Abstract: Actors’ heterogeneity brings diversified resources and information to the collaborative innovation network, which is the basic premise of collaborative innovation value creation. However, there is still a lack of empirical analysis on how actors’ heterogeneity affects collaborative innovation value creation. Based on the theory of actors’ heterogeneity, social exchange theory and China's real situation, the analysis framework of "heterogeneity—social exchange/government intervention—collaborative innovation performance" is constructed, and 123 cases are empirically studied through fuzzy set qualitative comparative analysis. The results found that: ①There are four configurations that lead to high collaborative innovation performance. ②In terms of promoting the value creation of collaborative innovation, the three sets of conditions of high decision-making power heterogeneity, high goal heterogeneity and strong resource exchange, high cultural heterogeneity and strong resource exchange have a mutual substitution relationship; in strong resource exchange and strong information When exchanges coexist, the combination of the unidimensional heterogeneity of participants and government intervention and the multidimensional heterogeneity of actors can be substituted for each other. ③Government intervention has certain boundary conditions for the effectiveness of collaborative innovation value creation. Under the background of the unidimensional heterogeneity of actors, government intervention is effective and necessary. The research further clarified the "black box" of the process of multi-agent collaborative innovation, empirically tested the boundary conditions of the effectiveness of government intervention on collaborative innovation, and provided theoretical basis and management enlightenment for the sustainable development of collaborative innovation.