本研究試圖建構一個框架來說明生態系理論中企業因應不同價值主張所採取的治理機制。價值主張是指企業在生態系中如何對產品與服務的價值來加以具體實現。過去研究認為價值主張會讓生態系中企業間形成互動關係，然而我們尚未清楚知道企業在實現價值主張的時候需要具備怎樣的治理機制。本研究基於相互依存性的概念建構出一個以價值主張作為基礎的治理機制，並且透過收集台灣電商生態系的次級資料與訪談紀錄來提出兩個主要命題。具體而言，我們提出企業間的價值主張具有互補性與重組性兩大層面，而互補性與重組性就將會讓企業間的資產之間產生相互依存性。判別這樣的相互依存性，我們即可了解在生態系中企業間的成本結構，藉此提供企業在資產投資上應該要採取怎樣的治理機制。我們認為當企業間主張價值是低互補性與高重組性的時候將會產生資產的運用與搜尋成本，這時候生態系需要共同解決問題的治理機制。另外一方面，當企業間主張價值是高互補性與低重組性的時候將會產生資產的溝通與沈沒成本，這時候生態系需要垂直統合的治理機制。本研究所提出的價值與資產的相互依存性，將可作為研究生態系中企業關係、成本與治理機制的參考依據。

This research attempts to construct a framework to explain the governance mechanisms adopted by firms in response to different value propositions in the ecosystem theory. The value proposition refers to how firms can conduct value propositions to materialize realize the value of products and services in the ecosystem. Past studies believed that value propositions would allow firms in the ecosystem to form an interactive relationship. However, we do not yet know clearly what governance mechanisms firms need for their value propositions to materialize. This research adopts the concept of interdependence to construct a governance mechanism and proposes two propositions by collecting secondary data and interview records of the Taiwan e-commerce ecosystem. We suggest that the complementarity and reconfigurability of value proposed by firms will affect their asset interdependence. By judging such interdependence, we can understand the costs between firms in the ecosystem and provide the governance mechanism that firms should adopt. We believe that low complementarity and high reconfigurability of value propositions will occur mundane cost and search costs. At this time, the ecosystem needs a governance mechanism to solve problems together. On the other hand, high complementarity and low reconfigurability of value propositions will generate communication costs and sunk costs. At this time, the ecosystem needs a vertically integrated governance mechanism. The interdependence of value and assets proposed in this research can be used as a reference for studying the relationship, cost, and governance mechanism of firms in the ecosystem.

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