臺灣博碩士論文加值系統

時值金融海嘯之蔓延，全球經濟大蕭條，投資環境嚴重萎靡，各國基金市場更湧現贖回潮；反觀國內共同基金市場，基金規模卻在此時期逆勢成長。
由於境外基金總代理制度的實行，使得國內可直接代理並銷售境外基金業者，拓展到一般保險與金融機構。在同業間激烈競爭之下，為了提升營利，業者藉由提升顧客所認知的產品、資訊與服務品質來區隔市場，並發展成為本身的競爭優勢。然而，此種品質改善，是否為導致國內基金規模逆勢突圍之關鍵，不無疑問。本研究即針對此現象，向共同基金投資人進行調查研究。目的為瞭解基金通路業者的何種關鍵因素，能夠讓投資人成為忠誠的顧客。希望研究結果能提供基金通路業者，在改善與精進方面，有具體作為及參考建議，進而在當前金融海嘯期間、未來基金產業之再造，甚至將來前進對岸吸引投資者方面，能有實質上的貢獻。
本研究架構由「產品品質」、「資訊品質」、「服務品質」、「認知風險」、「轉換成本」及「顧客忠誠度」等6項構面所組成。針對國內申購共同基金的投資人為隨機抽樣對象，問卷則透過投信投顧、銀行、券商及保險公司的服務人員來進行發放，此四大基金通路業者各發放200份問卷，合計共800份，有效回收問卷共185份，整體有效問卷回收率為23.1 %。
研究方法係利用結構方程模式（Structural Equation Modeling, SEM）來驗證。其中SEM的衡量模式（Measurement Model）是以驗證性因素分析（Confirmatory factor analysis, CFA）來檢驗理論模式下的因素結構，同時檢驗測量項目的信度與效度，而SEM的結構模式（Structure Model）主要在探討變數之間的因果關係，並分析各變數間對「顧客忠誠度」構面的影響。
結果顯示以「服務品質」為最重要關鍵因素，其次為「資訊品質」，再者為「轉換成本」，這表示共同基金投資人對四大通路業者的服務人員，在專業與信任上，是能夠心安且認同的，以致於服務人員所提供的服務，能有效降低投資人對風險不確定性的情緒。此外再透過時事、產經趨勢的資訊輔助，投資人能夠更為理性地確認，所選擇的產品與合作夥伴。當投資人過度依賴服務人員，與資訊系統所提供的消息時，投資人將會逐漸降低其轉換的能力，進而造成轉換成本的提升，最後投資人面臨過度的依賴以及較高的成本時，在無法與不願意轉換的情況下，便強化了顧客的忠誠度。

During the period of widespread Financial Tsunami, the Great Depression affects the global economy. Investment environment is seriously decreasing, and the Fund market turns out redemption trend. Compared to domestic mutual fund market, the growth of fund-scale takes place during this period.
As a result of the implementation of Offshore Fund Master Agent System, domestic broker who can acquire and sales overseas offshore fund extended to general insurance and financial organizations. Under the intense competition of the same industry, in order to enhance profitability, companies segment market with improving and enhancing product quality, information, and services and then develop into their own competitive advantage. However, it is no doubt that distributors improve their quality whether the key trigger of the size of the domestic fund breakthrough contrarian.
This study focuses on this phenomenon and conducts a survey of mutual fund investors. The purpose is to understand the key factors of the fund distributors which enable investors to become loyal customers. I hope the findings will provide the fund distributors a specific conduct and a reference suggestion in the aspect of improvement and refinement. In addition, I hope these findings have substance contribution during the Financial Tsunami and the reconstruction of fund industry in the future.
The frame composes of 6 dimensions: “product quality”, “information quality”, “service quality”, “perceived risk”, “switching cost”, and “customer loyalty”. In this study, the random sample is domestic mutual funds investors, and the questionnaire provided through the employees of 4 major distributors, including investment trust and consoling, banks, brokers, and insurance companies This study totally provided 800 questionnaires and 200 questionnaires for each of the distributors A total of 185 completed questionnaires were directly returned to the researchers (constituting a 23.1 percent response rate).
Methodology of Structural Equation Modeling (SEM) had used to examine and verify. SEM Measurement Model examined the factor structure of theory, reliability and validity in this study that used by Confirmatory Factor Analysis (CFA). SEM Structure Model examined the causal relationship between latent variables and further analyzed the effects on “customer loyalty”.
The results showed that the "service quality" is the most important key factor, followed by "Information Quality" and "switching costs". This means that fund investors feel at ease and identify with the profession and trust of the employees of 4 major distributors so that services provided by agents are able to reduce the risk of uncertainty. Besides, investors can rationally verify their financial derivatives and partners through the assistance of current trend information when investors excessively rely on agents and information system, they will gradually reduce their ability to convert and increase the switching costs. Finally, when investors face over-reliance and high costs, they strengthen customer loyalty under the circumstance of unable and unwilling to convert.

