在經濟全球化與產業技術快速迭代的競爭環境中，組織如何構建並維持核心競爭力一直是關鍵議題，這推動了對組織動態能力理論的深入探討。David Teece 等學者(1997)的動態理論突破了傳統資源基礎論框架，其準確界定了Position, Path 與 Process三個關鍵要素，並通過感知、獲取和轉化(Teece, 2007)的過程分析，提出了組織如何在複雜不確定性環境下如何實現自我更新迭代、維持比較優勢和可持續增長。然而，動態能力作為一種多維概念，其定義和過程面的分析架構在學術中尚未完全清晰，主要源於其在組織能力界定和過程面分析上的複雜性和爭議性，具體而言，一是從組織視角將動態能力劃分為感知、獲取和轉化三個維度，並連結了相應的價值活動，目前這種分析界定方式不夠清晰，造成理論解釋效力較低。二是組織如何在資產價值定位過程中強化動態能力，並平衡管理慣例與創新系統的挑戰，目前的研究缺乏更具象的框架化分析。本研究以提升Teece的動態能力的解釋效度為目標，提出「動態能力分析框架」，實現對Teece動態能力過程面的細化和擴展。
本研究應用司徒達賢（2005）的管理矩陣，構建從環境、感知、獲取到轉化的過程面分析框架，圍繞三個方向進行探索：其一，補充感知環節中從機會、認知到目標的轉化鏈條；其二，依循個案演進的時間脈絡，分階段呈現了企業在機會識別、資源整合與能力轉化過程中的具體實踐，描述了高、中、低不同組織階層在動態能力構建中的互動機制與角色分工；其三，基於個案分析，系統闡釋了動態能力在組織演進過程中的二階演化機制及其理論意涵。
在個案上，本研究通過對一家專業服務企業（博弦財務/新譽投資/眾物資本）近20年策略轉型的深度縱向個案研究，系統追蹤其在不同發展階段中高、中、低三個組織階層在動態能力實現中的互動機制，發現動態能力的實現遵循從試驗階段（trial stage, TS）到組織運營階段（organizational stage, OS）的二階演化路徑，其中TS階段以任務小組為載體，通過高層深度參與的有限試錯，完成從機會識別到能力驗證；OS階段則通過目標細化、流程標準化與權責再分配，將已驗證能力規模化和制度化。
本文從微觀層面揭示，動態能力並非抽象的組織屬性，而是通過層級協同與階段演化實現的系統性管理過程，從而為企業在動態環境中系統化構建與演化組織能力提供了理論依據與實踐路徑。

In a competitive environment characterized by economic globalization and rapid iteration of industrial technologies, how organizations can build and sustain core competitiveness has always been a key issue, driving in-depth exploration of the theory of organizational dynamic capabilities. David Teece's dynamic theory breaks through the traditional resource-based view framework by accurately defining three key elements: Position, Path, and Process. Through an analysis of the processes of sensing, seizing, and transforming, it proposes how organizations can achieve self-renewal and iteration, maintain comparative advantages, and sustain growth in complex and uncertain environments. However, as a multidimensional concept, the definition and analytical framework for the processual aspects of dynamic capabilities remain unclear in academia, primarily due to the complexity and controversy surrounding their definition and processual analysis within organizational capabilities. Specifically, firstly, from an organizational perspective, dynamic capabilities are divided into three dimensions—sensing, seizing, and transforming—and are linked to corresponding value activities. Currently, this method of analytical definition lacks clarity, resulting in low theoretical explanatory power. Secondly, regarding how organizations can strengthen dynamic capabilities during the process of asset value positioning while balancing the challenges between management routines and innovation systems, current research lacks a more concrete, framework-based analytical approach. This study aims to enhance the explanatory validity of Teece's dynamic capabilities by proposing a "Dynamic Capabilities Analysis Framework" to refine and expand the processual aspects of Teece's dynamic capabilities.
This study applies Shih-Tu, Da-Hsien's (2005) Management Matrix to construct an analytical framework examining the process from environment, perception, acquisition, to transformation. The research explores three key dimensions: firstly, it supplements the conversion chain from opportunity and cognition to goals within the perception phase; secondly, following the temporal progression of case studies, it delineates the specific practices of various enterprises in opportunity identification, resource integration, and capability transformation across different stages, detailing the interaction mechanisms and role allocation among high, middle, and low organizational levels in building dynamic capabilities; thirdly, based on case study, it systematically elucidates the second-order evolution mechanism of dynamic capabilities during organizational development and its theoretical implications.
In terms of case studies, this research conducts an in-depth longitudinal case study on the strategic transformation of a professional service firm (Boxian Financial/Xinyu Investment/Zhongwu Capital) over the past 20 years, systematically tracking the interaction mechanisms among high, middle, and low organizational levels in realizing dynamic capabilities during different developmental stages. It finds that the realization of dynamic capabilities follows a two-stage evolutionary path from the Trial Stage (TS) to the Organizational Operation Stage (OS). In the TS, task teams serve as the carriers, and through limited trial and error with intensive participation from top management, the transition from opportunity identification to capability validation is accomplished. In the OS stage, validated capabilities are scaled up and institutionalized through goal refinement, process standardization, and redistribution of authority and responsibility.
From a micro perspective, this paper reveals that dynamic capabilities are not abstract organizational attributes but rather a systematic management process achieved through hierarchical collaboration and phased evolution, thereby providing a theoretical basis and practical pathway for enterprises to systematically construct and evolve organizational capabilities in dynamic environments.

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