本文根基商业模式内涵，构建商业模式结构模型，依据发展历程收集5家代表案例企业时间序列新闻文献和数据资料，运用内容分析法结构化分析文献资料，提炼互联网业商业模式动态演化规律和演化路径。研究显示：互联网业商业模式中，价值定义、价值实现、价值创造与传递三大构件的主导地位依次更替，对应呈现出客户价值实现、企业价值实现和网络价值实现的纵向三阶段演化模型，三阶段模型在时间跨度和运营绩效上与企业生命周期的创业期、发展期和成熟期很好吻合，商业模式的三大构件同样呈现出动态演化特征。本研究试图打开商业模式的组成结构黑箱，将商业模式的设计理论从静态视角升级到动态层面，为互联网业的发展给出可行的实践参考。

Founded on the definition, this paper makes up a comprehensive framework for business model. According to the development process of five case enterprises, we collect the news documents about them separately. Then we conduct a content analysis on the documents to explore the evolution path and evolution rules of business model in internet industry. The results show that there are three stages in the process of business model development. Value proposition, value realization, value creation and delivery turn their leading position during the procedure. Enterprises try to realize customer value in the first stages, firm value in the second stage and network value in the third stage. The three-stage model agrees well with the enterprise life cycle. In addition, the constructs of business model also show dynamic evolution characteristics. This study tries to open the black box of business model structure, develops the design theory of business model from static perspective to dynamic views as well as provides practical suggestions for internet industry development.