(2) In the literature about value co-creation, there are few researches on value co-creation in manufacturing field and among enterprises. In view of this, from the perspective of value co creation, this paper constructs the centralized and decentralized decision-making models respectively, and considers the factors such as the free riding of retailers and the green degree of products, so as to obtain the influence of different decision-making modes. On this basis, two decision models of value cocreation are established and compared with the previous two models. This study not only enriches the application of value co-creation theory in green supply chain management, but also provides guidance management enlightenment for the cooperation between manufacturing enterprises.