The Research On The Impact Of Institutional Capital On Enterprise Business Model Innovation

With the advent of the digital economy era,the traditional business model is difficult to cope with the rapid economic development.While pursuing innovation in products,technologies or services,enterprises must also consider how to innovate the business model.Business model innovation can fundamentally change the value logic of enterprises,with emphasis on systematic innovation in various aspects such as value model,operation model and profit model for enterprises to create new value for customers,and this process needs sufficient resources to support.Under this circumstance,can the institutional capital obtained from the government or their own relationship network become an important support for business model innovation? If feasible,through what path will the enterprises transform the institutional capital into the inner power of business model innovation,and can open innovation play a bridging role in the middle? All these problems are worth exploring.In addition,if an enterprise lacks resource integration capability,then even more resources will be “a mess”,which cannot effectively provide corresponding support for enterprise innovation,and business model innovation may also become a “castle in the air”.Therefore,it is very necessary to explore the role of resource integration capability in the process of institutional capital influencing business model innovation.However,by reviewing the literature,it is found that there is still a lack of research on business model innovation based on institutional capital.Under the situation of the combination of different dimensions of institutional capital,two-way open innovation and resource integration capability,how enterprises carry out business model innovation remains to be explored.Based on this,this paper explores the influence of institutional capital on enterprise business model innovation.Specifically,it includes: first,combing through the domestic and international literature related to business model innovation,institutional capital,open innovation and resource integration capability,and selecting institutional theory,resource-based theory,enterprises innovation theory and dynamic capability theory as theoretical support.Second,the research hypotheses are proposed,including the direct effect of formal and informal institutional capital on enterprise business model innovation;the mediation effect of inbound open innovation and outbound open innovation in the process and the moderation effect of resource integration capability.Third,the measurement scale of the variables was determined,the research sample was selected,and design a formal questionnaire,which was later distributed and collected.Fourth,statistical analysis of the recovered sample data was performed using SPSS and AMOS software to verify the research hypotheses.Fifth,draw the research conclusion,propose suggestions to promote business model innovation,and point out the shortcomings of the research and further research directions.Based on the empirical analysis,the following conclusions are drawn: first,both formal and informal institutional capital have a positive effect in promoting the enterprise business model innovation,and the more institutional capital an enterprise obtains,the more active its business model innovation is.Second,both inbound open innovation and outbound open innovation can play a partial mediation role in the process of institutional capital affecting enterprise business model innovation,that is,the promotion effect of institutional capital on enterprise business model innovation can be realized through two-way open innovation.Third,the resource integration capability can enhance the positive impact of institutional capital on enterprise business model innovation,that is,the higher the resource integration capability owned by an enterprise,the greater the influence of both institutional capitals on business model innovation.In response to the above findings,this paper proposes the following management suggestions: First,enterprises should strive to maintain harmonious government-business relations in order to secure more formal institutional capital and promote business model innovation.Second,enterprises should build good networks with business partners and customers,and maintain frequent interactions with them,so as to obtain more informal institutional capital and ensure business model innovation.Third,enterprises should make use of two-way open innovation,make a good combination of inbound and outbound open innovation,and internalize institutional capital in the company to provide impetus for business model innovation.Fourth,enterprises should cultivate resource integration capability,improve the awareness of resource integration and allocation,pay attention to the overall coordination of resources among departments,maximize the utility of resources,and promote the reform of business model.The innovation of this paper lies in the following aspects: first,in terms of research perspective,differing from the previous literature on the relationship between external resources and business model innovation,this paper combines with institutional theory and studies the influence of institutional capital on enterprise business model innovation from the perspectives of both formal and informal institution capital respectively.Second,in terms of research content,this paper further reveals the mechanism of institutional capital’s influence on enterprise business model innovation by incorporating open innovation and resource integration capability in the exploration of institutional capital’s influence on business model innovation,and then explores how to effectively promote enterprises to conduct business model innovation and achieve innovative development of enterprises.