*6.4. Theoretical Implications*

This paper empirically analyzed the influence of different value co-creation modes on the enterprise performance of the supply chain and contributes to green supply chains and value co-creation literature in many ways. First, this paper studied the green supply chain from the perspective of value co-creation, while most of the current studies on value co-creation are based on the general supply chain. Second, this paper selected different types of value co-creation behaviors between manufacturers, suppliers, competitors, and retailers on the factor selection of value co-creation behaviors. Third, this paper considered the regulating effect of the internal environment and external environment. In the internal environment, this paper innovatively analyzed the impact of digital capability on the performance of the green supply chain of enterprises, which is more comprehensive than the related studies in the previous literature. Fourth, unlike the previous literature, which focused more on the influence of financial performance, this paper analyzed it from the three aspects of operational performance, financial performance, and innovation performance in order to evaluate the influence of value co-creation in green supply chains on enterprise performance from multiple aspects. Finally, the empirical research of this paper paid more attention to the interaction between the model of value co-creation and other influencing factors (such as internal and external environmental factors), which is unlike many studies in previous research that only focused on the single influence of the model of value co-creation.

#### *6.5. Managerial Implications*

This study has some valuable management implications for manufacturers and governments. First, manufacturers should actively adopt a green strategy, which has a positive effect on promoting value co-creation behavior between manufacturers and their suppliers, competitors, and retailers. Second, manufacturers should actively seek friendly cooperation with other firms, which can help improve the performance of firms such as financial performance, innovative performance, and operational performance. Finally, the internal and external contextual factors of firms play a regulating role in the mechanism of co-creation in the green supply chain. Therefore, the government should increase the publicity of environmental protection awareness, guide the demand of firms and consumers for green products, and create a good policy and consumption environment to reduce the pressure of supply chain enterprises. Firms should strengthen their managers' understanding of green production, improve the level of digital management, establish friendly cooperative relations with upstream and downstream enterprises in the supply chain, and improve the internal environment to promote green value co-creation behavior in the manufacturing supply chain and improve the performance of firms.
