| In current dynamic changing environment, it is difficult for enterprises to adapt itself to new market demands with tradition business mode. Enterprises can only survive in competition and keep developing through the strategic transformation. How to achieve strategic transformation effectively in a dynamic environment is a research topic of practical significance. Given lack of research of enterprises' strategic transformation, from the view of dynamic capability, this paper proposes a dynamic capability mediating strategic transformation model driven by IT and proves the correlation among IT competence, dynamic capability, strategic transformation, dynamic environment through empirical study. According to research ideas questions collection, literature review, model construction, empirical study and practical application, the paper clarifies how IT and dynamic capability drive enterprises' strategic transformation in dynamic environment and chooses strategic transformation of securities brokerage as a practical application of the theoretical model.Firstly the paper analyzes the essence of dynamic capability and proposes the structure model of dynamic capability by researching organizational behaviors' features of adapting to dynamic environment(level of competition). Dynamic capability consists of strategic adjustment capability, resource allocation and integration capability, value chain configuration and reconstruction capability, and marketing & service combination capability. The paper conceptualizes and operationalizes dynamic capability which was considered as abstract and impossible measurement, and also develops a set of full-scale and effective construct of dynamic capability measurement.Secondly the paper analyzes the substance of the strategic transformation from the perspective of the capability evolution and puts forward enterprises' capability development curve based on capability Lifecycle model, also it reveals the internal mechanism of strategic transformation in dynamic environment—Updating and transformation of enterprises' compentence set will be realized with the development of dynamic capability, furthermore, the strategic transformation is successfully completed. Based on this, the paper has introduced dynamic capability as intermediary role in the relationship research of IT and enterprise's strategic transformation, and proposed a dynamic capability mediating strategic transformation concept model driven by IT, and furthermore has revealed a strategic transformation solution for enterprises in dynamic environment—IT drives enterprises' strategic transformation through dynamic capability.Furthermore, the paper explores the middle mechanism of impact of IT competence on strategic transformation from dynamic capability view, also proposes a dynamic capability mediating strategic transformation theoretical model driven by IT and the six hypotheses about correlation between IT competence, dynamic capability, strategic transformation and dynamic environment. Taken Chinese enterprises as research objective, data are analyzed by statistical software tools SPSS and Structural Equation Model software AMOS. After Factor Analysis for structural validity test, Correlation Analysis and Structural Equation Model is used to verify all the hypotheses. Empirical study results show that IT competence can positively influence dynamic capability; IT competence can indirectly influence strategic transformation instead of doing this directly through the intermediary role of dynamic capability; Dynamic environment can positively influence dynamic capability. And the moderating role of dynamic environment is verified by a group of linear Structural Equation Model—Dynamic environment plays a moderating role in the relationship of IT competence and dynamic capability, and also in relationship of dynamic capability and strategic transformation. Based on outcome of empirical study, this paper builds up a dynamic capability mediating strategic transformation model driven by IT, through the modification of the dynamic capability mediating strategic transformation theoretical model driven by IT.Finally, the securities brokerage strategic transformation objective—the service-oriented business mode, is proposed based on analysis of securities brokerage's essence, and also five transformation objectives of enterprises' elements are identified. With the application of the dynamic capability mediating strategic transformation model driven by IT, a development path of securities brokerage strategic transformation is proposed. At the same time, the paper identifies demands of dynamic capability and IT competence for securities brokerage strategic transformation, and analyzes the enabled-function of IT competence for development of dynamic capability. After the case study of the securities brokerage strategic transformation of Guotai Junan, a solution to achieve the securities brokerage strategic transformation is revealed.
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