Abstract: Value co-creation was introduced in this paper as a mediator between network orientation and new venture performance. Furthermore, based on the coordination and constraint role of institutions, with corporate development stage as a moderator, a conceptual model was built to analyze the relationship between network orientation, value co-creation and new venture performance. By investigating into 212 new venture samples, it was found that:network orientation has a positive effect on new venture performance and value co-creation acts as the mediator between them; both institution environment and corporate development stage have moderating effects on the relationship between network orientation and value co-creation. This research integrated theories of innovation and value co-creation, providing a theoretical support for further innovative and marketing activities of China's newly-founded corporations.