CAJ | 학술논문

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。
상업모식여기술창신나개대기업발전기주도작용，일직시학자문쟁론적화제。종동태시각탐토전략성신흥기업창신결책과정（즉창신투자）여상업모식적관계급기대기업적효적영향，병종객호개치주장、개치창조화개치실현3개유도건립지표체계대고단장비제조상시공사상업모식진행평개，재차기출상개전상업모식、창신투자급적효관계실증분석。결과현시：기업창신투자여상업모식전변구유상호영향、호위인과적관계，병공동대기업적효산생정향영향；배경불학정성현저촉진기업창신투자강도증가화기업상업모식전변，병대상업모식전변여기업창신투자적관계기도부향조절작용。
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 .