房地产经纪行业作为房地产市场的重要组成部分，链接市场和客户并贯穿在房产交易的全过程，对房地产市场起到很大的链接和促进作用。随着动态能力理论的研究在各行业日益完善和深化，获得学者和企业管理者的重视。然而，动态能力在房地产经纪领域的研究较少，企业在竞争格局动态变化的情况下，如何选择适合企业发展的经营模式，对于企业保持竞争力有理论和实践意义，因此本文旨在基于动态能力的视角下，不同企业经营模式选择做出探讨。

本文采用文献研究法对经营模式和动态能力理论进行研究，总结并分析中国房地产经纪企业的经营现状、问题及挑战，并通过案例分析法和比较分析法将处于混合经营模式的B公司和直营经营模式的M公司从组织资源、组织结构、组织文化和信息技术等四个维度进行动态能力的比较分析，总结出基于动态能力下的房地产经纪公司在经营模式上选择的路径。

通过分析研究，得出以下结论：第一，同一组织因素在不同经营模式下，影响动态能力的要素不同；第二，不同经营模式下需要的核心动态能力要素不同，包括直营型、加盟型、平台型和混合型分别对应的核心动态能力为核心运营能力、创新能力、洞察能力和整合能力；第三，企业需重视动态能力发现和培养，在模式选择上应结合自身情况，按照优先级进行对应选择、开拓相应的模式。

最后，本文针对现有模式下经营挑战，提出政策建议。首先，设立行业执业准入制度，加强经纪人培训，保障公司生存和发展基础；其次，加强政策监管，深入全面落实产权信息核验要求，树立行业发展的基准线；再次，规范自身行为，保障信息安全和竞争公平；最后，关注并强化动态能力的变化，适应企业各发展阶段的竞争力。

The real estate industry is of great significance to our national economy and social development. Real estate brokerage industry as an important part of the real estate market, links the markets and clients, throughout the whole process of transactions, plays a great role in connecting and promoting the real estate market.

As an important part of the real estate market, the real estate brokerage industry links the real estate market and its clients throughout the whole process of real estate transactions, and plays a great role in connecting and promoting the real estate market. With the research of dynamic capability theory in various industries increasingly perfect and deepening，it has been paid more and more attention by scholars and business managers. However, there are few researches on dynamic capability in real estate brokerage field. Under the situation of dynamic changes in the competition pattern, how to choose the business model suitable for the development of enterprises, it has theoretical and practical significance for enterprises to remain competitive. Therefore, this paper aims to explore different business mode choices based on dynamic capability.

This paper adopts the literature research method to study the business model and dynamic capability theory,summarizes and analyzes the current situation, problems and challenges of real estate brokerage in China ,Through case study and comparative analysis, from four dimensions: organizational resources, organizational structure, organizational culture and information technology, to compare and analyze the dynamic capability between B company with Hybrid model and M company with Company-owned model. Summarize the real estate brokerage based on dynamic capability in the business model of the choice of the path.

Through the analysis and research, the following conclusions are drawn: First, the same organizational factors affect the elements of dynamic capability differently under different business models； Secondly,different business models requie different core dynamic capability elements,including Company-owned model,Franchise model,Platform model and Hybrid model,their respective core dynamic capabilities are Core operational capability，innovation ability, insight ability and integration ability. Third, enterprises should attach importance to the discovery and cultivation of dynamic capability, and choose business mode according to their own situation, select and develop the corresponding mode according to the priority.

At last, this paper puts forward some policy suggestions for the management challenges under the existing model. First of all, set up an industry practice admission system, strengthen broker training, and guarantee the company's survival and development foundation； Secondly, strengthen the policy supervision,thoroughly and comprehensively implement the property rights information verification requirements, establish the benchmark line of industry development； Thirdly, regulate practitioners' behavior, guarantee information security and fair competition； Finally, focus on and reinforce changes in dynamic capabilities to adapt to the competitiveness of enterprises at all stages of development.