臺灣博碩士論文加值系統

現今企業所關心的，是顧客各方面對企業的評價，也就是顧客滿意。根據理論與相關研究說明，顧客滿意對公司的未來營運發展有重大關連，也影響著公司價值。並且我們知道，財務報表不能完全反應公司的價值，而需要其他的輔助來評價公司的議題一直存在者，因此對一些對公司價值有很大影響的非財務物指標揭露需求越來越大。而顧客滿意正是能夠提供這種相關資訊的非財務重要指標。
實證指出，顧客滿意對公司價值為正向顯著影響，且顧客滿意會影響超額盈餘對公司價值的解釋；而顧客滿意越高的公司，其超額盈餘對公司價值的正向影響就會越大，使我們瞭解除了考量顧客滿意與超額盈餘對公司價值的影響外，也應該去考量其交互效果所能帶來的資訊，而不是只有討論個別的資訊對公司價值的影響。
利用LISREL，我們可知道當期顧客滿意對超額盈餘及公司價值的影響皆為正向外，也知道當期顧客滿意模型較好，對超額盈餘及公司價值的解釋有較好的配適。此外，也說明了前期顧客滿意對超額盈餘及公司價值的影響與當期顧客滿意意涵相同。但是顧客滿意變動量，雖對超額盈餘有正向的影響，但是對公司價值的影響卻不顯著，可能的原因有很多，可能是理論上本身就有相斥的結果，但是也有可能是投資者並不會把變動量視為重要的資訊，他們只需要絕對的大小（當期顧客滿意或前期顧客滿意）來幫助他們評價。
本研究的貢獻在於，過去的研究往往只考慮顧客滿意對公司價值的影響，而沒有考慮顧客滿意與超額盈餘交互項所能提供更多的資訊內涵。而且檢視當期顧客滿意組成，以瞭解其對超額盈餘與公司價值的影響是否有所不同，以對顧客滿意有更全面的瞭解。

What do the enterprises concern most now is how the customers value their company. Customer satisfaction is the most important thing for enterprises to focus. Besides, financial statement can not fully reflect the value of the company, we need other information to help us to know value them, and customer satisfaction is such a thing we need.
In the past research, they show the relationship between customer satisfaction and equity value. In this article, there is further discussion about this relation- is there any interactive effect between the customer satisfaction and abnormal earning to affect equity value? Would this effect bring incremental information content to help us value the company?
The next part of this article is to discompose current customer satisfaction into the former customer satisfaction and the change of customer satisfaction, to see if they both have information content, and if influence abnormal earning and equity value.
The main contribute of this article is to have more detail discussion in the information of customer satisfaction. Thus it makes us know more about the customer satisfaction, and give us the other way to think about valuation of the company.

第1章 序論 1
第1節 研究動機與目的 1
第1項 研究動機 1
第2項 研究目的： 3
第2節 研究內容與項目： 5
第2章 文獻回顧 6
第1節 顧客滿意的理論與意涵 7
第2節 顧客滿意度對公司績效的影響 11
第3節 顧客滿意對資本市場的影響 15
第3章 研究方法 20
第1節 迴歸模式 21
第1項 Ohlson 理論模型 21
第2項 Ohlson實證模型與變數定義 25
第2節 線性結構關係模式(Linear Structure Relation, LISREL) 27
第1項 LISREL之基本概念 27
第2項 結構方程式 32
第3項 衡量模式 34
第4項 LISREL之模型假設 37
第3節 研究假說 40
第4節 樣本選取條件與資料來源 42
第4章 證結果與分析 44
第1節 基本統計量分析 44
第2節 對公司價值及對超額盈餘影響公司價值－Ohlson模型 45
第3節 顧客滿意、前期顧客滿意與顧客滿意變動量對公司價值及對超額盈餘影響－LISREL模型 49
第1項 整體配適度分析 49
第2項 模式內在結構配適度 (結構方程式) 52
第5章 結論與建議 56
第1節 研究結論 56
第2節 研究限制與建議 57
附錄 59
參考文獻 62

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