Abstract: Previous studies complied with the value creation logics of the main chain in the supply chain only, while ignoring the impact of the main body outside the chain on the supply chain value creation. Therefore, a supply chain value creation model is constructed in consideration of open innovation from the perspective of supply chain innovative practice firstly based on the supply chain value creation logics of "main creation of the main body in the supply chain + main body auxiliary creation outside the chain". And then, the supply chain value, the value of enterprise alliance, customer value and main body value of open innovation are discussed, the cost reduction of enterprise alliance, innovation cost and the impact of payment made to the open innovation main body on the supply chain value, the value of enterprise alliance, consumer value and main body of open innovation are also discussed. The following conclusions are given through model analysis: (1) Whether the future market is of high demand or low demand, to increase the value created by the supply chain, the parameter set composed of the cost reduction of enterprise alliance, the cost of innovation and the payment made to the open innovation main body shall meet certain conditions. (2) When the future market demand is high, and the unit cost lowered by the enterprise alliance is higher than the unit reward given to the main body of open innovation, the enterprise alliance value increases; and when the future market demand is low, the enterprise alliance value is uncertain. (3) Regardless of the market demand, consumer value increases to varying degrees, consumers are always the beneficiaries of supply chain value creation with open innovation. (4) The income of open innovation main body is not stable, influenced by the future market demand, unit reward given to the open innovation and the innovation cost. The paper also finds that under open innovation, the enterprise alliance and the main body of open innovation may suffer from the value loss. The risk of open innovation is shared by the enterprise alliance and the open innovation main body together. Finally, numerical analysis, and analog simulation are made with MATLAB software. This study is of great significance in revealing the value of supply chain comprehensively and enriching supply chain value management theory under the perspective of common creation in a broad sense.

Key words: supply chain value, open innovation, open innovation value, value co-creation