自二十世紀的八0年代開始，是追求顧客滿意的年代，到二十一世紀，追求顧客滿意的熱潮並未減退，且更積極的追求顧客的價值，但究竟提升顧客滿意度可以帶給公司怎樣的效益?有鑑於此，本研究橫跨行銷與財務兩個領域，透過檢視顧客滿意度與系統風險以及資金成本間的關係，探討行銷策略對財務面的影響。

實證結果指出，顧客滿意度確實可以降低公司系統風險，且兩者間存在非線性的關係；而分產業的探討中顯示出，在服務業中顧客滿意度與系統風險間的關係更加明顯；除了顧客滿意度外，研究也加入廣告費用來探討兩者間的交互關係，結果指出，顧客滿意度及廣告費用的確都可以降低系統風險，尤其在兩者同時使用時，效益將更加明顯，對公司經理人而言，顧客滿意度降低Beta的程度有一極限，最好的方案是與廣告搭配使用，方能持續降低系統風險，並達到股東價值最大化。

另外在顧客滿意度與資金成本關係實證方面，本研究採用了LISREL模型，將影響過程同時透過負債以及權益兩部分來探討，結果顯示，顧客滿意度經由降低權益以及負債資金成本，使得公司整體資金成本下降。

對投資人而言，本篇研究可以帶給他們不同的觀念，了解到顧客滿意度對Beta的影響後，讓行銷資訊也能成為投資人做決策時依據的指標之一；對管理者而言，本篇論文帶來的管理意涵，將有助經理人的決策，更清楚掌握行銷財務間的相互影響，以達到最大化股東價值的目標，這也是本篇論文最大的貢獻所在。

It was an age of pursuing customer satisfaction since 1980, and moreover chasing customers` value in 21century. But how can customer satisfaction improve firm`s value? This article combines marketing and finance together through analyzing interaction between customer, systematic risk and cost of capital.
The empirical evidence presented in this article implies that customer satisfaction can surely lower systematic risk and there is nonlinear relationship between CSI and systematic risk. Comparing the results for the service and nonservice industry sectors, we observe that, customer satisfaction has a greater effect on systematic risk of service sectors. In addition to satisfaction, the analysis also include advertising expense as another explanatory variable and reveals that when putting satisfaction and advertising expense into model together, systematic risk will be the lowest.
When using lisrel model, it shows that customer satisfaction can lower cost of capital through cost of debt and equity together then maximize shareholder`s value.

第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 4
第三節 研究架構以及流程 5

第二章 文獻探討 6
第一節 顧客滿意度簡介： 6
第二節 顧客滿意度、現金流量以及股東價值的關係 9
第三節 顧客滿意度與系統風險間的關係： 14
第四節 顧客滿意度與公司資金成本間的關係： 15

第三章 研究設計 19
第一節 假說建立 19
第二節 研究方法 21
第三節 變數定義 32
第四節 資料來源以及樣本選取標準 37
第四章 實證結果分析 38
第一節 敘述性統計 38
第二節 全部樣本實證分析 41
第三節 產業間的探討 45
第四節 廣告費用與顧客滿意度間的交互效果 48
第五節 LISREL Model 52

第五章 結論與建議 54
第一節 研究結論 54
第二節 研究限制 55
第三節 未來研究建議 56

附錄…. 57

參考文獻 62

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