摘 要 在現今多元化商品選擇的社會中,一旦顧客對產品或服務不滿意,則立即終止與該廠商的關係。因此,顧客滿意成為各廠商急欲追尋的目標。 惟過去部分研究實證結果卻未能明確指出顧客滿意和廠商財務績效間呈現正向關係。為探討何種因素造成部分研究結果和一般實務上之認知不同,本研究加入產業集中度做為干擾變數,以為此不一致的情形提出解釋。而後並更進一步從投資者的角度,探究廠商對於顧客滿意的投入是否同樣有助於廠商長期投資價值的成長。 本研究以2004年至2008年天下雜誌所舉辦「標竿企業聲望調查」之廠商資料做為樣本對象,並選用適合分析跨期資料型態的固定效果迴歸模型以驗證假設。 實證結果顯示,當位處於產業集中度低之產業情境中,廠商投入於追尋顧客滿意對財務績效有正向影響;反之,當位處於產業集中度高之產業情境中,廠商投入於追尋顧客滿意則對財務績效有負向影響。另若從投資者的角度分析顧客滿意和公司長期投資價值間的關係,亦呈現相似之結果。本研究釐清了各研究對於「顧客滿意和廠商財務績效間關係」有不一致結論之問題所在,並提出最適滿意度曲線之發現,在低產業集中度時,顧客滿意度宜高;在高產業集中度時,顧客滿意度適中即可,太高之顧客滿意度,會有浪費之傾向。
Abstract In the current society of diversified product choices, once the customer is not satisfied with the product or service, he may terminate immediately the relationship with the manufacturer of product or the service provider. Therefore, customer satisfaction has become a goal that each company is eager to pursuit. However, some of past empirical results could not clear indicate that there was a positive relationship between the customer’s satisfaction and enterprise’s financial performance or even the empirical results were not consistent. In order to explore what factors cause the difference between the research results and practical cognition, this research includes industry concentration degree as a moderating variable and is trying to explain the inconsistency. Then from the angle of an investor, this research will further to explore whether a company’s input in customer satisfaction is helpful to the growth of their long-term investment value in the meantime. This research took the data of enterprises in the “Reputation Survey among Benchmarking Enterprises” sponsored by Commonwealth Magazine between 2004 and 2008 as the sample subjects. This research also adopted fixed-effects regression model that is suitable for the analysis of cross-period type data to verify the hypotheses. The empirical results shows that in an industrial situation of high concentration, a company investing in the pursuit of customer satisfaction will have positive effect on their financial performance; on the contrary, in an industrial situation of low concentration, a corporate investing in the in the pursuit of customer satisfaction will have negative effects on their financial performance. If we analyze the relationship between customer satisfaction and a corporate long-term investment value, the results is the same. This research clarified the problem of inconsistency of conclusion on “The Relationship between Customer Satisfaction and Corporation Financial Performance” and provided the finding of the optimal satisfaction curve: when the industry concentration degree was low, the customer satisfaction should be higher whereas when the industry concentration degree was high, the customer satisfaction could be moderate and too high customer satisfaction might cause waste.