本研究以交易成本與制度理論的分析架構來回答兩個研究問題：(1)企業與客戶的價值共創活動如何影響企業所採用的統治模式？(2)在新興工業化國家中，爲何企業一般採用網絡模式管理和客戶的價值共創活動？本研究提出「價值共創比例」此一概念，解釋價值共創活動與統治成本的關係，研究結論爲：首先，當價值共創比例愈高時，企業愈傾向採用層級模式的統治模式；反之，價值共創比例愈低時，企業愈傾向採用網絡模式的統治模式。其次，透過制度經濟學說明制度上的差異影響企業在價值共創的情境下對統治模式的選擇，隨著價值共創比例的增加，本研究推論先進國家的企業傾向採取層級模式，而新興工業化國家的企業則傾向採取網絡模式。

Using transaction cost theory and institution theory, this paper attempts to address two research questions: (1) how value co-production affects the choice of a firm's governance mode, and (2) why firms in newly industrialized economies (NIEs) prefer to adopt network mode as they co-produce value with their clients. This research firstly defines the concept of 'value co-production ratio' and then uses it to illustrate the association between value creating and cost minimizing. Our results suggest that firms with higher value co-production ratios are inclining to adopt hierarchy mode while firms with lower value co-production ratios are inclining to adopt network mode. Moreover, based on institutional economics, this paper also examines the effect of institutional differences on the choice of governance modes in the context of value co-production, suggesting that, with the increasing of value co-production ratio, network mode is more preferable for firms in NIEs while hierarchy mode is more preferable for firms in the developed countries.