)resource-dominant model;and 5)domestic leading model.The findings should help with understanding the complex profiles of real estate business models and support cross-context learning.? Based on the questionnaire survey data,the relationships between BMI and its drivers for the Chinese construction industry in the context of such technological shift were identified.The researchers conducted an industry-wide survey and analyzed the data using the structural equation modeling(SEM).Findings confirm four significant relationships:1)favorable business environment has a positive impact on BMI;2)favorable business environment has a positive impact on the entrepreneurial cognition;3)entrepreneurial cognition has a positive impact on BMI;and 4)entrepreneurial cognition mediates the effect of business environment on BMI.This paper is the first attempt that identifies the mediating effect of the entrepreneurial cognition.Outcomes are beneficial for industry practitioners to innovate valuable business models and are helpful for policy makers to promote the implementation of modular prefabrication technology in construction.? In this paper,grounded theory approach was utilized to analysis real estate development enterprises BMI process under the background of building industrialization.Since the business model innovation is a complex and dynamic process,it is difficult to apply quantitative methods to examine the research.The author in-depth analysis of a large number of data to identify the business model innovation process of Vanke under the background of building industrialization.The BMI points were identified by assessing the changes in the relationship between factors.The paper then uses Pajek software to visualize the relationship between business model elements at each stage to help understand the process of BMI.The study conducted a comprehensive review of BMI research,and analyzed the business model from the perspective of value creation process,and established the analysis framework of business model for real estate industry in China.The study identified the current mainstream business model,explored the dynamic factors of BMI of real estate development enterprises in the context of construction industrialization,and revealed the innovation process of real estate business model under the background of building industrialization.The results of the research not only have theoretical contributions to enrich the research of related fields,but also have significance contributions for guiding the BMI practice of real estate enterprises in China in the background of building industrialization.