摘要：The business model innovation (BMI) of internet finance enterprises (IFEs), as a revolutionary reconstruction of traditional financial services, would inevitably have significant impact on the formation of the competitive advantage of IFEs. Based on the distinction between exploratory and exploitative BMI, this paper discusses the realization path of the effects of BMI in IFEs on competitive advantage from the perspective of customer equity. We find that customer equity as a key intermediary variables, play a critical role on the relationship between BMI and competitive advantage of IFEs.
