Web2.0的概念自2005年被首次提出後，隨即在網路上造成一股革命的風潮，伴隨著Web2.0的特性，網路社群經營也變成了一門重要的網路企業經營顯學，以往單純的網路行銷或電子商務，在加入Web2.0的概念後，都從網路經營的本質起了很大的轉變。因此本研究即以個案研究的方式，來探討Web2.0旅遊網站的社群經營與價值共創的關係，並繼續延伸探討Web2.0旅遊網站的經營模式建議。 本研究選定澎湖的旅遊網站-沿著菊島旅行網站，作為本研究的個案網站，不同於一般Web2.0網站的社群經營，都是以虛擬社群的經營為主，本研究的個案網站卻是把實體旅遊業者納入社群經營的一支，創造出新的虛實整合經營模式。本研究即藉由深度訪談和焦點訪談，搭配DART和資策會的網站價值評鑑分析法，分析個案網站和實體旅遊業者在虛實整合下的共創價值模式，並以此為基礎，分析歸納出可行的網站經營建議方案，作為個案網站在未來的經營方向之參考。 / The concept of Web2.0 was published in 2005 for the first time and immediately became a new trend in internet business and internet study. In Web2.0 world, the e-commerce and e-business are no longer same and the virtual internet community becomes more important than ever too. In this thesis we’ll use a case study to figure out the new trend of communities management and value co-creation of Web2.0 travel websites. Our case website is a travel website named PHsea. It’s a travel website established for promoting Peng Hu tourism. But not like other travel websites in Taiwan, PHsea was the first travel website to manage the real community (tourist industry) in a way like virtual community and make real community and virtual community working together to create values for both sides. It’s a new discovery and in this study we’ll use the assessment method such as DART to find the authentication of value co-creation relationship by real community, virtual community and case website. In the end of this study we’ll try too find a possible business model for our case website too.