Objective： To analyze the influencing factors of investment management of hospital intangible assets, so as to provide countermeasures for establishing and optimizing the investment management system of hospital intangible assets. Methods： Taking hospital reputation as an example, we analyzed its role in the investment management of hospital intangible assets and the maintenance of hospital reputation in an economic perspective using Shapiro model and game theory. Results： The factors, such as the blueprint of hospital, efficiency of medical quality information transmission, and cost variance, all influenced the reputation of hospital. Conclusion： In the health care field, stable property right system should be established and market information agents should be cultivated. The administrative actions of involved departments should abide by the related regulation and the running system of hospitals should be optimized.[