Learner participation in MOOCs provides learners opportunities to create value through their experience. However, little is known about how their participation affects value co-creation and satisfaction in the learning process. Employing the service-dominant (S-D) logic, the value co-creation theory, and satisfaction theory as the theoretical basics, this study discusses how MOOCs learners acquire value from participation, which furthermore shapes their learning satisfaction. Empirical results from 372 learners suggest that learners’ participation results in a rise in their perceived knowledge value, hedonic value, and social value. Learners’ satisfaction is derived from these value perceptions. The theoretical framework provides novel insights to platform managers in understanding how learners’ participation contributes to value co-creation and how to motivate learners’ satisfaction.

学习者参与MOOC为学习者提供了通过其经验创造价值的机会。但是，关于他们的参与如何影响学习过程中的价值共创和满意度的知识鲜为人知。本研究以服务主导（SD）逻辑，价值共创理论和满意度理论为理论基础，探讨了MOOC学习者如何从参与中获取价值，进而塑造他们的学习满意度。来自372名学习者的经验结果表明，学习者的参与导致其感知的知识价值，享乐价值和社会价值的提高。学习者的满意度来自这些价值观念。