为了探究内容营销中，平台、商家、创作者在现金激励和流量激励两种模式下的最优决策及关键市场因素的影响机制，构建两种激励策略下的商家收益模型，比较各方决策与收益。研究表明：①商家的现金激励金额和流量激励数量均与创作者基础流量负相关，创作者基础流量越大，商家的现金激励金额与流量激励数量都越少；②创作者的最优努力水平与参与内容营销的创作者数量有关，创作者数量越多，其最优努力水平越低，故创作者需根据市场竞争调整努力投入；③商家选择激励策略时应考虑创作者数量与自身市场规模，若市场规模大且招募创作者少，宜采用流量激励，随着市场规模减小或创作者增多，可转向现金激励。

To analyze the optimal decisions of platforms, sellers, and creators under both monetary and traffic incentive modes in content marketing, as well as the mechanisms through which key market factors exert their influence, this study develops profit models for sellers under both incentive strategies. By comparing the decisions and profits, we find that: ① The monetary amount and traffic support provided by sellers are negatively correlated with the creators’ basic traffic, the larger the basic traffic is, the lower the monetary incentive amount and traffic incentive quantity offered by sellers are. ② The creators’ effort is affected by the competition among creators, in specific, the optimal effort level of creators decreases as the number of participating creators increases, suggesting that creators should adjust their efforts based on market competition. ③ Sellers should choose an incentive strategy by considering both the number of creators and their own market scale. When the market scale is large and few creators are recruited, traffic incentives are preferred; As the market scale shrinks or the number of creators grows, monetary incentives become more suitable. This study offers theoretical insights and practical guidance for sellers, creators, and UGC platforms in content marketing.