房地產企業資源特質對商業模式創新的影響研究

Abstract

As business model system constitutes an important component of business system, theories on business model provides a critical theoretical framework to explain business operations. With the development of China's market economy, real estate market is booming rapidly at a speed which is higher than any other industries, and it's now facing an increasingly fierce competition. Real estate industry, which highly correlates with other industries, brings positive effects but also lots of challenges to the whole national economy system. Therefore, macro control by central government is indispensable. With people's enhanced living standard and the up-to-date consumption concept, there is unprecedented pressure over the real estate industry. The golden period of high profit and high growth rate for the real estate industry is gone. Right now real estate industry is facing an even higher systematic risk and market risk than other industries. In order to adapt to the increasingly hard and competitive environment, those real estate enterprises need to conduct top-level design, and rethink about the following major issues: what are the strengths that the real estate industry used to have throughout the development stages? What's the future of the real estate industry? How can the real estate industry reach its desired destination?

Business model innovation is one of the heavily-discussed topics among the enterprises and academics in the internet era. People have realized that future's competition between enterprises is the competition between business models. The one, who creates a suitable future business model, will lead the next industry competition. However, business model innovation is still a relatively new field, lack of robust theory and method, especially for the traditional industry areas like real estate. Thus, real estate enterprises should stick to business model innovation with firm determination, adopt the scientific decision theory and method. After promoting strategy and implementing process with commercial logic, they will meet the performance objectives.

Based on the resource-based view, business model theory, and innovation theory, this paper has utilized the method of survey research and statistical science comprehensively, and conducted a thorough research about the systematic theory of business model innovation in the real estate industry. Firstly, we review the existing research results of real estate industry, form the basic model of the paper. Secondly, we further analyze the research results from different perspectives, and propose a new theoretical framework. Thirdly, we generalize causal relationship, and put forward the hypotheses. Finally we use the structural equation model to conduct the quantitative research and testify the hypotheses.

The main contributions in this paper are as below:
1.China's property market will be analyzed from four dimensions such as developing history of China's property market, industry value chain structure, market competition, and benchmark analysis. This paper concludes the change and the trend of the property policy, which indicate a tighter and unfavorable policy over the real estate market in the foreseeable future. We summarize several characteristics of China's real estate industry, including primary land market monopoly, regional monopoly, and national property purchase preference, and compare those existing typical business models, such as residence rapid manufacturing mode, financial real estate mode, commercial real estate mode, regional development mode, primary and secondary joint development mode. We then point out the advantage and disadvantage of each model. For those benchmark firms, they adjust their strategies subject to their own resource and capability, choose and run the new and innovative business model. Finally this paper comes to a conclusion that it's necessary to innovate the business model for real estate enterprises, despite of the restriction of internal and external factors, or their own capability. The final goal is to meet the expected performance objectives.

2.We start with the theory originated from the industry analysis, review lots of reference, analyze many related theory model, and finally come up with three variables.

• Characteristic of real estate enterprise resource, including government-business relationship, market share, technical competence, marketing capability, organizational restructuring ability, and resource integration ability.

• Business model innovation, including the aspects of value proposition, value creation, and value delivery.

• Performance evaluation, adopting the financial performance method.
Based on the above three variables, the theoretical framework of this paper is formed. We further analyze the causal relationship among the three variables, and draw on theory and practices to propose a series of hypotheses to be tested.

3.To testify the theoretical model, this paper applies a standard quantiatitive research method, selects measurable variables, and then designs the questionnaire. The final questionnaire wad completed after 3 rounds of testing and revision. We analyze the collected data by structural equation modeling, and come up with the following results: Both technical competence and marketing capability have positive effect on business model innovation and performance. The government-business relationship has negative effect on business model innovation, but positive effect on business performance. Market share has positive effect on business performance, but the hypothesis of negative effect fails to be supported. As to the moderating effects, dynamic capability positively moderates the relationship between business model innovation and business performance significantly. As to the mediation effect, business model innovation has a partial mediation effect, which can only bring positive effect to the relationship between technical competence, marketing capability and business performance.

According to the ideas and related research results proposed in this paper, real estate enterprise should pay attention to business model innovation, value resources extraction and reinforcement, and continuously monitor implementation and progress. This paper represents a cutting edge research in the field of business model. It gains innovative results, and enriches the business model theory. This study offers a scientific explanation for firms to design their business model innovation, and thus contributes to the filed with its sound theory and practical implications.

Date of Award	21 May 2018
Original language	Chinese (Traditional)
Awarding Institution	City University of Hong Kong
Supervisor	Haibin YANG (Supervisor) & Zhong NING (External Supervisor)