Research On The Influence Of Business Model On Innovation-Oriented Firm Performance

Innovative enterprises have become the main component of the socialist market economy,but also an important force to promote the development of social productivity.High-quality development of innovation-oriented enterprises will help strengthen the resilience of China’s industrial and supply chains,and speed up the elimination of bottlenecks in industrial development.However,the financial crisis,natural disasters,public health emergencies,and other emergencies have had a major impact on all aspects of China’s economy.As the main participants in market economic activities,enterprises are inevitably affected.At the same time,China’s economic growth has entered a new normal of high-quality development.A series of economic policies and measures have not only promoted the high-quality development of innovative enterprises but also caused great uncertainty.The feeling of this unpredictable situation directly affects the management and decision-making of enterprises.Business model,as an important tool and effective means to alleviate uncertainty and provide business foresight,has become the core driving force to guide the high-quality development of innovative enterprises.Therefore,the study of business models and innovative enterprise performance can enrich the research results of business models,which have theoretical and practical significance.Focusing on innovation-oriented enterprises,this paper first analyzes how the business model of innovation-oriented enterprises influences firm performance and the moderating effect of firm uncertainty perception.To further explore the problem,empirical analysis is carried out.Firstly,the index of the business model is constructed by referring to the previous research results and combining the value theory and the iceberg theory of the business model.Secondly,with the help of the text analysis method used by Nie Huihua et al.,the enterprise uncertainty perception index is constructed.Finally,the data of A-share innovative listed companies in Shanghai and Shenzhen from 2011 to 2021 are selected to study the influence of the business model of innovative companies on corporate performance and its mechanism.The results show that:(1)innovationoriented enterprise business model has a significant positive effect on enterprise performance.Further,the four dimensions of the innovation-oriented enterprise business model can actively improve the performance of the company.The value realization dimension is the largest,the value creation and value management dimension is the second,and the value delivery dimension is the least;(2)The effect of an innovation-oriented enterprise business model on firm performance will be significantly affected by firm uncertainty perception;(3)From the perspective of heterogeneity,the relationship between the business model of state-owned enterprises,its value creation value transmission,value management dimension and the performance of innovative enterprises is stronger,while the role of non-state-owned enterprises in the value realization dimension is stronger.The influence of business model design optimization on firm performance in the central region is greater than that in the eastern and western regions,but the moderating effect of firm uncertainty perception in the eastern region is greater than that in the central and western regions.According to the findings of this paper,the following suggestions are put forward from the perspective of the government and innovative enterprises:(1)New enterprises should design reasonable business models to promote the high-quality development of their corporate performance.Optimize the capital structure in the dimension of value creation,select appropriate financial leverage,maintain good interaction with creditors and shareholders,and maintain smooth and efficient daily operation and production;As the value delivery dimension that innovative enterprises should attach the most importance to,maintain good interaction with key suppliers and consumers,and establish sustainable long-term consumer relationships;In the dimension of value management,improve the efficiency of capital utilization and maintain the sustainable development of innovative enterprises;In the dimension of value realization,control cost and improve profit acquisition ability to improve enterprise performance;Innovative enterprises pay more attention to their own value delivery process,including upstream and downstream supply chain issues;(2)Innovation-oriented enterprises should always pay attention to the changes of external economic policies,correctly grasp the "opportunity effect",and adjust the business model to adapt to the changing economic policies according to their own characteristics,so as to maximize the role of business model in promoting corporate performance;(3)From the perspective of the government,it is necessary to ensure the legitimacy of the institutional environment,including the legitimacy of the value network and profit model in the business model.