中文摘要：

价值创造视角有利于动态考察商业模式演化机制。文章基于价值创造视角，建构并运用PCAA分析框架，选取浙商龙头企业浙江物产进行纵向案例研究，在时间序列层次上，分析了浙江物产发展不同阶段商业模式要素变化情况及商业模式演进。研究发现：（1）商业模式演化是商业模式创新的发展序列，是企业外部环境和企业内在要求共同作用的系统过程，企业发展不同阶段核心要素的变化与商业模式组成维度的演进具有价值创造的动态一致性，其目的都是为了维持企业竞争优势。（2）基于价值创造视角，企业的价值主张由经济价值、能力价值向关系价值演化，价值创造由模块化组织、模块化簇群向无边界企业演化，价值分配与获取也由产业内的内部系统整合、产业内的外部系统整合向产业外的内部系统整合演化。研究深化了商业模式动态性的理解，丰富了浙商商业模式的研究，并为企业管理者和政策制定者提供理论指导。

英文摘要：

The business model evolution of leading firm is helpful to reveal the dynamic consistency of value creation. From the perspective of value creation, constructing and using PCAA analysis framework, conducting a longitudinal case study on Zhejiang Materials, a leading firm of Zheshang, we have, on the level of time sequence, analyzed changes in the elements of the business model and the evolution logic of different development stages of Zhejiang Materials. Results show that the business model evolution is the development sequence of business model innovation and the system process driven by the interaction of enterprise external factors and internal requirement. The change of the core elements and the evolution of the business model dimensions in different stage are dynamic consistent in value creation, with a purpose of maintaining the competitive advantage. We also have, from the perspective of value creation, found that the enterprise value proposition has grown from economy value and ability value to relationship value. Value creation evolves from modular organization, modular cluster to no-boundary firm. Value appropriation and acquisition is realized from internal system integration within the industry and external system integration within the industry to internal system integration outside the industry. This paper promotes the understanding of the dynamics of business model evolution, enriches the research of business model of Zheshang, and provides strategic guidance for enterprise managers and policy makers.