With the recent rapid growth of fake mobile phones in China’s mobile market, the objective of this study is to address this important issue by exploring the specific antecedents of consumers’ perception of value, as drawn from value-based theory. Perceived risks, which are modelled by four risk dimensions (physical, performance, social, and warranty), and value for money, are highlighted as the two key precursors of the perceived value and, further, relationships among these dimensions are examined by Partial Least Squares (PLS) analysis. The results of this empirical research, as expected, support the dimension of perceived risk consisting of the four types of perceived risk, and the impact on perceived value and value for money. Furthermore, the influence of value perceived as value for money is also confirmed to have a positive correlation.