隨中國大陸經濟快速發展影響，使得全球廠商都將中國大陸視為重要投資據點之一。台商為中國大陸最主要投資者，且已在中國大陸累積超過三十年的經驗。台商在中國大陸投資主要採取的商業模式包括：原廠設備製造商模式、自有品牌生產模式。故本研究以中國大陸台商為主要研究對象，期透過探討採取不同商業模式的中國大陸台商是否會採取不同的價值創造活動，進而累積不同的智慧資本。為降低中國大陸資料收集之困難，本研究乃透過實地拜訪及訪談式問卷方式進行資料蒐集，並運用線性結構方式進行資料分析。
實證結果顯示，採取不同的商業模式的中國大陸台商會採取不同的價值創造活動，並創造不同的智慧資本。採取原廠設備製造商模式的台商主要採取生產製造活動及創新發展活動，並已成功累積流程資本及創新資本。而採取自有品牌生產模式的台商則較積極採取不同的價值創造活動，包括：發展創新活動、培育人力資源、開發市場通路、與當地政府建立關係等，並已累積流程資本、創新資本、人力資本及顧客資本。
由實證結果發現，採取原廠設備製造商模式的台商熟悉中國大陸文化優勢，並已在中國大陸建立生產基地，因此未來應積極轉換其商業模式往自有品牌發展，以提供其經營績效表現。對其他國家有意到中國大陸投資的企業而言，應積極與台商合作，運用台商在中國的經驗及累積的智慧資本，以協助其中國大陸事業能有效運作。

Purpose–This paper aims to investigate whether value-creating activities and intellectual capital (IC) accumulation are affected by different business models.

Design/Methodology/Approach–Field visitations and interview-based questionnaires are used for data collection. This study uses the structural equation model to examine Taiwanese Original Equipment Manufacturers (OEMs) and Original Brand Manufacturers (OBMs) in China.

Findings–Empirical results show that Taiwanese OEMs and OBMs adopt different combinations of value-creating activities, which results in differences in IC accumulation. Taiwanese OEMs have engaged in manufacturing and innovation activities, and have created process and innovation capitals. By contrast, Taiwanese OBMs have developed their marketing channels, human resources, innovation centres, and social networks, and have accumulated their human, customer, process and innovation capitals.

Practical Implications–Taiwanese OEMs have cultural advantages and have built productive infrastructure in China. Therefore, these enterprises should transform their business models into OBMs to enhance their market performance. Foreign investors could leverage the experiences and IC of Taiwanese enterprises to make their investments run more smoothly.

Originality/Value–This paper contributes to the existing literature by investigating relationships among business models, value-creating activities, and IC. This study also provides useful guidance for enterprises considering investing in China and for academics researching in this area.

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