The global e-waste problem is becoming increasingly serious. China, as one of the largest producers and consumers of electronic products, still has a low formal recycling rate. Consumers, as the owners of waste electronics, are the key to successful reverse logistics. However, many choose to store or dispose of e-waste at home rather than use official recycling channels. While many previous studies focus on factors that encourage recycling, fewer examine what stops people from taking part. This study applies Valence Theory to identify the factors that increase consumers’ psychological resistance to recycling small e-waste in China’s first-tier cities. It also examines how these factors influence social value and resistance behavior. The research model includes perceived price unfairness, perceived inconvenience, perceived benefits, and information publicity, with social value as a mediator. Data were collected through an online survey of 303 residents in Beijing, Shanghai, Guangzhou, and Shenzhen. Structural equation modeling (SEM) was used for analysis. The results show that perceived inconvenience and perceived benefits significantly influence social value. Perceived price unfairness, perceived inconvenience, and social value significantly affect consumer resistance. These findings expand the application of Valence Theory in e-waste research and address gaps in the Theory of Planned Behavior by considering both perceived risks and benefits. Practically, this study suggests that manufacturers, recyclers, and policymakers should improve recycling facilities, make the process more convenient, ensure fair and transparent pricing, and create targeted measures to reduce consumer resistance and encourage participation in formal recycling systems.