目前多數國內外研究學者對顧客滿意與總資產報酬率之間具有正向相關性已普遍接受，但顧客滿意對總資產報酬率的影響是即刻的還是遞延的則還未受到重視。因此，為彌補此一空白處，將藉由大陸汽車產業來探討顧客滿意對公司價值的影響是即刻的還是遞延的。另外综合淨利及投入資本亦為影響公司價值重要之因素，因此本研究欲將前期與當期顧客滿意度、綜合淨利及長期投入資本與公司價值關係以大陸汽車產業作實證研究做深入探討。
實證結果可得下列結論1.顧客滿意度對公司價值具有遞延效果 2.綜合淨利及投入資本對公司公平市價具有正向影響。也可以說顧滿意對公司價值並非沒有影響，而是具有正向之影響，只不過這種正向影響具有遞延性。

Conventional wisdom believes that customer satistaction has a positive effect on profitability, normally measured in such terms as return on assets(ROA). It is not, however, clear whether customer satisfaction has a current effect or lagged effect on profitability—an issue of importance but largely neglected. I fill the void by examining how current current and past customer satisfaction performance affects corporate value(China automobile industry). In addition, comprehensive income and investment capital are also important causes to corporate value. As a result, I take comprehensive income, investment capital and current and past customer satisfaction performance into account to see the relationship with corporate value.
Results show that current customer performance bears no relationship to corporate value while past customer performance is a positive effect on corporate value. Comprehensive income, investment capital also have positive effect on corporate value. That is, customer satisfaction performance has a lagged effect on corporate value

第一章 緒論 1
第一節 研究背景與目的 1
第二節 研究目的 - 1
第三節 研究架構 5
第二章 文獻探討 7
第一節 顧客滿意度及其衡量 ---7
第二節 公司價值及評價模式 22
第三節 公司滿意度對公司價值之影響 34
第三章 研究方法 38
第一節 觀念性架構 38
第二節 研究假說 39
第三節 研究變數及操作模型定義 42
第四節 樣本選取與資料來源 46
第五節 統計分析方法 52
第四章 實證分析 54
第一節 敘述性統計分析 54
第二節 顧客滿意度與公司價值關聯性分析 57
第五章 結論與建議 65
第一節 結論 65
第二節 研究限制 67
第三節 研究建議 68
參考文獻 69
附錄 75
表目錄
表2-1：顧客滿意度之定義彙整 7
表2-2：ECSI模式潛在變數與衡量變數定義 18
表2-3：相對評價法的優缺點比較表 27
表2-4：EBO與DCF之比較表 32
表2-5：EBO模型應用—國外文獻整理 33
表3-1：本研究之樣本公司 47
表3-2：自變數資料來源 48
表3-3：因變數資料來源 48
表3-4：資料分析流程 49
表4-1：所有樣本敘述性統計 52
表4-2：Pearson相關係數 55
表4-3：變異數膨脹因素值 56
表4-4：當期顧客滿意度與公司價值之迴歸
各項參數估計值 57
表4-5：前期顧客滿意度與公司價值之迴歸
各項參數估計值 59
表4-6：前期及當期顧客滿意度與公司價值之迴歸
各項參數估計值------------------------------------ 62





圖目錄
圖1-1：研究流程 6
圖2-1：顧客滿意度公式 10
圖2-2：顧客滿意理論的形成 12
圖2-3：ACSI模式 17
圖2-4：ECSI架構圖 18
圖2-5：中國顧客滿意指數測評基本模型 20
圖2-6：智慧資本之價值平台 --------35
圖4-1：樣本公司顧客滿意度指數曲線圖 --55

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