當代文獻提倡以汰舊換新來創新商業模式，彷彿只要找到一個最佳商業模式，就可以挽回企業頹勢。但真的會有「最佳」商業模式嗎？若是真的找到，新的商業模式真的可以全然替換原有的商業模式嗎？近期研究指出，新舊商業模式其實是可以共存的，但新舊商業模式可以怎麼結合呢？這成為目前亟待探索的課題。本研究剖析一家新聞報系如何發展出多樣而複合的商業模式，使得新聞報紙（舊商業模式）能結合資訊服務、藝術策展以及電子商務三種新商業模式。本文分析這些商業模式的形成過程，點出三種資源流動的樣貌，檢視逆流、回流、導流三種資源整合策略如何引導出複合的效果。學理上，本研究解讀一種新型態的商業模式，由「資源流」來觀察複合商業模式的形成過程。這不僅拓展現有商業模式理論，也深化我們對資源論的認識。此「資源流」論述更點出由促成資源綜效來建構商業模式的重要性。實務上，本文建議一種以導引資源的方式，重新思考商業模式之設計。透過檢視企業內、外部的資源流動狀態，經理人可以找出各種複合可行性，並由此改變商業的營運邏輯。當企業瞭解資源相輔相成之脈絡時，便可以有目的地導航資源流動，創造資源的新價值。讓新舊商業模式形成複合，是使企業穩固運作的基礎。 The current literature advocates various ways of substitution to innovate business model. The assumption is that firms could turnaround their declining situations, if they could find a best business model. But is there a “best” business model, waiting to be found? Even if we could find one, could the new business model really replace the existing one? Recent studies indicate that both the new and old business models could operate in tandem. But how the new could be blended into the old business model is an issue urging our exploration. This research examines how a newspaper group develops a variety of hybrid business models that combines newspaper (old business model) with three new business models, such as information services, art exhibition and electronic commerce. This paper analyzes the formation process of these business models, identifies three patterns of resources flow, and investigates how hybrid effects may be induced by resource rejuvenating, recycling and converging. Theoretically, this study interprets a new form of business model, by observing the becoming process of hybrid business models through resource flow. It extends the current literature on business model while deepens our understanding of resource-based theory. Our thesis on resource flow also points out the importance of building resource synergy in establishing hybrid business models. Practically, this article suggests an approach of resource integration to redesign business models. By reviewing a firm’s moving state of internal and external resources, executives could discover various possibilities of hybridization in order to alter a firm’s underlying business logic. When firms understand the complementary context of resource, they could navigate the flow of resource to create new value. As the new business model is hybridized with the old one, it builds a solid foundation for sustained businesses.