Abstract: In the context of Internet content entrepreneurship represented by network broadcast and knowledge payment, community interaction, as the main form of consumer-industry interaction, shows the characteristics of networking, knowledge and online in terms of interactive structure, interactive content and interactive place. Interactive network based on the theory of social network will be divided into weak community interaction scope and depth of the relationship between connected "denotative interaction" and the strong relationship between condensation "interactive" teaching, and introduce "distance of knowledge" depicting community middle eliminate the difference of interaction between subject knowledge base, build the heterogeneity, knowledge distance, community interaction effects on content entrepreneurship performance analysis framework. Furthermore, this paper takes Zhihu platform, an online knowledge community, as the sample source, uses web crawlers to capture the data of "entrepreneurial income" and "community interaction" of content entrepreneurs (nearly one million magnitude) respectively, and establishes an econometric model to empirically test the theoretical hypothesis proposed. It is found that the "value co-creation" and "value co-destruction" effects of community interaction are intertwined: the two types of community interaction have opposite non-linear effects on content entrepreneurship performance and are moderated by knowledge distance between producers and consumers. Literature mostly focus on traditional off-line produce interactive linear influence on entrepreneurial performance, this paper first puts forward the content business community interaction performance of the nonlinear mechanism, and based on the Internet startup practice, reveals an interesting and profound stage community interaction strategy: startup stage should pay attention to "small but beautiful" community interaction, in order to "accommodationist" establish trust relationship; Community interaction in the mature stage of entrepreneurship should focus on "large and complete", and integrate multi-source information by "reserving differences". This study has enriched the boundary research of value co-creation theory and has important theoretical guidance and management enlightenment for content entrepreneurs to carry out community operation.

摘要： 以网络直播和知识付费为代表的互联网内容创业情境下，社群互动作为产消互动的主要形式，在互动结构、互动内容以及互动场所方面表现出网络化、知识化和在线化特征。本文基于社会网络理论将社群互动区分为弱关系连接的“外延式互动”和强关系凝结的“内涵式互动”，并引入“知识距离”刻画社群互动主体知识基础的差异，构建了异质性社群互动、知识距离对内容创业绩效的影响分析框架。进一步，本文以在线知识社区知乎平台作为样本来源，利用网络爬虫分别抓取内容创业者的“创业收入”和“社群互动”数据（近百万量级），并建立计量模型对所提出理论假说进行实证检验。研究发现，社群互动的“价值共创”和“价值共毁”效应交织存在：两种社群互动对内容创业绩效具有方向相反的非线性影响且受到产消双方知识距离的调节。传统文献大多关注线下产消互动对创业绩效的线性影响，本文首次提出社群互动对内容创业绩效的非线性作用机制，并立足于互联网创业实践，揭示了一个有趣而深刻的阶段性社群互动策略：创业启动期的社群互动应注重“小而美”，以“求同”建立信任关系；创业成熟期的社群互动应注重“大而全”，以“存异”整合多源信息。本研究丰富了价值共创理论的边界研究，并对内容创业者开展社群运营具有重要的理论指导和管理启示。