價值共創對化妝品企業績效的影響研究

Abstract

Under the dual driving forces of the digital economy and the "appearance economy," China's cosmetics industry has entered a golden era of rapid development. Consumers are gradually shifting from traditional product recipients to active participants and co-creators of brands. In the context of increasingly fierce market competition and diversified consumer demands, cosmetics enterprises urgently need to transition from a firm-centric, one-way value creation logic to a multi-stakeholder collaborative value co-creation approach in order to enhance organizational performance and strategic resilience.

Although the concept of value co-creation has been widely applied in service industries and platform enterprises in recent years, its mechanism of action in the cosmetics industry—characterized by the integration of manufacturing and services and strong brand personalization—remains unclear. In particular, the specific pathways through which value co-creation affects firm performance require further exploration. To this end, this study focuses on the core question of "whether and how value co-creation influences firm performance," constructs and validates a theoretical model involving value co-creation, business model innovation, firm performance, and digital platform capability, and conducts in-depth analysis through empirical research and case studies.

This study adopts a mixed-methods approach, combining qualitative and quantitative analysis. First, the PEST and Porter’s Five Forces frameworks are used to analyze the external environment of the cosmetics industry, identifying industry bottlenecks and the transformation needs of enterprises. Second, a profitability evaluation index system is constructed to analyze the financial performance of 18 listed cosmetics companies. In the theoretical modeling stage, four core variables—value co-creation, business model innovation, firm performance, and digital platform capability—are defined. A theoretical model is constructed, and five research hypotheses are proposed. Following a pretest and subsequent refinement, the questionnaire was officially distributed, resulting in the collection of 336 valid responses. Based on the sample data, the study conducts path analysis, mediation effect testing, and moderation effect analysis. Additionally, a case study of the representative enterprise Proya is used to further validate the practical applicability of the research findings.

The main conclusions are as follows:
Through a systematic analysis of the industry environment, it was found that although China's cosmetics industry demonstrates active growth in market size, user base, and digital penetration, it still faces significant challenges in brand influence, technological R&D, safety regulation, and channel diversification. These issues have become core bottlenecks constraining sustainable performance growth. To better understand differences in enterprise performance, the study constructed a financial evaluation system covering profitability, solvency, operational efficiency, and growth capacity, and conducted factor analysis on 18 listed cosmetics firms. Results show that Proya scored highest overall, indicating a competitive advantage in profitability and providing a solid foundation for the subsequent case study.

Four core variables were defined: value co-creation (independent variable), firm performance (dependent variable), business model innovation (mediating variable), and digital platform capability (moderating variable). A theoretical model was constructed, and five research hypotheses were proposed. The research design included questionnaire pretesting and refinement, resulting in 336 valid responses. Data analysis was conducted using SPSS and AMOS software for path analysis, Bootstrap mediation testing, and moderation analysis. The empirical findings validated all five hypotheses.

Value co-creation has a significant positive impact on firm performance. This finding confirms the importance of the "customer-centric" approach in modern business strategy. By engaging in deep interaction and collaborative value creation with consumers, channel partners, and other stakeholders, firms can enhance customer satisfaction, brand loyalty, and market responsiveness, thereby significantly improving both financial and non-financial performance. Furthermore, value co-creation not only directly affects firm performance but also plays an indirect role through business model innovation. It enables firms to rethink how value is created, for whom, and how value is captured—leading to reconfiguration of value propositions, customer relationships, channel structures, and revenue models. Through active engagement with users, companies can quickly detect market demand changes and continuously optimize product functions, service processes, and revenue strategies—an embodiment of business model innovation.

Digital platform capability significantly strengthens the impact of value co-creation on business model innovation. Firms with strong digital platform capabilities—such as in information processing, user interaction, data-driven decision-making, and resource integration—are better able to transform co-creation insights into innovative business models, thus enhancing organizational adaptability and innovation. However, digital platform capability does not directly influence performance; instead, it functions as an enabler that enhances the effectiveness of the co-creation-to-innovation pathway.

The case study of Proya illustrates how the company enhanced performance through value co-creation and business model innovation during its digital transformation. In the early stage of digitalization, Proya leveraged big data to achieve initial business model innovation. During the growth stage, it further upgraded its business model by harnessing digital technologies and platform advantages. Through coordinated development of online and offline channels and continuous brand and product innovation, Proya significantly improved its firm performance. The case study offers valuable lessons and insights for other cosmetics enterprises seeking transformation.

Date of Award	8 Jul 2025
Original language	Chinese (Traditional)
Awarding Institution	City University of Hong Kong
Supervisor	Zhong NING (External Supervisor) & Choon Ling SIA (Supervisor)