Research On The Effect And Mechanism Of Value Co-creation On Enterprise Performance ——A Case Study Of Travel Service Enterprises

In the new business era when the digital technology and many industries converge and then consumers seize power,the value co-creation is becoming the most competitive and creative strategic concept.As a new form of value creation,the value co-creation subverts the traditional view that the value is created by the enterprises and the customers only consume the value,and especially emphasizes that the value is created by the enterprises and customers together in the process of interaction.The value created by the enterprises and consumers together is the source of the enterprises to obtain sustainable competitiveness and the inevitable choice of the enterprises future development.Because the research on value co-creation has prominent theoretical value and practical appeal,in recent years,the scholars' research on value co-creation has become increasingly rich:firstly,the research focused on the concept and evolution of value co-creation,and discusses the connotation of value co-creation from different perspectives.Secondly,the research mainly discussed the antecedents,consequences and behavior modes of consumers' participation in value co-creation from the consumer perspective.Thirdly,the researchers found that it is incomplete to study the value cocreation only from the consumer side,and it is urgent to explore the mechanism of value co-creation from the production side.The scholars especially emphasized that the current academic achievements are insufficient in the domain of the internal mechanism and action mechanism of value co-creation with the enterprises as the research object,especially are lack of empirical study to verify the commercial effect of value cocreation,and are lack of strong arguments to promote the enterprises to establish the co-creation practice with consumers,and there is an urgent need for the appropriate quantitative research to fully verify the role and influence of value co-creation.The value co-creation is an indispensable part to fully understand of the contemporary tourism industry,and the travel service is a necessary part of the tourism industry.?The 14th Five-Year Plan for Tourism Development?pointed out that we should promote the high-quality development of China's tourism industry from the respects of accelerating supply side reform,enriching the high-quality supply and enhancing the vitality of market players.The plan especially emphasized the important role of travel service enterprises represented by the travel agencies and online travel service enterprises,and put forward higher development requirements for their innovation ability and professional service ability.With the surge of new consumption ecology caused by the technology wave,facing the complexity,dynamicity and uncertainty of the market environment,how to establish the strategic orientation and top-level logic of the enterprise development in the new era,how to establish the development model of transformation and upgrading and high-quality development,and how to obtain the development resilience and sustainable power have become an urgent topic of times for the travel service enterprises.Guided by the value co-creation theory,combined with relevant research results in the fields of management,marketing and organizational behavior,and following the theoretical path of "Structure-Conduct-Performance(S-C-P)",this study attempted to make a systematic and in-depth research on the impact of value co-creation on the enterprise performance and its action mechanism,and by taking the travel service enterprises as the research objects,improved and enriched the theoretical research and practical guidance of value co-creation theory in China's tourism industry situation.(1)We deeply analyzed and verified the connotation and characteristics of the concept of value co-creation,took the multidimensional characteristics of value co-creation as the influencing factors of enterprise performance,and built an in-depth and comprehensive main effect research model of value co-creation affecting enterprise performance.(2)We deeply explored the mechanism of value co-creation affecting enterprise performance,and constructed a research model on the relationship among the value co-creation,enterprise performance,business model innovation and program control behavior.This model is the core theoretical framework of the mechanism of value co-creation affecting enterprise performance.It includes:firstly to build a series model of "value co-creation-business model innovation-enterprise performance",to bring business model innovation into the research framework as the business model change caused by the value co-creation,to verify the intermediary role of business model innovation between the value co-creation and enterprise performance,and to deeply explore the internal process mechanism of value co-creation affecting enterprise performance.Secondly to establish a regulated theoretical model,to explore the possible situational constraints in the process of value co-creation affecting enterprise performance,and to investigate the regulatory role of enterprise program control behavior in the process of value co-creation affecting enterprise performance.(3)Taking China's travel service enterprises as the object,we explored the structural characteristics reflected by the heterogeneity of travel service enterprises in the concepts of value co-creation and business model innovation,and then further compared the effect of value co-creation of online/offline travel service enterprises on the enterprise performance through group analysis.This paper adopted the parallel hybrid research method combining the qualitative research and quantitative research,and used the structural equation model(SEM)and multi-group SmartPLS to test the effect of value co-creation on the enterprise performance and the group differences in the travel service enterprises,and obtained the valuable results.(1)The value co-creation includes two dimensions of "coproduction" and "value-in-use",and both dimensions have a significant positive impact on the enterprise performance,and the positive impact of "value-in-use" on the enterprise performance is stronger than "co-production".