Purpose This study investigates whether and how digital transformation affects value co-creation in state-owned manufacturing enterprises (SOMEs). Based on hypernetwork theory, a theoretical model containing digital transformation, actor interaction, resource allocation, capability activation and value co-creation was constructed. Design/methodology/approach A total of 400 questionnaires were collected from Chinese SOMEs, and hierarchical regression, bootstrap tests and CB-SEM were used to test hypotheses. Findings Digital transformation has a significant positive impact on value co-creation in SOMEs. Actor interaction, resource integration and capability activation each partially mediate this process. Moreover, four serial mediation effect are identified: (1) Digital transformation – Actor interaction – Resource allocation – Value co-creation; (2) Digital transformation – Actor interaction – Capability activation – Value co-creation; (3) Digital transformation – Resource allocation – Capability activation- Value co-creation; (4) Digital transformation – Actor interaction – Resource allocation – Capability activation – Value co-creation. Practical implications This study highlights the value of digital transformation in realizing value co-creation in SOMEs and suggests that enterprises need to focus on the complex interaction between actor interaction, resource allocation and capability activation driven by digital transformation. Originality/value From a hypernetwork perspective, this study integrates actor interaction, resource allocation and capability activation to explore their mediating effect in the process of how digital transformation promotes value co-creation in SOMEs. Meanwhile, it also makes important recommendations on how to realize value co-creation by encouraging digital transformation.
Gao et al. (2026) studied this question.