Research On The Innovation Of Business Model And Its Value Creation Effect Of Bilibili

With the development of Internet economy,more and more Internet enterprises appear in the market competition.However,if they want to maintain their core competitiveness in the fierce competition,a unique business model has become the best choice for many modern enterprises.In recent years,China’s online video industry has developed rapidly,and a series of short video platform enterprises have emerged.Different from the way for video companies to increase their income through advertising and membership services,Bilibili stands out among many short video websites by relying on its accurate customer positioning,differentiated business strategies,two-dimensional community culture and other business model innovations.Its enterprise value has gradually been recognized by the capital market.The business model innovation and its value creation effect deserve our careful study.The thesis selects Bilibili Co.,Ltd.(hereinafter referred to as "Bilibili")as the case study object,is based on business canvas theory,value chain theory and user lifecycle theory,it uses the business canvas theoretical framework to analyze the elements of Bilibili’s business model innovation from four aspects:namely,the object,goal,approach and basis of value creation.Then the "438" analysis framework is used to analyze the effect of its business model innovation on value creation from three aspects: resource allocation,profit driving and value creation.Besides,it also analyzes the off-balance sheet assets such as user flow,research and development capability and goodwill that cannot be reflected in financial statements as well as corporate governance,and it also analyzes the value creation path of business model innovation.After the above analysis,the research conclusions are shown in the following aspects:(1)Bilibili’s business model can be summarized as a young people’s community cultural gathering platform based on the "two-dimension" culture,providing creative products and services.(2)Bilibili belongs to the asset-light operation mode,and its main revenue sources are mobile game revenue and live broadcast value-added service revenue.Revenue sharing cost and sales and marketing expense account for the majority of its cost expenses.The asset expenditure is mainly intangible assets,and the weighted average cost of capital also shows a year-on-year decline.(3)The value expression of Internet enterprises is different from that of traditional enterprises.The value is often reflected in off-balance sheet assets such as user scale and brand influence.Therefore,the value of Internet enterprises cannot be evaluated by traditional evaluation methods.The research significance of the thesis lies in: on the one hand,it can enrich the theoretical basis of business model innovation research,and can supplement the theoretical content of business model and value creation theory with corresponding cases;On the other hand,it is helpful for the majority of investors to evaluate the value creation effect of Internet-based enterprises correctly and objectively,so as to avoid missing the investment in valuable enterprises due to excessive attention to the assets in the statement.