(2)The effect of value cocreation on the enterprise performance is mediated by business model innovation and regulated by program control behavior.Firstly,the three dimensions of business model innovation play different intermediary roles in the process of value co-creation affecting enterprise performance.Specifically,in the process of co-production affecting the enterprise financial performance,the value creation innovation and value acquisition innovation play an intermediary role,while the value proposition innovation does not play an intermediary role.In the process of value-in-use affecting the financial performance of enterprises,the three dimensions of business model innovation play an intermediary role.In the process of co-production affecting market performance,only the value proposition innovation plays an intermediary role.In the process of value-inuse affecting market performance,the value creation innovation and value proposition innovation play an intermediary role,while value acquisition innovation does not play an intermediary role.In the process of value-in-use affecting the financial performance of enterprises,the three dimensions of business model innovation play an intermediary role.In the process of co-production affecting market performance,only the value proposition innovation plays an intermediary role.In the process of value-in-use affecting market performance,the value creation innovation and value proposition innovation play an intermediary role,while value acquisition innovation does not play an intermediary role.In the process of value co-creation(co-production and value-inuse)affecting customer relationship and employee feedback,the value creation innovation and value proposition innovation play an intermediary role,while the value acquisition innovation does not play an intermediary role.Secondly,in the process of value co-creation affecting the enterprise performance in the two dimensions,the regulatory roles of the program control behavior are different.Specifically,in the process of value co-creation(both co-production and value-in-use dimensions),the program control behavior has a positive regulatory effect on market performance.In the process of value co-creation affecting financial performance,the program control behavior only positively regulates the direct effect of co-production on financial performance.In the process value co-creation affecting the customer relationship and employee feedback,the program control behavior only positively regulates the direct effect of value-in-use on customer relationship and employee feedback.(3)In the cognition and practice of value co-creation,China's travel service enterprises have paid attention to the value co-creation operational resources represented by "knowledge",but there is a lack of operation in the "fairness" link of the co-creation process.In terms of business model innovation,"the new customer relationship" and "the new product"are the most important links,while "the new process" is the biggest weakness at present.The results of multi-group analysis showed that there are differences between online and offline travel service enterprises in the direct relationship of value co-creation affecting the enterprise performance:Getting benefit from the convenient internet technology and platform,online travel service enterprises can better improve their performance through "co-production".As offline travel service enterprises are more considerate and humanized,it is easier to promote the enterprise performance through"value-in-use".The research results have some theoretical and practical significance:Firstly,the research results deeply explored the multi-dimensional characteristics of the concept of value co-creation,and more deeply revealed the connotation and mechanism of value co-creation.Exploring the value co-creation affecting the business performance from the aspect of its multi-dimensional characteristics,it will help to deeply explore the deep reasons of value co-creation affecting the enterprise performance,and provide a new perspective for the theoretical research of value co-creation.Secondly,on the basis of the study of direct effect of value co-creation affecting the enterprise performance,the business model innovation and program control behavior were further included in the research scope,the action mechanism theoretical model of value co-creation affecting the enterprise performance was innovatively constructed,the research results more completely described the link and action process of value co-creation affecting the enterprise performance and the theoretical research of value co-creation was enriched and completed.Thirdly,this study attempted to introduce the value cocreation theory into the research of China's travel service enterprise management,and expanded the research of value co-creation theory in China's tourism industry situation.From the point of practice,the research results provided a reference basis and framework for China's travel service enterprises to clarify their value co-creation strategy in the development process and enhance their core competitiveness.Managers can use this research framework and results to evaluate the level of corporate value cocreation,match the effective business model,and formulate the corresponding business process.From the four aspects of paying attention to the implementation of "loose+tight" matching management strategy,paying attention to the role of employees in the implementation of corporate value co-creation strategy,paying attention to the effective incentives and accurate management for consumers,and paying attention to promoting the business model innovation of travel service enterprises under the guidance of value co-creation,through building a closer relationship between enterprises and consumers,the value co-creation is promoted,the enterprise performance is improved,and the development toughness and sustainable development power are shaped.Although this study has some innovative achievements,there are also some limitations and deficiencies,including:The research angle can go deep into the value network to explore value co-creation,there may be understanding differences between Chinese and Western context transformation in variable measurement,the dynamic research of value co-creation can be concerned,and the relationship between value "cocreation" and "co-destruction" can be further discussed.These contents need to be further explored in future research.