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| Context-driven Concept, Business Model and the Evolution of Technological Innovation Ecosystem:An Analysis Based on the Logical Starting Point of Tesla's Enterprise Value |
| Li Ming,Wang Wei |
| (Chinese Academy of Fiscal Sciences, Beijing 100142, China ) |
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Abstract The development of new technology and the industrial revolution have brought the continuous emergence of new phenomena. In the automotive industry, Tesla has been ranking first in the world in terms of corporate value since turning losses into profits in 2020. However, in terms of product sales and financial performance, it is far below traditional automakers. The huge contrast between high value and low performance seems to confirm a fundamental change in the key elements of enterprise value creation, and the relationship between enterprise behavior and value ecology rooted in contexts is overturning the traditional logic of value creation. Especially in the background of the digital revolution, data elements have generated a large number of new contexts, and context-driven value creation that targets digital contexts and meets new user needs is important. Tesla has launched a reform that comprehensively introduces new concepts of technological information and Internet thinking into the automotive industry. Therefore, the huge contrast between its value and performance may be due to the contradiction between the positive incentives given by consumers to new species' business models and technological ecological innovation in the new context and the temporary occupation of large market shares by old species in the stage of replacement. In order to analyze the above contrast and explore the mechanisms and paths, it is necessary to study how manufacturers of new species can reconstruct business models and innovate ecosystems to break the mold of traditional manufacturing systems, and create and meet new user needs in practice. However, existing research mostly focuses on the integration of retail industry research contexts and commercial elements to create new value systems, which lacks attention in explaining how manufacturing enterprises collaborate and build diverse application contexts to promote the construction of innovative ecosystems in the production end and empower value creation.#br#This paper adopts a case study method, and uses financial statements and capital market data to explore the phenomenon of Tesla's value and financial situation;then it takes this as the logical starting point of the research, further obtains investors' bullish or bearish information about Tesla's stock through semi-structured interviews and seeks product market information to explore potential reasons. According to the structured data analysis method, this paper analyzes what contexts Tesla is based on and how they affect the business model and innovation ecosystem, thus affecting the path and mechanism of its enterprise value. Finally, three aggregation constructs are proposed, and a context-driven enterprise value mechanism model is built thereafter.#br#The results show that the logic of Tesla's enterprise value creation is driven by multiple contexts such as policy guidance, innovation empowerment, industrial transformation, and demand driving forces. Tesla utilizes the concept of Internet value creation to deconstruct the context needs of value entities, and creates a closed loop of business model innovation. Internally, it builds an open modular innovation ecosystem to open up new product tracks, and continuously evolve and transform with context-driven development. Both of them interact to achieve high value for the enterprise. Thus, this paper proposes a context-driven mechanism model for enterprise value creation. In the mechanism model, the context-driven system includes policy guidance, industrial transformation, innovation empowerment, and demand driving force, while context-driven innovation can contribute to the high value growth of enterprises;the dynamic changes driven by multiple hierarchical system contexts constitute the complexity deduction of the contexts, driving the continuous evolution of the enterprise innovation ecosystem;the business model of enterprises can achieve value innovation based on context deconstruction and business model activity system restructuring.#br#This paper studies the influencing factors of enterprise value from a context-driven perspective, which enriches related theories and advances context-driven research in depth. It provides practical implications for the innovation practices of Chinese manufacturing enterprises in the digital economy. China's emerging manufacturing needs to fully utilize context-driven power and empower the deep integration of the Internet and industrial technology in the digital economy, thereby achieving business model innovation and the evolution of the innovation ecosystem and contributing to enterprise value creation.#br#
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Received: 08 October 2022
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