Paper Title
How does the Combination of Steady-state and Dynamic Characteristics of Business Model Affect Corporate Performance: Evidence from the Chinese SMEs

Abstract
The evolutionary of the business model shows the characteristics of punctuated equilibrium and externality which is the important source of enterprise competition heterogeneity. Thisstudy aims to reveal the impact of the steady-state and dynamic transition characteristics of business model on the corporate performance, and the impact of business model externality on corporate performance sustainability. According to the dynamic capability theory in competitive heterogeneity and the punctuated equilibrium characteristics of business model evolution, this study proposes that the characteristics of steady-state and dynamic transition in the evolution of business models, introduces the externality of the business model which impacts the corporate external market performance. It conductsmultiple regression analysis and structural equation analysis to test the hypotheseswith the data of 330 Chinese SMEs.This study empirically shows that the dual impacts of business models on corporate market performance and operational performance. The steady-state characteristic of business model mainly affects the operational performance through the market performance, while the dynamic transition characteristic of business model affects both the market performance and the operational performance.Environmental turbulence hasa significant and different moderating effect on the relationship between thetwo typesof the business model characteristics and the corporate performance.This study distinguishes business model heterogeneity into steady-state and dynamic transition characteristic which influence the corporate performance differently. It alsoreveals that business model heterogeneity affects firm performance through two paths including the external market performance and operational performance. And that influence will be different due to the environmental turbulence. It provides important clues for further business model innovation and design. Keywords - Business Model, Steady-State and Dynamic Transition Characteristic, Corporate Performance