Research On Value Co-Creation Mechanism Of Pension Social Enterprises

Since the beginning of the 20^th century,aging is a growing problem in China,showing population aging and fewer children.Compared with developed countries such as Japan and the United States,China’s pension service industry generally presents the situation of“getting old before getting rich”and“getting old before getting ready”,with a huge gap in industrial supply and demand.To this end,the government and other entities should be involved to explore a pension service industry system to solve specific pension problems in China.With the improvement of people’s living standards,the traditional way in which adult children provide elderly care services is insufficient to meet the diversified needs of the elderly.Pension social enterprises,as an emerging organizational form,focus on providing inclusive pension service.By integrating the existing resources of the government and the community,they can improve health and well-being,effectively solve elderly care issues by market-oriented approaches,and create favorable conditions for improving the quality of elderly care services.Therefore,this dissertation aims to explore the operational mechanism of pension social enterprises,which have important practical significance for solving the pension problem of aging population.Existing research shows that the unique business model of pension social enterprises can closely combine social and economic values,effectively solve social problems brought by aging population,and promote economic development.However,there is still a research gap on how to handle the interest relationships among multiple entities,such as enterprises,the elderly,government,and communities.Therefore,this study aims to sort out and analyze the research status and successful cases of pension social enterprise at home and abroad,and explore their value co creation mechanisms and implementation paths.Specifically,it includes the following three questions:（1）what factors affect the value co creation of elderly care social enterprises?（2）what is the relationship between these factors?（3）as an important driver,how the government can get involved to promote social and economic value co-creation.Above all,this dissertation summarizes the relevant literature in the field of elderly care services and social enterprises,then put forward research questions and framework based on the realistic background.Secondly,based on the material collected by in-depth interview,grounded theory was applied to explore the factors of social and economic value co-creation of pension social enterprises,and constructs the corresponding theoretical model.Then,combining with the existing theories and the context of pension social enterprises,this dissertation puts forward the research assumptions between dynamic capabilities,legitimacy acquisition,traditional pension culture,and value co-creation.Assumptions include the positive impact of the dynamic capabilities on legitimacy,the positive impact of legitimacy on value co-creation,the mediating effect of the two dimensions of legitimacy acquisition,including social enterprise identity and operation model identity,and the moderating effect of traditional pension culture on legitimacy acquisition and value co-creation.Additionally,a large number of sample data were collected through questionnaires,and the Smart PLS software was used for empirical testing.The empirical results are discussed based on the existing literature and case data.Finally,this study further analyzed the role of the government in promoting the legitimacy of pension social enterprises,constructed the optimal subsidy strategy model according to the relevant supporting policies,and provides some policy suggestions for the government to promote the development of pension social enterprises.The main conclusions of this dissertation are as follows.1.Based on the grounded theory,this dissertation refines the key factors that influence the value co-creation of pension social enterprises,including dynamic capabilities,legitimacy acquisition,and traditional pension culture.In addition,this dissertation further defines the connotations and dimensions of each factor.Dynamic capabilities contain three dimensions:resource integration ability,communication ability,and organizational learning ability.Legitimacy acquisition has two dimensions:social enterprise identity and operational model identity.Value co-creation has two dimensions:social value co-creation and economic value co-creation.Then,based on the existing research and cases,the theoretical model of value co-creation is constructed,including the path relationship between dynamic capabilities,legitimacy acquisition,traditional pension culture,and value co-creation.2.This dissertation uses empirical research to explore the relationship between dynamic capacity and legitimacy acquisition,legitimacy acquisition and value co-creation,the mediating effect of legitimacy acquisition,and the moderating effect of traditional pension culture.The empirical results show that,in the development process of pension social enterprises,the resource integration ability,communication ability and organizational learning ability all have a positive effect on legitimacy acquisition;social enterprise identity and operation mode identity can directly promote social value co-creation and economic value co-creation.Moreover,legitimacy acquisition plays a completely mediating role in the relationship between dynamic capabilities and value co-creation.This study further reveals the key role of legitimacy acquisition in value co-creation,and highlights the importance of legitimacy acquisition of pension social enterprises.3.This dissertation constructs different government subsidy strategies to pension social enterprises.The impact of various subsidy strategies on social and economic value are analyzed through numerical simulation.The results indicate that government subsidies can effectively promote the social and economic co-creation between pension social enterprises when considering the different levels of corporate social responsibility.When the level of corporate social responsibility is relatively low,government subsidies to enterprises can promote social and economic value to a certain extent.When the overall level of social responsibility is comparatively high,compared to subsidies to enterprises,government financial subsidies to consumers can be more effective in stimulating market demand,thereby promoting social value co-creation.This dissertation provides certain theoretical significance for the effective implementation of the government’s subsidy policy,and plays an important role in promoting the realization of value co-creation of pension social enterprises and promoting the market-oriented supply of pension services.