等部分内容。论文的公布（包括以电子信息形式刊登）授权 东南大学研究生院办理。 研究生签名： 导师签名： 日期：摘要 I 摘要 近年来，越来越多的“独角兽”企业吸引着来自社会各方面的广泛关注，这类自创 立以来就迅速发展的优秀企业往往有着独特的商业模式，并以此创造和保持竞争优势， 一次又一次在创新中颠覆现有的行业市场格局，重塑了人们的生活和生产方式。依托互 联网的高速运作，曾经需要数代积累才能形成的商业巨头现在只需要短短几年时间，加 上风险资本的助推，这样的“独角兽”企业群体的规模越来越大，在各国新兴产业发展 壮大和传统产业转型升级的过程中发挥着愈发重要的作用。然而，观察耀眼的独角兽企 业现象，不难发现：不同地区有关独角兽企业的情况有着很大的差异：2016 年，中国 拥有独角兽企业的城市仅有十几个，独角兽企业的行业分布也呈现出较为明显的地域分 布特征。尽管一些研究表明制度环境会对企业创新创业产生影响，但很少有学者专门从 制度的视角对影响企业商业模式创新的制度因素及其作用机理进行深入研究。因此，本 文探究城市制度环境对企业商业模式创新的影响机制对于城市培育独角兽企业以及在 位企业实施制度创业决策均有着重要意义。 本文在回顾商业模式相关理论、制度理论以及企业创新创业影响因素的基础上，引 入调节变量，深入探讨了制度环境对企业商业模式创新的影响机理。首先，本研究将城 市制度环境分为三个维度，即规则维度、规范维度以及认知维度，并以价值主张、价值 创造和价值获取三个维度来衡量独角兽企业的商业模式创新程度；然后，本文分析了城 市制度环境的差异对企业商业模式创新的直接影响；最后，本文将企业金融资源丰富度 作为调节因素，探究其在制度环境与企业商业模式创新之间的调节效应。本研究以中国 2016 年独角兽企业中的 126 家作为研究样本，先进行量表设计和数据收集，再运用 SPSS 22.0 统计软件对数据进行描述性分析、相关性分析和层次回归分析，进而验证假设是 否成立，并用数据分析结果做辅论证，做出相应解释。 研究结果表明：中国独角兽企业的商业模式创新有着较为明显的地域差异，不同城 市的制度环境对独角兽企业开展商业模式创新会产生不同的影响。具体来说，城市制度 环境对企业商业模式创新的多重影响可表现为：城市制度环境的规则越完善，独角兽企 业商业模式越倾向于效率导向；城市制度环境的规范越完善、认知维度越强，独角兽企 业在价值创造方式的选择上越倾向于提供服务，并在价值获取的过程中更倾向于混合模 式。此外，企业金融资源丰富度对城市制度环境与企业商业模式创新之间的关系在一定 程度上有着正向的调节作用，企业的金融资源越丰富，越容易在完善的制度环境中抓住 机会，开展商业模式创新并取得成功。整体来讲，城市制度环境越不完善，企业越倾向摘要 II 于战略同构，不利于商业模式创新；而城市制度环境越完善，在企业间更易形成战略背 离，进而促进创新。这一结论证明了合法性的理论价值，并进一步拓展了合法性在创业 过程中的应用。 本研究对于制度环境以及商业模式创新的研究有着较高的参考价值，有重要的理论 意义，同时，对于独角兽企业商业模式创新的优化以及城市培育独角兽企业的赋能政策 也具有较大的实践意义。本文的研究结果启示城市经济主管部门和企业管理者应重视城 市制度环境各维度对企业商业模式不同维度创新的影响机制及其他因素的调节效应，创 造良好的制度环境，为企业的商业模式创新提供发展的温床。 关键词：制度环境,商业模式创新,独角兽企业Abstract III Abstract In recent years, more and more “unicorn” companies have entered the public's field of vision. Such excellent companies that have developed rapidly since their inception often had unique business models and maintained their competitive advantage, which improve people's lives through innovating again and again. In the past, the business giants that took decades or even hundreds of years to build, now relying on the Internet may only take a few years, coupled with the boost of venture capital, the size of such a unicorn enterprise group is growing. They play an increasingly important role in the development of emerging industries and the transformation and upgrading of traditional industries in various countries. However, from the practice of the development of unicorn enterprises in China, there are great differences in the situation of unicorn companies in different regions: in 2016, there were only a dozen cities in China with unicorn enterprises, and the industry distribution of unicorn companies also showed obvious geographical distribution. Although some studies have shown that the institutional environment will have an impact on entrepreneurial entrepreneurship, few scholars have specifically studied the impact mechanism of urban institutional environment on corporate business model innovation. Exploring the influence mechanism of urban institutional environment on enterprise business model innovation is of great significance for urban cultivation of unicorn enterprises and incumbent enterprises to implement institutional entrepreneurial decision-making. On the basis of reviewing the relevant theories of business models, institutional theory and the influencing factors of enterprise innovation and entrepreneurship, this paper introduces the adjustment variables and deeply studies the influence mechanism of institutional environment on the innovation of business models. First of all, this study divides the urban institutional environment into three dimensions: regulation, specification and cognition and measures the degree of innovation of the business model of the unicorn enterprise by the three dimensions of value proposition, value creation and value capture; Then, this paper discusses the direct effects of different urban institutional environments on the innovation of business models; Finally, this paper takes the richness of corporate financial resources as a regulating factor and explores the regulatory effect between the institutional environment and the innovation of business models. In this study, 126 of Chinese 2016 unicorn companies were used as research samples. After the scale design and data collection, SPSS 22.0 statistical software was used for descriptive analysis, correlation analysis and hierarchical regression analysis to verify whether the hypothesis was established and explained accordingly.Abstract IV The research results show that Chinese unicorn enterprises have obvious geographical differences in business model innovation, and different urban institutional environments will have different effects on the business model innovation of unicorn enterprises. The influence of urban institutional environment on the innovation of business model can be embodied as follows: the more perfect the rules of urban institutional environment, the more the business model of unicorn enterprise tends to be more efficient; the more standardized the urban institutional environment, the stronger the cognitive dimension, the more unicorn companies tend to provide services in the choice of value creation methods, and are more inclined to mix modes in the process of value acquisition. In addition, the richness of corporate financial resources to urban institutional environment the relationship with the innovation of business model has a positive adjustment effect to a certain extent. The richer the financial resources of enterprises, the easier it is to seize opportunities in a sound institutional environment and innovate successfully in business model development. Overall, the more imperfect the urban institutional environment, the more the enterprises tend to be strategically isomorphic, which is not conducive to business model innovation. The more perfect the urban institutional environment, the easier it is to form strategic deviations between enterprises and promote innovation. The conclusion proves the theoretical value of legitimacy and further expands the application of legitimacy in the entrepreneurial process. This research has important theoretical significance for the study of institutional environment and business model innovation. At the same time, this paper has great practical significance for the optimization of business model innovation of unicorn enterprises and the empowerment policy of urban unicorn enterprises. The research results of this paper suggest that urban economic authorities and enterprise managers should pay attention to the influence mechanism and adjustment factors of different dimensions of urban institutional environment on the innovation of different dimensions of business models, identify, apply and create good institutional environmental opportunities, and promote the development of business model innovation. Keywords: institutional environment, business model innovation, unicorn enterprise目录 V 目录 摘要..................................................................................................................................................................I Abstract.........................................................................................................................................................III 目录................................................................................................................................................................V 插图索引..................................................................................................................................................... VII 附表索引.......................................................................................................................................................IX 第一章 绪论...................................................................................................................................................1 1.1 研究背景.......................................................................................................................................... 1 1.1.1 实践背景.............................................................................................................................. 1 1.1.2 理论背景.............................................................................................................................. 2 1.2 研究内容、目标和意义 .................................................................................................................. 