中文摘要：

孵化器的创新性活动是其商业模式形成及变化的根本动力。基于扎根理论方法，对某孵化器的商业模式形成及演化这一复杂而动态的过程进行了剖析，探讨了推动商业模式发生演化的机制。研究结果表明，孵化器的创新性活动可以分为组织变革、价值链改进、网络位置改进、制度创业四类，这四类活动推动着孵化器由单一商业模式向复合商业模式演进，从而实现了社会效益和经济效益的平衡。

英文摘要：

Innovative activities are the fundamental power in forming and changing incubator＆#39;s business model. Us-ing the grounded theory approach, this paper analyzes the formation and evolution process of incubator＆#39;s business model, explores the evolution mechanism of business model. The results show that innovative activities can be di-vided into four types： organization change, value chain improvement, network position improvement and institution-al entrepreneurship. These activities promote the incubator business model evolution from single model to complex model, so as to realize the balance of social benefit and economic benefit.