自從1980年代中期開始，真品平行輸入（即灰色商品，或我國所稱的「水貨」）問題則因廠商的國際擴張策略而益顯重要(Myers & Griffith 1999)。所謂「真品平行輸入」，乃指貿易商自第三地平行輸入與真品貼附相同商標之貨品，以取得市場佔有率之行為。而過去對於灰色市場的研究，多半從灰色市場是否違反商標法(Gallini & Hollis 1999、Inman 1993)、或是「價格歧視」(price discrimination)所引發的套利問題與搭便車的行為為主(Malueg & Schwartz 1999、Shepherd 1997、Richardson 2002、王健全1992)等。間或有些文獻從灰色商品之發生、性質與影響出發(Myers 1999)。然而，卻很少有文獻直接探索消費者個人之「內在動機」（如最適刺激水準）與「探索性行為傾向」對灰色商品屬性選擇之影響，此亦為本研究之主要動機。
根據上述研究動機，本研究之主要目的為：第一、界定灰色市場的定義、成因、以及相關文獻之探討。第二、瞭解在水貨的「情境刺激」下，是否會影響消費者對水貨屬性的偏好？第三、瞭解消費者最適刺激水準是否會透過探索性行為，進而影響消費者對水貨屬性的選擇。
本研究實證分析以「實驗設計」法進行，以某大學日間部學生為實驗對象，其中一組接受水貨情境刺激，另一組則否。並利用「聯合分析法」、與「LISREL」技術進行資料分析。受測產品為數位相機。其主要結果為：(1)經水貨刺激之組別，其對水貨有較強的偏好。(2)若消費者之最適刺激水準愈高，則愈具有高的探索性行為，其中以多樣化尋求的傾向最高。(3)風險承擔傾向愈高之消費者，其較重視機種之產品屬性。
本研究之主要管理意涵可以分為：(1)對水貨商之策略建議方面：本研究發現，受測者對水貨情境刺激具有顯著影響。因此，水貨商可以利用不同的管道強化水貨的優點，可以促使消費者選購水貨。(2)對代理商之策略建議：由於大部分未受水貨情境刺激的消費者，仍較重視通路來源、與產品屬性，因此代理商可提供差異化的服務。例如，可提供數位相機高階功能操作的免費教學服務、或到府收送維修，以與水貨商品有所區隔。(3)對製造商全球行銷建議：過去研究顯示，水貨的發生對製造商不一定有害(Bolton & Bonanno 1988)。但水貨可能因為售後服務不佳，或無法配合製造商與代理商的廣告活動，以致於無法提升品牌形象。因此，若在此立場，製造商可以採行全球訂價法則(global pricing)，以避免套利行為產生(Keegan, 2005)。

Since the mid-1980s, parallel importation has become an important issue resulting from the international expansion strategy of the company (Myers & Griffith 1999). So-called parallel imports, or gray marketing, arise where a marketer imports branded product from abroad and then diverts and sells them through unauthorized channels. Most academic debates on parallel importing focus on trade mark law (Gallini & Hollis 1999、Inman 1993), price discrimination (Malueg & Schwartz, 1994) and the free-riding problem (Malueg & Schwartz 1999, Shepherd 1997, Richardson 2002). Others are focused on the nature, occurrence, and the influence of the gray marketing (Myers 1999). However, seldom paper has considered consumers’ intrinsic motivation (e.g., optimal stimulation level), exportatory behavior, and their impacts on the purchase of gray goods. This is therefore, the main motivation of this study.
In accordance with the motivation mentioned above, the research purposes of this study includes: first, to define the extension and the nature of gray market. Second, to examine the influence of “stimulating effect”on attributes of gray goods. Third, to examine the mediating role of exploratory behavior between optimal stimulating level and attribute of gray goods.
‘Experimental design’is used to our empirical study. The subjects are divided into two groups: stimulating group and non-stimulating group. Conjoint analysis and LISREL are used to test our hypotheses. The main findings are: (1)‘stimulating group’ shows stronger preference for gray goods; (2) the higher the optimal stimulating level, the stronger tendency of the exploratory behavior; (3) respondents attached to higher risk taking tenancy are likely to take the ‘type’ of a digital camera as an important attribute.
The marketing implications of the study are: (1) for the gray marketers: this empirical study has shown that ‘gray goods stimulating’ has significantly impact on consumers’ purchase intentions. Therefore, the gray marketers could use multiple channels to promote the benefits of gray goods to increase their purchase intentions. (2) For authorized agents: most of the consumers put emphasis on the product quality and after sale service, therefore, authorized agents could put their efforts on differential service, for example, free-teaching class or home fix service to segment the market. (3) For global manufacturers: previous studies show that gray goods may not harm for the profit of the manufacturers (Bolton & Bonanno 1988). However, an improper demonstration of the products or a poor after sale service may hurt the brand image established by the authorized agent and the manufacturer. Thus, the manufacturers could take the global pricing method to avoid the arbitrage by the gray marketers (Keegan, 2005).

