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中文摘要：
企业是一个多商务单元构成的动态系统，企业战略化行为依赖于其新旧商务代谢，并借此保持旺盛的生命力。企业商务代谢行为过程充满着诸多的不确定性，新商务引入行为和旧商务退出过程是相互依赖的，新商务进入时机影响着旧商务退出行为，同样，旧商务退出时机选择从新商务进入与运营绩效紧密相关。为此，运用实物期权方法，构建了企业新旧商务代谢的时机选择模型，选取影响企业转型的组织与环境等因素，提出了新旧商务代谢行为影响机制。
英文摘要：
A firm is a dynamic system with multi-business-units, and its strategic behavior depends on the metaboly of its business models, as may sustain its vigorous vitality. During the trade-off of dynamic capabilities shifting from old business model to the new one, the entry of a new business must accompany With the exit of the old one, and there is a consistent relationship between the two. Thus it is critical for the metabolism of firm＇s business models to choose the entry timing of a new business and the exit timing of the existing one. This paper proposes that the strategic timing of the trade-offs is determined by such variables as organizational and environmental elements. Using real options approach, the strategic timing of the business metabolism is identified.
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