Trade globalization and economic integration are the two main tendencies of the development of present world economy. The development of economy, the progess of science and technology, together with the informationalization drive the world into an unprecedented era of globalization where the competition is extremely intense, which chanllenges the modern enterprises all-rounded. Under these circumstances, the enterprises, who can rapidly assimilate the modern management theories and methods and apply them, can first obtain the initiative and absorb new methods to strengthen their competitive power to win the market.This article makes a systematic analysis on the competitive strategy and the value chain system of the enterprise from the angle of competitive strategy. It discusses the forming of the competitive advantage, cost advantage and diversity advantage of the enterprise under the management of the value chain, as well as the operation chain-the basis of the value chain. From the angle of the combination of funds flow, value flow and information flow, the article also researchs the cost of the enterprise operation and its motivation, which lay a foundation for the optimization of the operation chain and the reducement of the operation cost together with the realization of the optimization of the inner value chain of the enterprise. A thorough study is made on the regeneration of the value chain on the basis of the competitive strategy-the disintegration and the integration of the value chain. Through the study of the disintegration of the value chain, the core profession of the enterprise is distinguished from the non-core profession which is subcontracted to form the core competitive power of the enterprise; Through the study of the integration of the value chain, the strategic alliance of the enterprises worldwide is formed to improve the market influential power of the enterprise and satisfy the market needs promptly. Based on the theory of value chain management, the system of evaluation index and model is formed. The factor analysis is applied to give the quantitative analysis andevaluation of the value chain under competitive advantages to provide referential evaluating methods.With reference to the characteristics of the net-work economy era, the article approaches the new features of the combining methods of the social chain-suppositional value chain of the enterprise, and its own features , as well as its operation mechanism, its competitive advantages, its forming and managing principles, all of which provide the theoretical foundations for enterprises to win the competitive advantages in the market.The above achievements are applied to the confirming study of the Star Ltd.. The combination of theory with practice deserve the research theoretical and practical significance.These achievements are also strategically significant for the conversion of the operating mechanism of the state-owned large and medium-sized enterprises, the realization of scientific management and the establishment of modern enterprise system. It also shows great theoretical and practical value for the enterprise to determine the core competitve power and form the sustained competitive advantages through the realization of the model of the management of the value chain.