价值共创作为平台经济价值创造的主要形式，是平台企业、互补者及用户联动的过程。本文通过对257份问卷调查样本进行层次回归分析，检验了平台治理机制、互补者关系嵌入、用户参与行为与互补者价值共创具有情境适配性。研究发现，平台正式与非正式治理机制均对互补者价值共创产生积极影响，且正式治理机制的促进更显著；互补者关系强度正向调节平台正式治理、非正式治理与互补者价值共创的关系，关系深度仅对正式治理机制具有促进作用；用户积极反馈行为促进非正式治理机制与互补者价值共创的正向关系，机会主义行为则放大了正式治理对互补者价值共创的积极影响。据此提出平台治理的管理建议。

As the main form of value creation in digital platform economy, value co-creation is the linkage process for platform enterprises, complementors and users. Through the hierarchical regression analysis of 257 questionnaire samples, we prove that there is a contextual adaptation relationship between platform enterprise governance mechanism, the relationship embedding of complementors, the participation behavior of users and value co-creation of complementors. The results show that: Both formal and informal governance mechanisms of platform enterprises have a positive impact on complementary value co-creation, and the promotion effect of formal governance mechanisms is more significant;? Complementors relationship strength promotes the relationship between formal, informal governance mechanisms and complementary value co-creation, and relationship depth only has a positive impact on formal governance mechanisms; Users’ positive feedback behavior promotes the positive relationship between informal governance mechanisms and complementary value co-creation, while opportunistic behavior amplifies the positive effect of formal governance on complementor value co-creation, according to which the management advices for platform governance are provided.

F270;F49

国家自然科学基金项目（面上项目，重点项目，重大项目）“基于价值共创的数字化平台多元协同治理机制与政策研究”(72174058)