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Abstract From the integrative perspective of internal and external factors, this study establishes a theoretical model of compound impact on Business Model Innovation,
which includes social capital, cooperate governance, technological innovation and IT infrastructure. The hypotheses are justified empirically by a survey of 344 manufacturing enterprises in
Pearl River Delta. The results suggest that all of the enterprises’ social capital (including institute social capital, operation social capital and technology social capital) has a
positive impact on business model innovation; improvements on cooperate governance (additional introduction of nonfamily significantshareholders, complete of the Board System etc.) can
facilitate the process of business model innovation; technological innovative capability can also promote the business model innovation activities; and the reinforcement of IT
infrastructure can favor the process.
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Received: 07 November 2013
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2014, Vol. 11 
