中文摘要：

近年来，随着价值理论研究的深入，越来越多的学者开始从价值创造的角度对商业模式进行阐述。基于价值创造的逻辑，商业模式可分为价值定位、价值创造、价值传递和价值获取四个环节，每个环节都有不同的商业模式构成要素与之对应。本文从价值创造的角度对Netflix（奈飞）公司三次创新的商业模式的构成要素进行了分析，并探析了这三次创新的路径，价值创造逻辑，为其他企业在互联网、移动社交网以及大数据时代创新商业模式提供借鉴和启示。

英文摘要：

Recently, with the development of value theory, more and more scholars try to explain business model from the angle of value creation. Based on the value creation logic, business model can be divided into four blocks, including value proposition, value creation, value delivery and value capture, with each of them matched with specific elements. According to the theory of value creation, this paper analyzes Netflix＇s business model elements, innovation pathways and value creation logics combined with the three business model innovations in the development of Netflix from background to solutions to unsolved problems, thus providing use for reference and implications for other enterprises in the era of intemet, mobile social networks and big data.