在当今竞争日益激烈的市场环境下，顾客主导地位日益凸显，价值共创作为价值创 造的一种方式，被企业认定是一条与顾客建立紧密联系的新渠道。此时，价值不再由企 业单独创造，而是由企业和顾客共同创造。在互联网不断革新的背景下，以产品、技术 快速创新为特点的电子商务行业，与顾客交流互动的频率远高于其他行业，较其他行业 而言，利用品牌价值共创洞察顾客需求、重构产品品牌战略思维的程度更高。国家发展 改革委等部门出台的《关于新时代推进品牌建设的指导意见》明确指出，要推进中国产 品向中国品牌转变，向专业化和价值链高端延伸，培育电商行业优质品牌。因此，开展 高效、有序的品牌价值共创行为成为了电商企业提升品牌资产、扩大有效经营的重点。 商业模式创新作为价值实现的有效手段，与品牌价值共创和企业绩效提升具有密切的关 系，不仅增强了品牌价值共创的实践效果，也有助于企业提升商业价值。同时，复杂的 动态环境要求电商企业保持敏锐的市场洞察力，及时调整品牌战略以适应内外环境变化， 将环境波动纳入品牌价值共创与电商企业绩效关系研究中具有重要的实践意义。 本文以价值共创理论、动态能力理论为基础，依据“品牌价值共创—商业模式创新 —电商企业绩效”的核心主线，构建了品牌价值共创对电商企业绩效影响的理论模型， 提出研究假设。选取粤港澳大湾区电商企业为对象，收集了 552 份有效问卷样本，深入 探讨品牌价值共创对电商企业绩效的作用机制。结果表明：品牌价值共创的顾客价值创 造、企业价值创造和顾企持续互动维度均显著正向影响电商企业绩效，其中，顾企持续 互动的正向影响最强；商业模式创新具有部分中介效应；环境动态性负向调节品牌价值 共创与电商企业绩效的关系。为此，电商企业应重视品牌价值共创的实践行为；加强商 业模式创新的积极作用；建立动态、有效的环境响应机制。本文揭示了品牌价值共创对 电商企业绩效影响机制的“黑箱”，具有积极的参考和启示价值。

In today's increasingly competitive market environment, the dominant position of the customer is becoming increasingly prominent. Value co-creation, recognized by enterprises as a novel approach to establishing close customer relationships, has emerged as a new channel for value creation. In this context, value is no longer solely generated by enterprises but rather through collaboration between enterprises and customers. Within the continuously innovative internet landscape, the e-commerce industry stands out with its rapid product and technological advancements, resulting in higher frequency of communication and interaction with customers compared to other industries. Consequently, there is an increased emphasis on utilizing brand value to gain insights into customer needs and reconstruct brand strategic thinking within this industry. In the Guiding Opinions on Promoting Brand Building in the New Era issued by the National Development and Reform Commission and other departments, it is pointed out that it is necessary to promote the transformation of Chinese products to Chinese brands, extend to specialization and the high-end of the value chain, and cultivate high-quality brands in ecommerce. Therefore, efficient and organized implementation of brand value co-creation behaviors has become a focal point for e-commerce enterprises seeking to enhance brand equity and expand effective management practices. Business model innovation serves as an effective means for realizing value; it closely intertwines with brand value co-creation efforts while improving enterprise performance. Not only does it deepen practical outcomes derived from brand value co-creation but also aids in enhancing business worthiness and increasing profitability for enterprises. At the same time, environmental fluctuations require e-commerce enterprises to maintain keen market insights and adjust their brand strategies in time to adapt to internal and external environmental changes, and it is of great practical significance to incorporate environmental fluctuations into the study of the relationship between brand value co-creation and e-commerce enterprise performance. Based on the theory of value co-creation and dynamic capability theory, this paper constructs a theoretical model of the impact of brand value co-creation on the performance of ecommerce enterprises based on the core theme of "Brand Value Co-Creation - Business Model Innovation - E-Commerce Enterprise Performance". The theoretical model of the impact of brand value co-creation on e-commerce enterprise performance is constructed, and research hypotheses are proposed. E-commerce enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area were selected as the research subjects, with 552 valid questionnaire samples collected. The mechanism of brand value co-creation on e-commerce enterprise performance is deeply discussed. The results of the study show that: The three dimensions of brand value cocreation, namely customer value creation, enterprise value creation, and continuous interaction, significantly and positively affect e-commerce enterprise performance, among which, the continuous interaction has the strongest positive impact on the e-commerce enterprise performance; Business model innovation plays a partial mediating effect between brand value co-creation and e-commerce enterprise performance; Environmental dynamics negatively moderates the impact of brand value co-creation on the e-commerce enterprise performance. The relationship between brand value co-creation and e-commerce firm performance. Therefore, e-commerce enterprises should attach importance to the practice of brand value co-creation; Strengthen the positive role of business model innovation; Establish dynamic and effective environment response mechanism. The findings of this paper reveal the "black box" of brand value co-creation on e-commerce enterprise performance, which provides valuable insights for formulating brand strategies and enhancing overall performance in this sector.