3 1.2.1 研究内容.............................................................................................................................. 3 1.2.2 研究目标.............................................................................................................................. 4 1.2.3 研究意义.............................................................................................................................. 4 1.3 研究架构和研究的创新点及重难点 .............................................................................................. 5 1.3.1 研究架构.............................................................................................................................. 5 1.3.2 本研究的拟创新之处 .......................................................................................................... 7 第二章 相关理论与文献综述.......................................................................................................................9 2.1 商业模式及商业模式创新 .............................................................................................................. 9 2.1.1 商业模式的定义和结构 ...................................................................................................... 9 2.1.2 商业模式与企业绩效 .......................................................................................................... 9 2.1.3 商业模式创新.................................................................................................................... 10 2.2 制度理论........................................................................................................................................ 11 2.2.1 制度环境与合法性机制 .................................................................................................... 11 2.2.2 制度创业............................................................................................................................ 12 2.2.3 制度理论现有研究方向 .................................................................................................... 13 2.3 制度环境对创新和创业的影响 .................................................................................................... 13 2.3.1 制度环境对创新的影响 .................................................................................................... 14 2.3.2 制度环境对创业的影响 .................................................................................................... 14 2.4 现有研究不足................................................................................................................................ 15 第三章 分析框架与研究假设提出.............................................................................................................17 3.1 城市制度环境的描述.................................................................................................................... 17 3.1.1 规则维度............................................................................................................................ 17 3.1.2 规范维度............................................................................................................................ 19 3.1.3 认知维度............................................................................................................................ 21东南大学硕士学位论文 VI 3.2 商业模式创新................................................................................................................................ 22 3.2.1 价值主张............................................................................................................................ 22 3.2.2 价值创造............................................................................................................................ 23 3.2.3 价值获取............................................................................................................................ 24 3.3 制度环境对商业模式创新的影响 ................................................................................................ 25 3.3.1 制度环境的规则维度对商业模式创新的影响 ................................................................ 26 3.3.2 制度环境的规范维度对商业模式创新的影响 ................................................................ 26 3.3.3 制度环境的认知维度对商业模式创新的影响 ................................................................ 27 3.3.4“企业金融资源丰富度”在城市制度环境与企业商业模式创新之间发挥的调节效应28 3.4 分析模型的构建............................................................................................................................ 29 第四章 研究设计与实证检验.....................................................................................................................33 4.1 研究设计........................................................................................................................................ 33 4.1.1 样本来源............................................................................................................................ 33 4.1.2 变量定义与测量 ................................................................................................................ 33 4.2 数据统计分析模型........................................................................................................................ 37 4.3 实证检验与结果分析.................................................................................................................... 37 4.3.1 数据预处理及描述性分析 ................................................................................................ 37 4.3.2 相关分析............................................................................................................................ 38 4.3.3 层次回归分析.................................................................................................................... 39 第五章 研究结论与展望.............................................................................................................................43 5.1 研究结论及启示............................................................................................................................ 43 5.1.1 研究结论............................................................................................................................ 43 5.2 理论与实践价值............................................................................................................................ 47 5.2.1 理论意义............................................................................................................................ 47 5.2.2 实践意义............................................................................................................................ 48 5.3 研究不足与展望............................................................................................................................ 48 5.3.1 研究不足............................................................................................................................ 48 5.3.2 研究展望............................................................................................................................ 49 致谢...............................................................................................................................................................51