This paper analyzed the concept of "value" in value chain initiated by M.E. Porter, made it clear the theory background why he uses price-analysis instead of value-analysis, and got the conclusion that the start of value realization of value chain is customer value. Then the paper explained that it is necessary to disconstruct traditional value chain,and the disperse links will result in logistics, capital flow and information flow apart so that the ability of controlling logistics, capital flow and information flow will reflect the value realization of value chain; and the management work is to operate, follow up, supervise, forecast and make decision the logistics, capital flow and information flow.