全球企業競爭格局的劇烈重組，使「動態能力如何驅動商業模式演化」此一命題，成為策略管理研究無法迴避的核心議題。動態能力理論主張，企業必須具備感應環境變化、捕捉市場機會與推動組織變革的能力，方能在動盪中持續生存。商業模式理論則關注企業創造與獲取價值的機制，及其如何因應環境壓力而動態重構。兩者之間雖存在深刻的相互依存關係，然而既有文獻上，關於整合此兩個理論仍存在顯著的缺口。
既有研究多以資源充足的大型企業為預設情境，對資源受限的中小企業，在能力演化上所面臨的特殊機制，缺乏系統性的探討。對橫斷面資料的倚重，進一步遮蔽了動態能力與商業模式在時間軸上展開的互動關係；關於外部環境衝擊如何觸發能力演化之過程，更為理論論述中長期缺席的環節；而高階管理團隊的互補分工，為動態能力微觀基礎的組織機制，同樣缺乏深究。
針對上述缺口，本研究提出的研究問題為：中小型企業如何在持續動盪的外部環境中，透過動態能力之演進持續調整其商業模式，以維持競爭優勢？
以台灣一家中小型企業為個案，採縱貫式單一個案研究設計，追蹤1997年至2025年間企業四個發展階段的演化歷程。研究聚焦於全球金融危機、美中貿易戰、COVID-19疫情，以及地緣政治升溫與ESG制度化等多重外部環境衝擊情境，資料來源涵蓋對董事長、總經理與廠長三位高階管理者的半結構式深度訪談，合計310分鐘，並結合公司內部文件與產業統計資料，依循開放編碼、主軸編碼、選擇性編碼至跨時期比較的四步驟分析路徑，系統性追蹤各衝擊節點上，企業能力演進與商業模式調整歷程。
根據本研究對縱貫性資料的解讀，動態能力演化具有顯著的衝擊依賴性，尤其在感應、捕捉與變革能力的實質躍升上，高度依賴重大外部環境衝擊節點，進而取代平靜時期的自然積累。值得深究的係此種依賴性並非固定不變的；歷經多次衝擊後的知識積累，使企業的感應能力逐步從被動轉向主動；衝擊依賴性的強度亦隨之遞減，整體呈現出螺旋性演化的軌跡。
個案企業之商業模式演進則遵循非線性協同並行邏輯。個案企業在不同衝擊情境下逐步建構出多層次的新模式，形成三種模式各司其職的混合結構，來取代依循OEM→ODM→OBM的線性替代路徑，OEM維持現金流的基本穩定，ODM建立技術差異化的競爭，OBM則布局長期品牌資產的積累。整體競爭優勢根植於三種模式活動系統的協同效應，非任何單一模式的強大。
本研究確認動態能力與商業模式之間存在著雙向強化迴路。動態能力驅動商業模式的調整，而商業模式的每一次擴張，又對企業提出新的能力需求，形成「能力→模式→能力」的螺旋式強化結構，以外部環境衝擊為觸發節點，相對於平滑連續的演進節律，更指出顯著之階段性躍升。此外，高階管理團隊的「垂直互補結構」如策略感知（董事長）、制度轉化（總經理）、現場執行（廠長），構成動態能力從個人層次積累為組織層次以持續保持優勢的關鍵機制。
在理論貢獻上，衝擊依賴性填補資源受限之中小型企業，能力演化觸發機制的研究缺口；非線性協同並行演進修正線性升級路徑的預設，揭示混合式商業模式的互補性競爭邏輯；動態能力與商業模式間螺旋式強化迴路，則透過縱貫性實證分析，為概念性主張提供中小型企業情境下的詳細實證描繪。三項發現共同指向一個核心洞察：在資源受限的情境下，競爭優勢的積累為此兩者在衝擊驅動下持續共演的結果，並非來自動態能力或商業模式的單點突破。

How do resource-constrained manufacturers sustain competitive advantage when external shocks arrive in succession rather than isolation? This study examines that question through a longitudinal single-case analysis of Company E, a Taiwanese SME fastener manufacturer tracked across four developmental phases from 1997 to 2025. Data drawn from 310 minutes of semi-structured interviews with three senior executives, triangulated against company documents and industry statistics, yield three integrated findings: dynamic capability development is shock-contingent, with sensing, seizing, and transforming capacities advancing at crisis inflection points; business model evolution follows a non-linear additive logic in which OEM, ODM, and OBM configurations accumulate in functional complementarity rather than sequential substitution; a bidirectional reinforcing loop connects the two domains, with capability advances driving model adjustments and each model expansion generating new capability demands. A vertically differentiated top management team constitutes the micro-foundational mechanism sustaining this spiral.

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