How Business Model Influences The Enterprises Value Of Internet Enterprises

Under the fierce competition of Internet enterprises,business model has become an effective strategic approach to improve the enterprise value and caused the growing attention from researches.Thus,this paper focuses on the topic that how business model influences the enterprises value of Internet companies.Based on the analysis of the concept and structure of business model,this paper discusses the way how business model influences the enterprise value of Internet enterprises from the perspectives of value creation and value acquisition.According to the innovation theory,transaction cost theory,resource-based theory,strategic network theory and value chain theory(Schumpeter),this paper points out the influences that business model makes and how each driving factor of business model influences the Internet enterprises by defining the driving factors of business model as innovation,efficiency,positioning,complementation and the capabilities of value acquisition as profitability and customer acquisition.This paper demonstrates its argument under a structural equation model based on a data set of 191 listed Internet enterprises.Several approaches to influence the enterprise values for business models:(1)Innovation will make direct influences or indirect influences such as profitability and customer acquisition to enterprise values.(2)Efficiency will influence enterprises values directly and indirectly.(3)Positioning will indirectly affect the business value.(4)Complementation will make indirect influence to business value.The theoretical contributions of this paper listed as follows.First,by demonstrating the business value makes influences through value creation and value acquisition,this paper enriches the study approaches to business model.Second,this paper provides references for business leaders to optimizes the business model.Insights emerges for business management from the analysis of the way that business value influences enterprise value.First,systematic thinking is an effective tool when approaching the optimization of business model.Second,it is important for Internet enterprises to focus on innovation and efficiency considering the significant impacts they made on enterprises values.But positioning and complementation as the other two driving factors of business model cannot be ignored as well because they will impact innovation and efficiency and then influence values of Internet enterprises indirectly.