摘要：近年来，中国电子商务行业发展迅速，电子商务需求逐年增加、电子商务企业数量持续增长。2020年中国网络购物市场规模总体同比增长29.6%，线上零售消费总额高达71751亿元，占社会消费品零售总额接近 20%。在电商领域竞争激烈的背景下，电商新秀拼多多以其独特创新的商业模式在短短三年取得了瞩目的成绩，但同时也引发了不少非议，其平台销售的产品及模式遭受质疑。互联网时代下，企业不断追求商业模式的变革与创新，其最终目的仍是企业利润。因此，本文以拼多多作为案例研究对象，分析提炼出商业模式九要素的逻辑，它可以清晰地展现出企业所讲述的商业故事，同时有利于分析各要素的不足及改进空间。本文以拼多多商业模式的九要素为框架，对其进行了分析，以期通过此案例研究来对我国电商企业商业模式的优化提出值得借鉴的建议，为企业价值创造的分析提供相关意见。

关键词：拼多多；商业模式；价值创造；价值链

Abstract: In recent years, China's e-commerce industry has developed rapidly,the demand for e-commerce has increased year by year, and the number of e-commerce companies has continued to grow. In 2020, the overall scale of China's online shopping market will increase by 29.6% year-on-year, and the total online retail consumption will reach 7175.1 billion yuan, accounting for nearly 20% of the total retail sales of consumer goods.In the context of fierce competition in the e-commerce field,the e-commerce rookie Pinduoduo has achieved remarkable results in just three years with its unique and innovative business model, but at the same time it has also caused a lot of criticism. The products and models sold on its platform have suffered question.In the Internet age, companies continue to pursue changes and innovations in business models, and their ultimate goal is still corporate profits. Therefore, this article takes Pinduoduo as the case study object,analyzes and extracts the logic of the nine elements of the business model, which can clearly show the business story told by the company, and at the same time facilitate the analysis of the deficiencies of each element and room for improvement. This article uses the nine elements of Pinduoduo's business model as a framework to analyze it, and hopes to use this case study to put forward suggestions worthy of reference to the optimization of the business model of my country's e-commerce enterprises,and to provide relevant opinions for the analysis of enterprise value creation.

Keywords: Pinduoduo; business model; value creation; value chain