Abstract: Based on the new tendency of the incubator clustering development, this paper focuses on multi-agent value co-creation and the role of policy in different formative stages of the cluster, combining with the Institutional Work theory and the Value Co-creation theory, through a case study of cluster of incubators in Guangzhou Development District, exploring the internal mechanism of the formation of cluster of incubators. We found that: Firstly, the government helps to form the cluster of incubators through the coordination of internal and external institutional work, and with the improvement of the external institutional environment, the role of the government within the cluster changes from "institution maker" to "auxiliary service provider". Second, under the interactive influence of institutional environment and behavior of cluster actors, the motivations of cluster actors for value co-creation tends to be synergistic, which further improves the breadth and depth of their interaction and resource integration. Thirdly, the institutional work of government and the cluster of incubators co-evolve. In the process of government institution obeying-institution integration- institution deepening, the institution of value co-creation in the cluster realizes the transformation of value co-connection - value co-integration - value symbiosis.

摘要： 本文基于孵化器集群化发展的新趋势，面向孵化器集群形成过程中多主体的价值共创行为，以及政府在集群不同发展阶段中的作用，通过引入制度工作与价值共创理论，以广州开发区孵化器集群作为案例研究对象，研究探讨并揭示了孵化器集群形成的内在机制。研究发现：第一，政府通过外部与内部制度工作配合助力孵化器集群制度的形成，并随着外部制度环境的健全，孵化器集群内部的政府角色从“制度管理者”转变为“辅助服务者”；第二，在制度环境与集群行为的交互影响下，孵化器集群主体价值共创的参与动机趋于协同，进一步使集群主体互动与资源整合的广度与深度不断提升；第三，政府制度工作与孵化器集群共同演化，在政府制度服从-制度融合-制度深化的过程中，孵化器集群制度实现价值共联-价值共融-价值共生的转化。