謝詞 ----------Ⅰ
中文摘要 ----------Ⅱ
英文摘要 ----------Ш
目錄 ----------IV
表次 ----------V
圖次 ----------Ⅶ
第一章 緒論-----------------------------------------------------------1
第一節 研究背景與動機--------------------------------------------------1
第二節 研究問題與目的--------------------------------------------------3
第三節 研究範圍-------------------------------------------------------4
第四節 研究流程-------------------------------------------------------5
第二章 文獻探討-------------------------------------------------------6
第一節 共同基金之介紹--- ----------------------------------------------6
第二節 品質認知------------------------------------------------------10
第三節 顧客價值------------------------------------------------------21
第四節 顧客忠誠------------------------------------------------------29
第三章 研究方法------------------------------------------------------35
第一節 研究架構------------------------------------------------------35
第二節 研究假說------------------------------------------------------36
第三節 研究變數與衡量問項---------------------------------------------37
第四節 問卷設計與抽樣調查---------------------------------------------42
第五節 資料分析方法--------------------------------------------------44
第四章 資料分析------------------------------------------------------56
第一節 樣本資料敘述性統計分析-----------------------------------------56
第二節 SEM衡量模式分析-----------------------------------------------62
第三節 SEM結構模式分析-----------------------------------------------74
第四節 假說驗證-----------------------------------------------------87
第五章 研究結論、限制與建議--------------------------------------------88
第一節 研究結論------------------------------------------------------88
第二節 管理意涵------------------------------------------------------91
第三節 研究限制與建議-------------------------------------------------93
參考文獻------------------------------------------------------------95
附錄---------------------------------------------------------------101
表次
表2-1 國內外共同基金規模----------------------------------------------7
表2-2 品質定義彙整表------------------------------------------------12
表2-3 產品品質衡量構面彙整表----------------------------------------15
表2-4 投資過基金者的投資評估準則--------------------------------------15
表2-5 PZB服務品質之決定因素------------------------------------------16
表2-6 資訊品質衡量構面彙整表-----------------------------------------21
表2-7 其他學者對轉換成本衡量構面之彙整表-------------------------------28
表3-1 產品品質之衡量問項---------------------------------------------38
表3-2 資訊品質之衡量問項---------------------------------------------39
表3-3 服務品質之衡量問項---------------------------------------------40
表3-4 認知風險之衡量問項---------------------------------------------40
表3-5 轉換成本之衡量問項---------------------------------------------41
表3-6 顧客忠誠度之衡量問項-------------------------------------------42
表3-7 問卷設計------------------------------------------------------43
表3-8 SEM模式假定---------------------------------------------------54
表4-1 本研究問卷發放及回收情形統計表----------------------------------57
表4-2 本研究受訪投資人在性別部份之統計表------------------------------57
表4-3 本研究受訪投資人在年齡結構之統計表------------------------------58
表4-4 本研究受訪投資人在職業結構之統計表-------------------------------59
表4-5 本研究受訪投資人在平均月收入部份之統計表------------------------60
表4-6 本研究受訪投資人在教育程度部份之統計表---------------------------61
表4-7 本研究受訪投資人在申購基金方式之統計表---------------------------61
表 4-8 本研究SEM衡量模式潛伏變數及顯現變數關係之估計值-----------63
表 4-9 本研究SEM衡量模式各變數之信度分析表----------------------66
表 4-10本研究SEM衡量模式潛伏變數的相關係數矩陣----------------------67
表 4-11 本研究SEM衡量模式適配度指標及判定標準---------------------------68
表 4-12 界定搜尋的問題與操作建議---------------------------------------69
表 4-13 本研究SEM衡量模式修正流程-------------------------------------70
表 4-14 本研究SEM衡量模式修正後潛伏變數及顯現變數關係之估計值-------------70

表次
表4-15 本研究SEM衡量模式修正後各變數之信度分析表-----------------------72
表4-16 本研究SEM衡量模式修正後潛伏變數的相關係數矩陣---------------------73
表4-17 本研究SEM衡量模式修正後適配度指標及判定標準-----------------------74
表4-18 本研究SEM結構模式潛伏變數的符號定義------------------------------75
表4-19 本研究SEM結構模式顯現變數的符號定義------------------------------75
表4-20 本研究SEM結構模式適配度指標及判定標準----------------------------77
表4-21 本研究SEM結構模式潛伏變數與顯現變數關係之估計值-------------------77
表4-22 本研究SEM結構模式潛伏變數之因果關係估計值------------------------79
表4-23 本研究SEM結構模式修正流程--------------------------------------80
表4-24 本研究SEM結構模式修正後適配度指標及判定標準----------------------80
表4-25本研究SEM結構模式修正後潛伏變數與顯現變數關係之估計值---------------81
表4-26 本研究SEM結構模式修正後潛伏變數之因果關係估計值-------------------83
表4-27 本研究SEM結構模式潛伏內（外）生變數間之總效果---------------------83
表4-28 本研究SEM結構模式潛伏內生變數間之總效果--------------------------84
表4-29本研究假說驗證結果----------------------------------------------87
圖次
圖1-1金融海嘯時期定時定額投資基金的筆數、人數-----------------------------2
圖1-2研究流程圖-------------------------------------------------------5
圖2-2基金行銷流程-----------------------------------------------------9
圖2-3 PZB修正後之服務品質衡量構面--------------------------------------17
圖2-4 DeLone and McLean (2003)的修正資訊系統成功模型------------------19
圖2-5總價值構成圖----------------------------------------------------23
圖2-6忠誠度層次------------------------------------------------------29
圖2-7忠誠形成四階段--------------------------------------------------30
圖 2-8 顧客忠誠之整合型模式-------------------------------------------31
圖2-9 忠誠度三角概念-------------------------------------------------32
圖2-10影響忠誠度之重要因素--------------------------------------------33
圖2-11顧客忠誠度-----------------------------------------------------34
圖 3-1 研究架構------------------------------------------------------36
圖 3-2本研究SEM結構方程模式關係圖--------------------------------------48
圖 4-1本研究SEM結構模式圖---------------------------------------------70
圖 4-2本研究SEM完整模式----------------------------------------------85
圖 4-3研究6個構面因果關係（β與γ值）圖----------------------------------86

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