在環境變遷劇烈的時代，改善流程、發展新商品、研發新技術已經無法讓企業在穩操勝算。近年來，企業開始關注商業模式之價值。但是，過往的商業模式創新多為組合式，但是對於複合商業模式卻所知有限。本論文分析出版業商業模式的複合創新過程，了解傳統產業如何藉由商業模式而轉型。本文以全球最大的出版公司培生為研究對象，分析培生是如何策劃其複合商業模式，於2000年到2013年間啟動四種商業模式之創新。本文發現，商業模式必須透過資源不斷的流動，引導其實驗性交換方能產生複合的效應。觀念上，本論文提出如何以資源流的方式來分析商業模式的複合效應。實務上，本研究指出複合商業模式的形成原來不是以混合或組合不同的商業模式進行；而是必須創造資源的綜效，才能有效的讓新與舊的商業模式產生「複合」的效果，提供創新的解決方案，完成企業轉型的任務。 / In this rapid changing environment, improving work processes, developing new products, innovate new technologies may not secure firms’ success. In recent years, firms begin to pay attention to the value of business model. However, our understanding of business model innovation is limited to the combinational form and the hybrid form of business model is less known. This thesis examines the innovation process of hybrid business model within publishing industry, and understands how a traditional industry could undertake transformation via business model renewal. This study examines Pearson Publishing, which is the world’s largest publisher at the time, and analyzes how Pearson strategized its hybrid business model while launching four types of business model innovation during 2000-2013. The findings indicate that business model must initiate constant flow of resources, guiding its experimental exchange so as to create hybrid effects. Conceptually, this thesis suggests how to examine business models’ hybrid effects through patterns of resource flow. Practically, this research warns that the shaping of hybrid business model may not simply blend or combine two different business models. It requires us to create some sort of synergy among resources so as to generate some kind of ‘hybrid’ effect between the old business model and the new business model, resulting in innovative solutions and achieving the mission of corporate transformation.