This paper proposes e-business value-creation to be a dynamic conversion process．From an e-business process point of view，we present a model of e-business value-creation process to examine the casual relationships among strategy，IT resources，e-business capabilities and process performance． Unlike former research that is from a structural and static view，this paper goes deep into casual links among factors at a e-business process level and explains the mediating role of e-business process in value creation．Based on the model，a series of hypotheses is developed．An empirical study of 177 manufacturers in China validates the proposed hypothesizes using structural equation modeling(SEM)．The results demonstrate a critical causal link from e-business strategy planning to integrative age of IT resources and consequently generating distinctive e-business capabilities and process performance．The characteristics of three-stage process in e-business value creation are summarized．This research also provides a new approach to exploring the e—business value creation．