Seeing that domestic securities underwriters are not able to develop effectively sustainable competitive advantages, the research is aimed to combine the resource-based view (RBV) and the value chain concept. Questionnaires are released to carry out investigation mainly into the securities associates of local underwriters for the purpose of finding out the vital enterprise source and value activities that construct the high performances of underwriters. And it also discusses the relation between value chain activities and business models of domestic underwriters, and the relation between their business models and high performances. The research discusses the following subjects based on the above research motive: 1. What kinds of essential assets and skills should underwriters grasp to obtain higher performances than those of their competitors? 2. Discussion of the vital value activities that construct the high performances of underwriters, and attempts to build the complete value chain of local underwriters. 3. Discussion on whether local underwriters will develop different business models due to emphasis on different value activities from those of their competitors. 4. Reasoning about whether the high performances of local underwriters will vary significantly because of different business models. The result of the research¡¦s practical testimony shows: ¡§Underwriting performance¡¨, ¡§customer developing ability¡¨, ¡§support from financial holding companies¡¨, ¡§channel and distribution¡¨ and ¡§underwriting superiors¡¦ charm and leading abilities¡¨ are considered by local securities associates to be five of the most important enterprise resources that constitute the high performances of underwriters. Among them, resources such as ¡§underwriting performances¡¨ and ¡§support from financial holding companies¡¨ are of durability, immobility, high embededness and not able to be duplicated. Plus, ¡§customer developing ability¡¨ and ¡§channel and distribution¡¨ are of durability, and partial immobility as well as resource embededness. All of the above resource characteristics are deemed by resource-based view to be able to form the sustainable competitive advantages of enterprises. After the variables of each factor in the aspect of value activities are measured, 24 items¡¦ means of importance degree are more than 3.79 among them. Analyzing descriptive statistics data, we find out that more than 70% of securities associates consider the effect of these 24 value activities to be important or extremely important, which implies that local securities associates highly agree to the importance that the support activities and primary activities in the value chain comprise the high-performance base of domestic underwriters. Furthermore, a complete value chain of local securities underwriters will be set up based on the result. In the field of cluster analysis for the aspect of business models, the research adopts the minimum variance method (also called Ward¡¦s method) among hierarchical methods, and divides 20 securities underwriters into three groups based on one¡¦s strong or weak behaviors of each value activities compared with those of other rivals of the same business. After analyzing performance variables such as the number of underwriting cases (act as the lead underwriter), the total amount of underwriting, profit abilities, employees¡¦ productivity, and customer satisfaction, we find that their significance level are less than 0.05, which indicates that there are obvious differences among the performances of different groups of business models. And with Post Hoc multiple comparison, it is found that there are distinct variances among the performances of different groups of business models except for the three performances - profit abilities, employees¡¦ productivity and customer satisfaction - of group 1 and group 2.