Abstract: This paper firstly expounds that commercial reputation is the inevitable result of developed commodity economy,which is born from the crack of commodity price deviating from its value and is mature in the flourishing period of commodity economy. Then,it discusses the interaction of commercial reputation and visible capital,and the function of value stores and the use value of commercial reputation. Finally,it puts forward a ratio analysis method of commercial reputation,which can be used to evaluate the commercial reputation of enterprises.