Abstract: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.