Exp lo it ing and learn ing ex ternal techno logy and m anagem en t experience is mo st pow erfu l w ay of develop ing and imp roving IT p ro ject. Th is paper app lies two2stage gam e in to analyzing the p rocesses of IT ou t sou rcing, and discu sses the effect s of IT cap ital, investm en t and labo r resou rce on IT p ro ject’s p roperty righ t. Th is paper suggest s that the impo rtance of all inpu t s shou ld be analyzed and so rted in the p rocesses of choo sing the st ructu re of p roperty righ t and the o rgan izat ion of IT p ro2 ject, and that negat ive effect of inpu t s igno red show ld be con t ro lled. Especially, the m anagem en t and stab ility of hum an resou rce show ld be of great concern. Th is paper fu rther suggest s that any invest2 m en t of part icipan t sm u st be on the f ields in w h ich they specialize. F inally, w e p rove that any p roper2 ty righ t st ructu re of IT p ro ject w ill cau se under2investm en t in specialized f ields, and that themo st fea2 sib le st ructu re of p roperty righ t is the comparat ive resu lt ofm any st ructu res. The key p rob lem is how to imp rove m arginal u t ility of investm en t.