臺灣博碩士論文加值系統

長久以來，廣告即是行銷手段的重要一環，但一般人皆熟知廣告除了能為企業拓展知名度、傳達產品資訊外，並未深入探究其廣告所帶來之廣大效益，但究竟廣告能為企業帶來什麼效益呢?有鑑於此，本研究橫跨行銷與財務兩個領域，透過檢視廣告與顧客滿意度以及股東價值間的關係，探討行銷策略對財務面的影響。
實證結果指出，廣告確實可為企業創造市場面的無形資產，如:商譽、口碑等，且具有轉換為提升未來企業現金流量效果，進而提高股東價值；除了廣告之外，另一項攸關企業的重要因素也應一併考慮，也是二十一世紀企業最重視的一項重要指標，即顧客滿意度，先前學者研究指出顧客滿意度與股東價值具有正向相關性，本研究結果亦指出顧客滿意度對股東價值呈現正向相關且顯著，故對公司經理人而言，當致力提升顧客滿意度的同時，亦能達到股東價值極大化之目的。
另外在廣告對顧客滿意度以及股東價值的關係實證方面，本研究採用了LISREL模型，將影響過程同時透過顧客滿意度以及直接影響股東價值兩部分來探討，結果顯示，廣告強度經由提升顧客滿意度，使得公司股東價值提高。
對公司經理人而言，本篇論文帶來的管理意涵，將有助經理人制定決策，且能更清楚掌握行銷與財務間的相互影響，以達到股東價值極大化的目標，而非一昧的追求重視財務績效，而忽略了行銷活動所扮演的關鍵角色，這也是本篇論文貢獻所在。

Advertising has been playing an important role in Marketing for a long time. An effective advertising can help the business to promote their brand and convey the product information to the target consumer successfully. In addition, there are some advantages of advertising haven’t been discovered yet. The purpose of this study is to combine “Marketing” with “Finance” to explore the influence of marketing strategies on finance by discussing the relationship between advertising, customer satisfaction and shareholder value.
The empirical study finds two important elements influencing on the shareholder value. First, advertising can create the intangible assets such as goodwill and reputation and transform those intangible assets into the cash flow to the business, and then increase the shareholder value. Second, according to the past study asserting that there are positive relationship between the customer satisfaction and shareholder value, this study also gets the positive and significant result.
This study applied the LISREL model to verify the relationship between advertising, customer satisfaction and shareholder value through the process of direct and indirect effect on shareholder value. We find that the indirect effect of advertising is significant because the advertising increases shareholder value indirectly by increasing the customer satisfaction.
The findings of this study can help the business manager to realize the interactions between “Marketing” and “Finance” and to make strategic decision to maximum the shareholder value by noticing that the role of marketing is as important as the financial performance.

第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構以及流程 5
第二章 文獻探討 6
第一節 顧客滿意度介紹 6
第二節 廣告支出對顧客滿意度之影響 10
第三節 廣告支出對股東價值之影響 11
第四節 顧客滿意度對股東價值之影響 14
第五節 廣告支出透過顧客滿意度對股東價值之影響 17
第三章 研究設計 18
第一節 研究模型 18
第二節 假說建立 19
第三節 研究變數之測量 20
第四節 樣本及資料來源 25
第四章 實證結果與分析 26
第一節 敘述性統計分析 26
第二節 LISREL模型實證結果 27
第三節 實證結果彙總 34
第五章 結論與建議 35
第一節 研究結論 35
第二節 研究限制 36
第三節 未來研究建議 37
附錄 38
參考文獻 52

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