Based on the theoretical perspective of value co-creation, this study refines the construct of value co-creation incentive and, using private enterprises in Shandong Province as the research sample, explores the relationships among value co-creation incentive, corporate culture, and talent competitiveness of private enterprises. The results show that value co-creation incentive has a significant positive impact on the talent competitiveness of private enterprises, among which the dimension of achievement incentive has the strongest influence. After corporate culture is introduced as a moderating variable, it is found to have a significant moderating effect on the relationship between the two, and its moderating effect is related to the types of corporate culture. Among them, team culture, innovation culture and task-competitive culture have a positive moderating effect on the talent competitiveness of private enterprises, while hierarchical culture has a negative moderating effect. Among the four cultural types, innovation culture has the strongest moderating effect. These findings suggest that only when incentive system innovation is coupled with an appropriate cultural configuration can private enterprises enhance talent value co-creation and strengthen their competitiveness.