The definition of“crowd-funding”was coined ten years ago. This term has been familiar to academia and industry in China, and accepted by Chinese official discourse. Nevertheless, further research is still in need when it comes to the combination of“crowd-funding”and publishing industry, both theoretically and practical y. This paper is trying to explain how“crowd-funding”publishing model changed industrial value chain into value network, transformed terminal publishing products and re-built roles of readers, from the view of industrial value chain proposed by Michael E.Porter and executed by case study of Zhihu the online community and Lejia’s crowd-funding book marketing event. Several obstacles and bottleneck problems are mentioned at the same time, including the drawbacks of crowd-funding platform and restrictions or limitations of publishing system.%“众筹”概念诞生于十年前，目前在中国已被学界和业界熟知，并已进入官方话语体系。但是“众筹”和出版相结合的运作方式仍属新鲜事物，仍需在理论上和实践中探索。本文从迈克尔•波特提出的产业价值链的视角出发，运用知乎网的“众筹”出版行为、乐嘉的众筹图书营销等多案例分析的方法，尝试说明“众筹”出版模式如何将产业价值链改造为产业价值网，如何改变终端产品形态，以及如何重塑读者的角色和作用。还提出出版众筹遇到的阻力和发展瓶颈，包括“众筹”平台自身的原因，以及出版机构中体制和思路的限制。
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