探讨商业模式与创业绩效之间的关系对于帮助新创企业平稳渡过初创期有重要意义。本文选取青海、湖南和浙江的三家新创企业,以扎根理论为主导工具先对案例资料进行开放性译码、主轴性译码和选择性译码研究,再进行嵌入式多案例比较研究,探索性地构建了新创企业三大关键资源通过商业模式作用于创业绩效的创业过程理论模型。 Exploring the relationship between business models and entrepreneurial performance is important to help start-ups get through the start-up period. This paper selects three start-up companies in Qinghai, Hunan, and Zhejiang, and uses the grounded theory as the leading tool to firstly perform open, solid, and selective decoding on case data, and then carry out embedded multi-case comparative research. It constructs a theoretical model of the entrepreneurial process in which the three key resources of start-up companies act on entrepreneurial performance through business models.