第一章 緒 論 1
第一節 研究背景、動機與目的 1
一、研究背景與研究動機 1
二、研究目的 3
第二節 研究流程 4
第二章 文獻探討 5
第一節 灰色商品 5
一、灰色商品之定義與形成原因 5
二、灰色商品之類型 7
三、灰色商品之相關文獻 8
第二節 最適刺激水準 13
一、最適刺激水準之定義 13
二、最適刺激水準之衡量 15
第三節 探索性行為傾向 19
一、探索性行為傾向之定義 19
二、探索性行為傾向之分類 20
三、最適刺激水準和消費者探索性行為傾向之關係 23
第四節 產品屬性 27
一、以商品屬性滿足的類型區分 27
(一) 功利取向屬性(Utilitarian Attributes) 28
(二) 歡樂取向屬性(Hedonic Attributes) 28
(三) 象徵取向屬性(Symbolic Attributes) 28
二、以產品表現方式區分 28
(一) 原生屬性(Essential Attributes) 28
(二) 形式屬性(Formal Attributes) 28
(三) 知覺屬性(Perceived Attributes) 29
(四) 擴大屬性(Augmented Attributes) 29
三、以滿足消費者需求層次來區分 29
(一) 功能性需求(Functional Needs) 30
(二) 經驗性需求(Experiential Needs) 30
(三) 象徵性需求(Symbolic Needs) 30
四、以外顯與內隱的程度來區分 30
(一) 外顯屬性(Extrinsic Attribute) 30
(二) 內隱屬性(Intrinsic Attribute) 30
五、全產品觀念 31
(一) 核心產品(Core Product) 31
(二) 實際產品(Actual Product) 31
(三) 附增產品(Augmented Product) 31
第三章 研究架構與研究設計 33
第一節 研究架構 33
第二節 研究假設 34
一、直接效果 34
(一) 內在動機與探索性行為傾向之關係 34
(二) 探索性行為傾向與產品屬性選擇之關係 35
二、間接效果 37
三、調節效果 37
第三節 變數衡量與操作 38
一、研究變數 38
(一) 最適刺激水準 38
(二) 探索性行為傾向 38
(三) 產品屬性 39
第四節 實驗設計 40
一、實驗對象 40
二、目標產品 40
三、影片設計 40
第五節 抽樣與問卷設計 41
一、抽樣方法 41
二、問卷設計 41
(一) 產品屬性之第一階段問卷設計 41
(二) 產品屬性之第二階段問卷設計 42
第六節 資料分析方法 43
一、描述性統計分析 43
二、信度與效度 44
(一) 信度(Reliability) 44
(二) 效度(validity) 45
1.內容效度 45
2.建構效度 45
三、LISREL 48
四、無實驗組與有實驗組之構面之平均數檢定 48
第四章 實證分析與假設檢定 52
第一節 聯合分析 52
一、階段一：確認最終屬性與水準 52
二、階段二：屬性間環境相關之修正 ─ 建立超屬性 52
三、階段三：資料蒐集 ─ 整體輪廓法 53
四、階段四：估計程序 ─ 以聯合分析混合模式進行 53
五、階段五：估計結果之應用 56
第二節 聯合分析之實證結果 58
一、確認最終屬性與水準 58
二、建立整體輪廓受測體 58
三、樣本體偏好排序分析 59
四、成分效用之估計 61
五、成分效用值之應用 62
第三節 假設驗證與結果分析 65
一、假設一至五之研究模型與估計結果 65
(一) 結構模型與變數衡量 65
(二) 估測結果 68
(三) 假設一至五之整體驗證 71
第四節 本章小結 73
第五章 結論與管理意涵 74
第一節 結論 74
第二節 研究貢獻與管理意涵 77
一、研究貢獻 77
二、管理意涵 77
(一) 給水貨商之策略建議 77
第三節 研究限制與未來研究之建議 81
一、研究限制 81
二、研究建議 82
參考文獻 83
附錄 問卷 90


圖目錄

圖1-1 本研究之研究流程圖 4
圖2-1 OSL理論 (THE WUNDT CURVE) 23
圖2-2 產品屬性以產品表現方式區分 29
圖2-3 產品三層次 32
圖3-1 本研究架構圖 33
圖4-1 環境相關之修正 53
圖4-2 本研究整體輪廓受測體之範例 59
圖4-3 本研究之操作型模型圖 66
圖4-4 本研究之路徑分析圖 71


表目錄

表2-1 最適刺激水準衡量量表總整理 17
表2-2 最適刺激水準與探索性行為之關係以往研究整理表 25
表2-2 最適刺激水準與探索性行為之關係以往研究整理表（續） 26
表3-1 變數衡量之操作型定義表 39
表3-2 樣本基本結構分析 44
表3-3 本研究各構面之信、效度分析表 46
表3-3 本研究各構面之信、效度分析表（續） 47
表3-4 各構面與其問項之平均數分析表 49
表3-5 各構面與其問項之平均數分析表 50
表3-6 各構面與其問項之平均數分析表 51
表4-1 屬性與水準分類表 58
表4-2 回收問卷中各項屬性之重要排序統計表 59
表4-3 回收問卷中各項屬性之水準重要排序統計表 60
表4-4 無實驗組的參數估計值 62
表4-5 有實驗組的參數估計值 62
表4-6 無實驗組的成分效用值與相對重要性權重 63
表4-7 有實驗組的成分效用值與相對重要性權重 64
表4-8 圖4-3之隱藏變數與顯現（測量、觀察）變數彙整表 67
表4-8 圖4-3之隱藏變數與顯現（測量、觀察）變數彙整表（續） 67
表4-9 測量模式之估計係數(Λ)表 68
表4-9 測量模式之估計係數(Λ)表（續） 69
表4-10 結構方程模型係數與模型契合度分析表 70
表4-11 假設驗證結果彙整表 73

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