中文摘要：

运用商业模式创造价值的四个来源分析框架,对苏宁云商、红星美凯龙、聚美优品、顺丰四个案例进行对比分析,揭示这些企业如何利用O2O商业模式创造价值。研究表明：新颖、互补、锁定、效率之间相互关联,并且效率是新颖、互补和锁定的结果效应,并对原模型进行了完善;企业在新颖、互补、锁定方面的表现,影响其最终效率,决定了企业能否通过降低成本创造价值。

英文摘要：

By applying four sources of business model value creation framwork, this paper comparatively analyzed four cases of Suning Commerce, Red Star Macalline, JUMEI and SF-Express, revealed how they make use of O2O business model to create value. The study shows that： there are tightly relation among novelty, complementary, lock-in and efficiency, and efficiency is the result effect of noverty, complementary and lock-in. Firm performance in novelty, complementary and lock-in affected its final efficiency, eventually determined whether company can created value by reducing cost.