This paper aims to explore effect and mechanism of how structural features and connection attributes of the stakeholders affect value co-creation. Firstly, we propose "Value Network Plus" formed by two levels of supply and requirement stakeholders, and then emphatically introduce different characteristics between "Value Network Plus" and traditional Value Network (or Alliance Network). At the same time, we creatively bring in new perspective of "point-edge-net" of "Graph Theory", and summarize resource properties, including resource variety and resource heterogeneity, through "point" dimension; generalize connection strength and connection transparency through "edge" dimension; draw network intensity through "net" dimension. Then, according to advanced theory, such as Value Co-creation, Sharing Economy, Composition-based View, we explore internal motivation of effects from the above five connection attributes of "Value Network Plus" on value co-creation, and put forward three propositions. Finally, we use normative case study method to analyze Airbnb to prove hypotheses that we proposed. The findings show that higher level of resource abundance, relationship strength and network intensity can effectively promote sharing resource, innovating knowledge among the platform members and ultimately realize value co-creation.
