Research On The Impact Of Institutional Environment On The Business Model Innovation Of Unicorn Enterprises

In recent years,more and more “unicorn” companies have entered the public's field of vision.Such excellent companies that have developed rapidly since their inception often had unique business models and maintained their competitive advantage,which improve people's lives through innovating again and again.In the past,the business giants that took decades or even hundreds of years to build,now relying on the Internet may only take a few years,coupled with the boost of venture capital,the size of such a "unicorn" enterprise group is growing.They play an increasingly important role in the development of emerging industries and the transformation and upgrading of traditional industries in various countries.However,from the practice of the development of unicorn enterprises in China,there are great differences in the situation of unicorn companies in different regions: in 2016,there were only a dozen cities in China with unicorn enterprises,and the industry distribution of unicorn companies also showed obvious geographical distribution.Although some studies have shown that the institutional environment will have an impact on entrepreneurial entrepreneurship,few scholars have specifically studied the impact mechanism of urban institutional environment on corporate business model innovation.Exploring the influence mechanism of urban institutional environment on enterprise business model innovation is of great significance for urban cultivation of unicorn enterprises and incumbent enterprises to implement institutional entrepreneurial decision-making.On the basis of reviewing the relevant theories of business models,institutional theory and the influencing factors of enterprise innovation and entrepreneurship,this paper introduces the adjustment variables and deeply studies the influence mechanism of institutional environment on the innovation of business models.First of all,this study divides the urban institutional environment into three dimensions: regulation,specification and cognition and measures the degree of innovation of the business model of the unicorn enterprise by the three dimensions of value proposition,value creation and value capture;Then,this paper discusses the direct effects of different urban institutional environments on the innovation of business models;Finally,this paper takes the richness of corporate financial resources as a regulating factor and explores the regulatory effect between the institutional environment and the innovation of business models.In this study,126 of Chinese 2016 unicorn companies were used as research samples.After the scale design and data collection,SPSS 22.0 statistical software was used for descriptive analysis,correlation analysis and hierarchical regression analysis to verify whether the hypothesis was established and explained accordingly.The research results show that Chinese unicorn enterprises have obvious geographical differences in business model innovation,and different urban institutional environments will have different effects on the business model innovation of unicorn enterprises.The influence of urban institutional environment on the innovation of business model can be embodied as follows: the more perfect the rules of urban institutional environment,the more the business model of unicorn enterprise tends to be more efficient;the more standardized the urban institutional environment,the stronger the cognitive dimension,the more unicorn companies tend to provide services in the choice of value creation methods,and are more inclined to mix modes in the process of value acquisition.In addition,the richness of corporate financial resources to urban institutional environment the relationship with the innovation of business model has a positive adjustment effect to a certain extent.The richer the financial resources of enterprises,the easier it is to seize opportunities in a sound institutional environment and innovate successfully in business model development.Overall,the more imperfect the urban institutional environment,the more the enterprises tend to be strategically isomorphic,which is not conducive to business model innovation.The more perfect the urban institutional environment,the easier it is to form strategic deviations between enterprises and promote innovation.The conclusion proves the theoretical value of legitimacy and further expands the application of legitimacy in the entrepreneurial process.This research has important theoretical significance for the study of institutional environment and business model innovation.At the same time,this paper has great practical significance for the optimization of business model innovation of unicorn enterprises and the empowerment policy of urban unicorn enterprises.The research results of this paper suggest that urban economic authorities and enterprise managers should pay attention to the influence mechanism and adjustment factors of different dimensions of urban institutional environment on the innovation of different dimensions of business models,identify,apply and create good institutional environmental opportunities,and promote the development of business model innovation.