In accordance with the connotation of dynamic capabilities, this article herein divides the dynamic capabilities of enterprises into three levels as follows: the first level in analysis of dynamic capabilities of enterprises is ldquooperational environment-core capability-competitive advantagerdquo, including two aspects as the response of core capability to the environment and the correspondence of competitive advantage to core capability; the second level is centered on the analysis of response efficiency of core capability to operational environment as ldquoenvironmental pre-warning-decision-making-capability transformationrdquo, which is the embodiment of the ldquoflowrdquo in the theory of dynamic capabilities and concretion and materialization of the connotation of the ldquoflowrdquo in the framework of D.T.Teece; while the third level in analysis of dynamic capabilities is to go deep into three flows as environmental pre-warning, decision-making and capability transformation explore their respective operational efficiency, i.e. pre-warning capability, decision-making capability and transforming capability.