As a representative of the sharing economy business model, TikTok, a short-form mobile video-sharing social networking platform, has numerous consumers worldwide. Based on the background of the development of information technology and value co-creation theory, this paper analyzes the relevance between information and communication technology and the sharing economy; studies the internal mechanism between consumer participation behaviors and consumer stickiness under different emotions; and expounds the impact of consumer participation behaviors on consumer perceived value. The structural equation model was used to analyze 902 questionnaires collected from TikTok consumers. The research results reveal that positive consumer participation behavior has a positive effect on consumer perceived value, negative consumer participation behavior harms consumer perceived value, and consumer perceived value has a positive impact on consumer happiness and stickiness. Consumer happiness plays an intermediary role between consumer perceived value and consumer stickiness.