The increasing use of micro-blogs as marketing tools has increased the research attention on the usage and performance of enterprise micro-blogs. Based on research on information system (IS) usage and the resource-based view (RBV) theory, this study develops a model to measure the business value of enterprise micro-blogs. The model consists of metrics on micro-blog usage, micro-blog operational performance, firm capability, and performance. Questionnaires were distributed to firms that use micro-blogs. This study collects 317 valid responses for empirical analysis. The result suggests that the extent of micro-blog usage improves the operational performance of enterprise micro-blogs directly and indirectly by increasing firm capability. The operational performance of enterprise micro-blogs significantly affects firm performance. This study reveals the mechanism of business value generation of enterprise micro-blogs and extends the stream of research that combines IS usage and the RBV theory.