愈來愈多的公司試圖與顧客共創以擁抱社群媒體所觸發的顧客權力，但大多數的公司仍然沒有實現共創所產生的利益。為了解決此問題，本研究運用社會交換理論與資源基礎觀點，定義在社群媒體環境下所需具備的共創能力，其可以反映在四個能力面向上，包含顧客連結能力、顧客回應能力、顧客賦權能力、顧客價值管理能力，並檢視其前因、後果。本研究探討來自公司端的社群媒體基礎架構和顧客中心的資源，以及來自顧客端的顧客權力是否會影響社群媒體共創能力的發展，而最終是否能為公司創造關係價值。本研究透過網路調查的方式向公司粉絲專頁的經營者與顧客蒐集資料，以及從資料庫中獲得公司粉絲專頁的經營數據。本研究分別使用偏最小平方法和階層線性模式技術驗證單一和跨層級的研究假設。本研究的研究結果指出來自公司端的社群媒體基礎架構和來自顧客端的顧客強制權、顧客專家權會正向影響社群媒體共創能力的發展，而最終可以創造更多的顧客忠誠度和顧客投入。本研究的研究結果也指出社群媒體共創能力會完全中介社群媒體基礎架構和顧客忠誠度之間的關係。本研究幫助管理者瞭解，當他們試圖使用社群媒體與顧客互動時，他們可以朝哪些共創能力的面向努力，以及瞭解什麼樣的資源可以幫助共創能力的發展，進而使公司和顧客互蒙其利。 / A growing number of firms seek to embrace social media-enabled customer power by co-creating with their customers. However, most firms have failed to realize the benefits of co-creation. To address this issue, this research draws on social exchange theory and the resource-based view to identify the co-creation capability in the context of social media as a composite of customer linking capability, customer response capability, customer empowerment capability, and customer value management capability and to investigate its antecedents and consequences. This research identifies the social media infrastructure and customer centricity as sources from the firm side and social media-enabled customer power as a source from the customer side that may influence the development of social media-enabled co-creation capability and identifies relational value for firms that could result from this capability. The research framework is tested with data from multiple sources, comprising firms’ managers and their customers on Facebook fan pages via a Web-based survey as well as the Social Insight database, which tracks firms’ reports of operations of Facebook fan pages. This research uses partial least squares (PLS) and hierarchical linear modeling (HLM) to test the single-level and cross-level hypotheses. The research results reveal that the social media infrastructure, customer coercive power, and customer expert power are positively related to the development of social media-enabled co-creation capability, which in turn leads to greater customer loyalty and customer engagement. The results also reveal that the impact of the social media infrastructure on customer loyalty is fully mediated by the social media-enabled co-creation capability. The findings provide guidelines for managers to better understand what capability dimensions should be developed within their own firms and appropriate resources for investment to facilitate the development of social media-enabled co-creation capability. This research suggests that when firms develop a higher level of social media-enabled co-creation capability, both firms and customers can benefit.