自從1991年美國總統柯林頓提出以創新冒險為知識產業揭開序幕以來，歷經20世紀末網路泡沫化的刺激，探討無形資產的論文與各類文獻如雨後春筍， 而努力找出企業無形資產與該公司市場價值的評量工具更是專家學者的急迫任務。 與無形資產息息相關的學說，以智慧資本討論最具有代表性，自從1969年John Kenne Galbraith首度提出智慧資本的定義到今日為止，已有數十位知名學者以不同的觀點、領域探討著智慧資本的定義；然而智慧資本的相關課題、學說及論述雖然歸納出無形資產的全貌，卻仍無法做為評量各產業企業價值的基礎，更遑論能讓投資方，融資機構及無形資產企業有一個評量無形資產價值的參考指標。 無形資產價值因企業範疇與生產流程具有專屬特性，本研究期望透過研究者本身產業背景、專家問卷及業界訪談進行彙整、歸納出遊戲企業無形資產之價值驅動因子。再以彙整之無形資產價值驅動因子，進行遊戲產業關鍵成功因素的探討。在研究者與專家討論及訪談確認的關鍵成功因素基礎上進行問卷設計，進而對五家遊戲公司進行調研。 最後將調研進行統計整理， 歸納出遊戲產業成功關鍵因素以相對重要性而言有「團隊質量」、「競爭優勢」及「市場影響力」，而此三種關鍵因素應可做為評價遊戲企業價值的參考指標。 / Since US President Clinton proposed regarding innovating and taking risks as the prelude of opening of knowledge industry in 1991， go through the stimulus of the internet bubble in the end of the 20th century， there are lots of papers and documents studying about the intangible assets， and It become the more urgent issue for experts and scholars to make full efforts to find out the valuation tool for measuring the intangible assets and the market value of enterprises. The Intelligence Capital(IC) is the most representative theory which is closely linked with intangible assets， since John Kenne Galbraith proposed the definition of the intelligence capital up to today for the first time in 1969， there have been several dozens of famous scholars with different views and fields discussing the definition of intelligence capital already; However， the relevant subjects and theory about intelligence capital sum up the general situation of the intangible assets， but still not yet to become the standard valuation method to evaluate the value of every industry as well as enterprise， even can not to be the reference indicator to evaluate the intangible assets for the investor、financing organization and those enterprises with intangible assets . The value of the intangible assets has specific characteristics due to the different business model and production procedure of the company. Researcher expects to sum up the the intangible assets value drivers of enterprises in the game industry through her own industry background as well as gathering expert questionnaire and industry interview. Researcher has collected the most value drivers of intangible assets from relevant papers and interviews， also make discussions with the key person from game company on KSF. After designing the questionnaire based on the confirmed KSF， the study has surveyed five game companies to get primary data. Through the whole explored process ， finally got the conclusion that the most important KSF of the game industry are ' the group's quality ' ， ' the competition advantage ' and ' the marketing power '， which are educed from the stat. data， and this three kinds of KSF could be run for the reference indicators of measuring game company value.