在全球化競爭與技術快速變遷的背景下，商業生態系統（Business Ecosystem）已成為企業實現價值共創與持續競爭優勢的關鍵框架。學術文獻廣泛探討生態系統的結構與治理，然多聚焦靜態分析，對於生態系統動態演化如何驅動核心企業商業模式的適應性調整，研究仍顯不足。此知識缺口限制了對企業在複雜網絡中策略調適機制的理解，亟需系統性探討以深化理論與實務洞察。
本研究旨在探究商業生態系統演化過程中，核心企業如何動態調整商業模式以維持競爭優勢。本研究以商業生態系統和商業模式的理論觀點為基礎，選擇台灣遠通電收（FETC）為研究對象，並採用質性研究方法中的個案研究法，對個案實務現象的情境脈絡進行深入分析，聚焦其在商業生態系統演化過程中核心企業商業模式發展。
本研究結果發現，商業生態系中的核心企業透過連續性適應行動與合作治理，動態調整價值創造、傳遞與擷取構面，展現策略韌性以及技術創新與數據應用驅動多階段價值邊界拓展，實現服務多元化，此外，外部觸發因子與生態互動催化策略重構，凸顯核心企業作為生態系中制度共構者的角色。研究同時提出實務建議，強調企業應培養適應能力、利用技術與數據創新，並敏銳回應外部變化。
最後，由於本研究以單一案例為基礎，且研究結果可能僅受限於遠通電收所處之產業。因此建議未來研究能夠持續進行深化與追蹤，提高理論概括性與研究之豐富度。

In the context of globalized competition and rapid technological change, the Business Ecosystem has become a key framework for enterprises to achieve value creation and sustainable competitive advantage. The academic literature has extensively explored the structure and governance of ecosystems, but most of them focus on static analyses, and there is still a lack of research on how the dynamic evolution of ecosystems drives the adaptive adjustment of core enterprises' business models. This knowledge gap limits the understanding of the strategic adaptation mechanisms of enterprises in complex networks, and systematic studies are urgently needed to deepen the theoretical and practical insights.
The purpose of this study is to investigate how core firms dynamically adjust their business models to maintain their competitive advantages during the evolution of business ecosystems. Based on the theoretical perspectives of business ecosystems and business models, this study selects Taiwan's Far Eastern Telecommunications Collections (FETC) as a research subject and adopts the case study method in the qualitative research methodology to conduct an in-depth analysis of the situational context of the practical phenomenon, focusing on the development of the core enterprise's business model in the process of the business ecosystem's evolution.
The results of this study show that core enterprises in the business ecosystem dynamically adjust the structure of value creation, transmission, and extraction through continuous adaptive actions and cooperative governance, demonstrating strategic resilience, as well as realizing service diversification through multi-stage expansion of value boundaries driven by technological innovations and data applications. In addition, external triggers and ecological interactions catalyze the restructuring of strategies, highlighting the role of the core enterprise as a systemic co-founder in the ecosystem. The study also provides practical recommendations, emphasizing the need for enterprises to cultivate adaptability, utilize technology and data to innovate, and respond sensitively to external changes.
Finally, as this study is based on a single case and the findings may be limited to the industry in which FETC operates, it is recommended that future research be deepened on an ongoing basis. Therefore, it is recommended that future research should continue to deepen and follow up to improve the theoretical generalization and the richness of the study.

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