2000年dot com泡沫化後，許多人對於網路公司的夢想破滅，網際網路回到更務實的面向。網路中的價值創造並非無中生有，但是網路的價值創造打破了價值鍊的架構，而是以一種共創(Co-creation)的形式來進行。本研究以個案探討的方式，深入研究台灣具代表性的BBS虛擬社群平台，藉以探討下列三個問題： --在虛擬社群中，社群成員、發展者與社群平台如何共創價值？ --商業化與非商業化社群在價值共創上是否有所不同？ --從非商業化到商業化的過程中，虛擬社群的組成有何變化？ 研究發現顯示，虛擬社群間的共創價值活動，仰賴著共同的經驗網路，以價值星系的方式來創造。而因為社群組成與內容的不同，會面臨不一樣的管理議題與平台需求。合適的跨平台與平台多角化，將可以拓展虛擬社群間共同的經驗網路，增加價值共創的機會。 而商業化與非商業化的虛擬社群，在價值共創的本質上並無不同，但是社群平台商業化色彩過濃將影響社群成員在其中的活躍度。非商業化社群的經營在學術網路的規範下，能取得營運經費的管道較少。但相對而言是一個較佳的發展環境。 從非商業化到商業化的過程中，產權的轉移需要妥善規劃，而在管理風格與管理理念上，也不應該有太大幅度的變動，否則將導致社群成員的重組、甚至流失。 / After the dot com foam, the dream to the internet company of a lot of people evaporated. The internet got back to more practical facing in 2000. The value in the internet is created and does not create something out of nothing, but the value of the internet creates the structure of breaking the value chain, but goes on in a kind of form created “Co-creation". The way probed into by the case in this research, further investigate representative BBS platform of virtual community of Taiwan, and use to probe into the following three questions: --In the virtual community, how with the platform, community, and developer create value? --Is commercial community different from in-commercial community in value co-creation? --From commercialization to commercialized course, what changes does the composition of virtual community have? Discover that shows, value creation activity among the virtual communities are dependent on the common experience network; create by way of value galaxy. And because the community makes up different content, it will face the different management topic and platform demand. Suitable stepping the platform can expand the common experience network among the virtual communities; offer more opportunities that value is created. Commercialization and in-commercialization virtual community are not different on the essence that value creates, but it will influence community members in activeness degree among them that the commercialized color of community platform is passed thick. Commercialize management of community under academic norm of network, can is it operate channel of funds less to obtain. But comparatively speaking a better development environment. From commercialization to commercialized course, the transformation of the property right needs appropriate planning, in idea; there should not be change by a large margin either in the managerial style and management, otherwise cause the reorganization, even loss of community members.