Small and medium-sized enterprises (SMEs) play important roles in driving domestic economy. The purpose of this research was to examine the causal relationship model among factors that influence on operational performance (OP) in real estate business (REB), Thailand. The 555 samples of REB entrepreneurs were randomly selected by the multi-stage sampling method. A questionnaire was employed as a research tool for collecting data and analyzed with the structural equation model (SEM). The generated model is fit (χ²/df = .835, p = .993, GFI = .960, AGFI = .945, CFI = 1.000, RMSEA = .000). Findings revealed statistically significant that market orientation (MO) has positively influenced on operational performance, innovativeness (IN) and learning orientation (LO) (p < 0.001). Learning orientation has positively affected to innovativeness (p < 0.05) but non-significant affected to operational performance (p > 0.05). Lastly, innovativeness has positively influenced on operational performance (p < 0.001). Additionally, learning orientation has mediated between market orientation and innovativeness. The antecedent factors (MO, IN and LO) have cooperatively explained the causal relationship model that influenced on operational performance at 62.80%. Therefore, entrepreneurs in REB are able to achieve strategically their operational performance by consideration and implementation in mainly of the activities related with market orientation and innovativeness.

中小企业在推动国内经济方面发挥着重要作用。这项研究的目的是研究影响泰国房地产企业（REB）运营绩效（OP）的因素之间的因果关系模型。通过多阶段抽样方法，随机抽取了555名REB企业家样本。问卷被用作收集数据的研究工具，并通过结构方程模型（SEM）进行了分析。生成的模型拟合（χ ² / DF = 0.835，P = 0.993，GFI = 0.960，AGFI = 0.945，CFI = 1.000，RMSEA = 0.000）。调查结果显示，市场导向（MO）对运营绩效，创新（IN）和学习导向（LO）产生了积极影响，具有统计学意义（p<0.001）。学习取向对创新性有积极影响（p <0.05），但对运营绩效影响不显着（p > 0.05）。最后，创新性对运营绩效产生了积极影响（p <0.001）。此外，学习导向在市场导向和创新之间进行了调解。前因（MO，IN和LO）共同解释了因果关系模型，该因果关系模型对运营绩效的影响为62.80％。因此，REB的企业家能够通过考虑和实施主要与市场定位和创新有关的活动来从战略上实现其经营业绩。