在新一轮技术革命的驱动下，企业数字化既被视为优化创新网络结构和增强竞争优势的关键抓手，也成为推动价值共创、实现产业协同升级的重要路径。然而，关于企业数字化促进价值共创的机制仍存在认知分歧。本文基于2010至2023年医药制造业148家上市企业研发合作产生的专利数据，构建包含2072个观测值的平衡面板模型，剖析企业数字化对价值共创的总体效应、作用渠道及情境特征。研究发现：（1）企业数字化对价值共创的广度和深度均具有显著的正向影响；（2）自我网络稳定性和自我网络惯例在企业数字化对价值共创的影响中发挥中介作用；（3）合作动机在企业数字化影响价值共创的作用路径中发挥负向调节作用。本文从研发合作视角出发，揭示了企业数字化影响价值共创的内在机制，丰富了企业数字化与价值共创的研究视角，在实践上为企业优化自身网络结构和优化数字化战略提供了实践指导。

   Driven by the new round of technological revolution, enterprise digitalization is regarded not only as a key approach to optimizing the innovation network structure and enhancing competitive advantages, but also as an important path to promote value co-creation and achieve industrial collaborative upgrading. However, there are still cognitive differences regarding the mechanism by which enterprise digitalization promotes value co-creation. Based on the patent data generated from the R&D cooperation of 148 listed enterprises in the pharmaceutical manufacturing industry from 2010 to 2023, this paper constructed a balanced panel model containing 2,072 observations to analyze the overall effect, application channels and situational characteristics of enterprise digitalization on value co-creation. The research found that: (1) Enterprise digitalization has a significant positive impact on both the breadth and depth of value co-creation; (2) Ego-network stability and ego-network conventions play a mediating role in the impact of enterprise digitalization on value co-creation; and (3) Cooperative motivation plays a negative moderating role in the path of value co-creation influenced by enterprise digitalization. From the perspective of R&D cooperation, this paper revealed the internal mechanism by which enterprise digitalization affects value co-creation, enriched the research perspectives on enterprise digitalization and value co-creation, and it will provide some practical guidance for enterprises to optimize their own network structure and digital strategy in practice.