在快速开拓国际市场过程中，数字企业通过形成独特的价值创造方式在全球市场塑造了竞争优势，叙述着崭新的数字企业“品牌”故事。聚焦于社交型数字企业TikTok和交易型数字企业Shein的快速国际化过程，以LLL理论为研究视角探讨数字企业价值创造机制，结果发现：第一，连接是数字企业快速开拓国际市场的关键切入点，形成了价值创造的前提条件；业务属性的差异化决定着连接目标与类型，社交型数字企业（以TikTok为代表）以关系连接为核心，而交易型数字企业（以Shein为代表）以资源连接为核心。第二，不同的连接类型影响着数字企业价值创造的行动逻辑。其中，以关系连接为切入点的数字企业，是基于海量用户参与的“杠杆—学习”行动逻辑，重点在于吸引海外用户互动参与，形成可扩展的数字关系，进而塑造多元价值网络；以资源连接为切入点的数字企业，是基于平台模式创新的“学习—杠杆”行动逻辑，重点在于通过经验式学习完成平台模式升级，使之能够支撑复合杠杆策略的实施，进而实现价值空间延展。以上所构建的理论框架，能够贡献于弥补现有文献对数字企业国际化进程中价值创造相关问题关注不足所造成的理论缺口，同时也能有效指导数字企业实践者探寻适配业务属性的价值创造路径。

In the process of rapidly expanding into the international market, digital enterprises have shaped competitive advantages in the global market by forming unique value creation methods, narrating a brand-new corporate story. This article focuses on the rapid internationalization process of social digital enterprise “TikTok” and transactional digital enterprise “Shein”, and explores the value creation mechanism of digital enterprises from the perspective of LLL theory. It shows that firstly, connectivity is a key entry point for digital enterprises to quickly expand into international markets, forming a prerequisite for value creation. The differentiation of business attributes determines the goals and types of connectivity. Social digital enterprises are centered around relational connectivity, while transactional digital enterprises are centered around resource connectivity. Secondly, different types of connectivity affect the logic of value creation actions in digital enterprises. Among them, digital enterprises with relational connections as the entry point are based on the “leverage learning” action logic of massive user participation, with a focus on attracting overseas users to interact and participate, forming scalable digital relationships, and shaping a diverse value network; the digital enterprise that takes resource connectivity as the entry point is based on the “learning leverage” action logic of platform model innovation, with a focus on upgrading platform models through experiential learning, which can support the implementation of composite leverage strategies and achieve simple innovation value creation. The theoretical framework ultimately formed in this article can contribute to the theoretical gap caused by insufficient exploration of value creation paths in the rapid internationalization process of digital enterprises in existing literature, and further extend the application scope of LLL theory.