Consumer participation,value co-creation and enterprise innovation performance
All of us consider that innovation is critical to both micro-enterprises and macro-economy.To enterprises,innovation can help them improve their resource allocation efficiency and enhance their competitiveness;it can help enterprises update and develop products to meet the needs of consumers;it can help enterprises to improve business performance and improve the ability of sustainable development.To macro-economy,innovation is the core influencing factor of industrial structure upgrading,environmental protection and economic growth.With China's economy currently entering a high-quality development stage,there is an increasing need for technological innovation.How to enhance innovation ability,achieve value-added and promote high-quality economic development has become the focus of all sectors of society.This study tries to investigate,from the standpoint of consumer participation,the effects of various forms of consumer participation on enterprise value creation,examine the mechanism from the standpoint of innovation,and investigate the mechanism of consumer participation affecting enterprise value creation from an innovative standpoint.This paper builds a theoretical model of consumer participation and value co-creation by taking lessons from the producer value co-creation model and the consumer value co-creation model.This paper examines the effects of value co-creation and consumer participation on enterprise innovation performance from a theoretical standpoint.We designed 12 questions to measure consumer engagement,9 questions to measure value co-creation,and developed a questionnaire,which a total of 353 surveys were received.We conducted efficacy and reliability tests on the survey data.Validity and reliability test results fell within an acceptable range.Next,in order to investigate the relationships among consumer participation,value co-creation,and innovation performance,we build a multiple linear regression model.We found that three dimensions have been identified as ways in which customers can engage with businesses:independent innovation,customer-enterprise interaction,and knowledge sharing.Enterprise innovation performance will be improved as the cost of capital,investment decreased and the pertinence of innovation strengthened.Concurrently,value co-creation is found to have a mediating effect when the mechanism is tested using the three-step method and the Bootstrap method.Specially,the results of the benchmark regression show that knowledge sharing for every unit increase,innovation performance will increase 0.283;customer-enterprise interaction for every unit increase,innovation performance will increase 0.351;independent innovation for every unit increase,innovation performance will increase 0.269.All of the regression coefficient are significant at the 1%level.This paper presents corresponding enterprise,government,and consumer policy recommendations based on the research findings.In addition to offering fresh suggestions for enhancing enterprise innovation performance,this study expands on the pertinent research regarding the factors that influence enterprise innovation.Specially,firstly,enterprises can widely listen to the views of consumers,collect information of consumer demand,in the process of shortening the psychological distance between enterprises to achieve knowledge sharing.Enterprises can consciously cultivate some different types of leading consumers,under the strategic thinking of value co-creation,fully stimulate the innovative will of leading consumers,and provide incremental contributions for the design and development of enterprise products,improve enterprise innovation performance.Secondly,government should improve the system for protecting property rights,create a good social environment,strengthen the relationship of social trust,such as the trust between enterprises and consumers,provide basic protection for knowledge sharing among enterprises,and protect enterprises'innovation performance.Government should enhance the market mechanism,create an active atmosphere for innovation.Based on the actual interests and basic needs of enterprises and consumers,we should constantly improve various market mechanisms,restrain the illegal acts of various subjects in the market,optimize the business environment,and stimulate the innovative behaviors of enterprises,enhance the ability of enterprise innovation.Thirdly,the customers should enhance the sense of integrity.In the process of knowledge sharing with enterprises,consumers should avoid sharing unfavorable information to enterprises,transmit information to enterprises truthfully and accurately,and reduce the loss caused by wrong information,improve the efficiency of enterprise information integration,thus improve enterprise innovation performance.Actively integrating into the value co-creation system,coustomers can strengthen their personal learning and accumulate personal experience continuously,so that they can realize the maximum output of their own value in the exchange of information and feedback with enterprises,and form a closed-loop value co-creation system,improve enterprise innovation performance,so as to enhance the ability to innovate.With the rapid development of big data era,consumers can improve their ability of resource integration and information discrimination,improve their requirements for products and services,and promote enterprises'independent innovation,improve enterprise innovation performance.
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