企業要創造持久性競爭優勢，除了須將內部資源進行有效配置外，更要關注於外部利害關係人，並進行顧客價值的創造、傳遞及管理，以往多數研究已針對智慧資本或產品創造力與企業績效間的關係進行探討，但兩者間是否會因調節效果而產生不同的變化，仍無定論。因此，本研究乃聚焦於價值共創的角色扮演上，以智慧資本、產品創造力與創新績效之關係為基礎，來檢驗價值共創是否在變數間存在調節效果，更基於產業特質的考量選定文化創意產業作為調查對象進行實證研究。所獲得的研究主要結果為：第一，智慧資本與產品創造力皆會對創新績效產生顯著且正向的影響；第二，組織愈採用價值共創觀點，則智慧資本更能顯著並有效地正向影響創新績效，也就是說價值共創確實存在顯著的調節效果；第三，價值共創無法扮演產品創造力與創新績效間的調節角色。最後，則提出了結論及理論、管理實務上之意涵及貢獻。

Theories of customer value and value co-creation show that the importance of external party interests is more critical than internal resource allocation for creating long-term competitive advantage. The era of knowledge economy and culture creation provided success for enterprises resulting from an emphasis on intellectual capital management and product creativity. Intellectual capital and product creativity have replaced physical capital as the primary foundation of value creation. Additionally, the interaction between firms and consumers became the focus of value creation and value extraction. Although the importance of intellectual capital and product creativity for ensuring optimal competitive advantages was accepted, the exact relationship of these 2 constructs is still questioned. Therefore, this study examines the characteristics of value co creation and the existence of moderating variables based on particular culture creation industries. First, the analytical results show that intellectual capital and product creativity have a significant and positive effect on innovation performance. Second, a moderating effect of value co creation exists between intellectual capital and innovation performance, but not for product creativity. Finally, the results provide a valuable reference for future studies and business practices.