商业模式与技术创新哪个对企业发展起主导作用，一直是学者们争论的话题。从动态视角探讨战略性新兴企业创新决策过程（即创新投资）与商业模式的关系及其对企业绩效的影响，并从客户价值主张、价值创造和价值实现3个维度建立指标体系对高端装备制造上市公司商业模式进行评价，在此基础上开展商业模式、创新投资及绩效关系实证分析。结果显示：企业创新投资与商业模式转变具有相互影响、互为因果的关系，并共同对企业绩效产生正向影响；环境不确定性显著促进企业创新投资强度增加和企业商业模式转变，并对商业模式转变与企业创新投资的关系起到负向调节作用。%T he business model and technology innovation w hich play a leading role to the enterprise development has been scholars’ debate .T his paper discusses the relationship betw een strategic emerging enterprise innovation decision process (that is ,the innovation investment) and business model theoretically from the dynamic perspective and its impact on cor‐porate performance ,and establishes the index system from three dimensions of the customer value proposition ,value crea‐tion and value realization for high‐end equipment manufacturing listed companies to evaluate the business model ,and fur‐thermore conduct an empirical analysis . T he results show s that :Enterprise innovation investment and business model transformation and innovation influence each other ,and the improvement of environmental uncertainty can promote the strength of the enterprise innovation investment increasing and the transformation of enterprise business model ,and play a negative role in the relationship between the business model transformation and innovation investment .This paper expands the research field of the relationship between the enterprise business model and technology innovation ,and provides empir‐ical evidence for the related theory .
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