Research On The Mechanism Of Digital Business Model Innovation To Enterprise Value Under The Role Of Dynamic Capability

With the rapid development of the global Internet industry and the accumulation of the relative technologies,new concepts such as big data and cloud computing have gradually penetrated into the economic development model,thus subversively changing the value creation model.In order to gain core competitiveness in the digital world,all walks of life have started digital construction and sought digital transformation.In fact,digital transformation is not simply the iteration of digital technology or the cultivation of data resources,but the transformation or creation of new business models through digital technology,in the process of changing the development strategy,business process,organizational structure and organizational culture of the enterprise,and continuous business interaction with the outside world,so as to generate new value creation capabilities.From the practical point of view,many enterprises have encountered great obstacles or resistance in the process of digital transformation,and less than half of the enterprises have successfully transformed themselves,especially in the field of traditional industries,most traditional manufacturing enterprises still cannot establish an effective link between new technology resources and business model design,and it is difficult to break away from the traditional business model,resulting in weak innovation.Therefore,it is of great significance to explore the capability basis and specific path of digital business model innovation of traditional manufacturing enterprises under the background of digital transformation,and the impact of digital business model innovation on enterprise value.Based on this,this paper takes Sany Heavy Work as a case enterprise,and constructs a theoretical analysis framework based on cultivating enterprise dynamic capabilities and using digital business model innovation as the medium to promote the growth of enterprise value based on dynamic capability theory,business model theory,value co-creation theory,and enterprise value theory.Based on dynamic capability theory,this paper attempts to reveal the capability basis of traditional manufacturing enterprises in the process of digital business model innovation,explore the mechanism of digital business model innovation from the perspective of process,and explore the specific mechanism of digital business model innovation affecting enterprise value.The main research conclusions of this paper are as follows:(1)Dynamic capabilities play a role in the three constituent elements of business model from the three dimensions of perception and recognition ability,learning and absorption ability,integration and reconstruction ability,respectively.(2)In the process of digital business model innovation,the perception and recognition capabilities act on the digital calibration of value propositions from the aspects of opportunity perception and threat identification,which is specifically manifested in expanding the scope of response of enterprises to customer value appeals,changing the value relationship between customers and enterprises from enterprise-led to user-oriented,and business model from product-oriented to service-led;Learning and absorption capabilities act on the digital transformation of value creation from the aspects of knowledge learning and internal absorption,which is specifically manifested in the introduction of data elements in value creation activities,the gradual flattening of the relationship between enterprises and internal and external environmental subjects,and the realization of flexible manufacturing of production methods.The integration and reconstruction capability acts on the digital innovation of value acquisition from the aspects of resource integration and resource reconstruction,which is specifically manifested in broadening the profit channels of enterprises,optimizing the ecological relationship between layout and enterprises in different fields,and improving the rationality of value distribution activities.(3)Digital business model innovation has a significant impact on enterprise value.Digital business model innovation effectively drives the improvement of profitability by acting on the revenue structure and cost structure,realizes the optimization of resource allocation through asset allocation and capital allocation,and the profit-driven characteristics and resource allocation logic work together on the growth,free cash flow and capital cost of the enterprise,thereby affecting the enterprise value.The research contributions of this paper are mainly reflected in:(1)Based on the previous research,the innovation mechanism of the digital business model of traditional manufacturing enterprises under the role of dynamic capabilities is proposed.Combined with the specific context,this paper discusses the capability basis of digital business model innovation to a certain extent,and provides innovative perspectives and ideas for the research related to digital business model innovation,which has certain practical significance for traditional manufacturing enterprises to break through the inherent path dependence and realize business model innovation in digital transformation.(2)The specific role path of digital business model innovation on enterprise value is analyzed and constructed.To a certain extent,this paper expands the mechanism research between business model innovation and enterprise value,and has a certain innovative role in guiding enterprise practice.