過去不同領域之文獻分別指出創新與顧客滿意度影響公司績效與股價報酬，但鮮有研究將市場狀況納入考量。本研究考量不同市場狀態，探討創新及顧客滿意度對股價報酬率將造成何種影響。實證結果顯示：在多頭市場創新與顧客滿意度對股價報酬率沒有顯著影響，但在空頭情況下創新與顧客滿意度對可以提升股價報酬率，因此經理人在擬定行銷策略時需將市場狀態納入考量。

Existing papers have shown that innovation and consumer satisfaction influence the firm performance and stock returns; however, the related papers usually neglect the impacts of market status. This paper extends prior papers by considering the impacts of market status when exploring the relationship among innovation, consumer satisfaction, and firm performance. Empirical results show that in the bull markets innovation and consumer satisfaction do not significantly affect stock returns while in the bear markets stock returns are positively associated with the level of innovation and consumer satisfaction. These results suggest that managers should take market status into consideration when making marketing decisions.

第一章 緒論 ................................................................................................ 6
第一節 研究動機 .............................................................................................6
第二節 研究目的 .............................................................................................9
第三節 研究架構及流程 .......................................................................................10
第二章 文獻探討 .............................................................................................11
第一節 創新對股價報酬率之影響 ...............................................................................11
第二節 顧客滿意度對股價報酬率之影響 ........................................................................ 14
第三節 創新與顧客滿意度在不同市場狀況下對企業之影響 ........................................................ 16
2.3.1 不同市場狀況下創新與股價報酬率 ..................................................................... .18
2.3.2 不同市場狀況下顧客滿意度與股價報酬率 ................................................................ 18
第三章 研究假說與研究方法 .................................................................................. 20
第一節 假說與研究架構 ...................................................................................... 20
第二節 市場狀態判定 ........................................................................................ 25
第三節 研究模型 ............................................................................................ 26
第四節 使用變數說明 ........................................................................................ 29
第五節 樣本及資料來源 ...................................................................................... 33
第四章 實證結果分析 ........................................................................................ 35
第一節 敘述性統計 .......................................................................................... 35
第二節 模型實證結果 ........................................................................................ 39
4.2.1 創新、顧客滿意度與股價報酬率 ........................................................................ 39
4.2.2 創新、顧客滿意度與股價報酬率─考量不同市場狀況 ...................................................... 40
第三節 實證結果彙整 ........................................................................................ 45
第五章 結論與建議 ...........................................................................................47
第一節 研究結論 ............................................................................................ 47
第二節 研究貢獻 .............................................................................................48
第三節 研究限制與未來研究建議 .............................................................................. 48
參考文獻 .................................................................................................... 50

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