經營模式這個名詞在網路產業興起後，逐漸受到重視。同樣以搜尋引擎起家的Google及Yahoo!在選擇不同的經營模式下，Google以搜尋引擎獨霸，Yahoo!致力發展入口網站，兩者都創造出高獲利的記錄，然而目前公司價值卻有懸殊的差異。在這樣的背景下，本文試圖了解網路產業的經營模式與其價值創造的關係。 本文利用Google及Yahoo!作為個案研究，以經營模式的收入、費用、投資、以及關鍵成功因素探討兩者經營模式的差異，接著利用敏感度分析找出影響兩者成長率的關鍵因子，以及其價值創造的來源。本文亦探討造成Google與Yahoo!的企業價值彼消此長的關鍵因素是什麼，以了解網路產業的經營模式與價值創造的關係，從而印證經營模式對公司價值創造的重要性。 本研究發現，造成兩者目前價值差異的因素在於使用不同的經營模式，Google致力發展其搜尋技術，Yahoo!以入口網站提供多元服務，兩者的目標客戶以及顧客價值主張均不相同。唯有清楚明白並滿足顧客的需求，才能創造企業的價值。網路產業的顧客需求隨著網路產業技術發展而改變。從價值創造的角度來看，Google的經營模式比Yahoo! 的經營模式更適用於當前的網路世代。 The terminology of Business model is becoming popular after the internet industry arose. Google and Yahoo! both started as search engines in the beginning, but later, they chose different business models. Google has been devoted to developing search engine techniques, whereas Yahoo! focusing on portal techniques. Though both firms had high earning profit records, they differ significantly in their enterprise values currently. Hence, this study tries to explore the relation between business model and value creation of internet industry by examining the cases of Google and Yahoo!. This study first compares the differences between Google’s and Yahoo!’s business models in terms of revenue streams, cost streams, investments, and critical successful factors. Next, it uses sensitivity analysis to find out the two firms’ cirstical success factors of value creation. The findings of this study are as follows. The business model chosen by Google and Yahoo! indeed affected the value the companies. The two firms differ in target customers and customer value propositions. In the internet era, customers’ demands shift as the internet technology changes. An internet company could create value only if they would clearly understand the need of their customers and the company’s customer value proposition satisfies her customers’ demand. From the perspective of value creation, Google’s business model is better suited for the costomers’ demand than Yahoo!’s.
