Abstract: This paper conducts questionnaire survey about traditional manufacturing enterprises, and constructs a moderated mediation model based on taking the strategic orientation as the adjustment variable to examine the influence of strategic orientation on the relationship between e-business investment and firm performance. The results show that, under the higher guidance of customer, technology and entrepreneurial, the effect of multi-period-investment on e-commerce capability is stronger than that of single-period-investment investment. Compared with the lower venture orientation, the effect of independent investment on e-commerce capability is not significant under the higher venture orientation; the strategic orientation adjusts positively the mediating role of e-business ability on e-business investment and firm performance.

Key words: strategic orientation, e-business investment, e-business capabilities, firm performance