Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92543
標題: 顧客權益與市場價值關聯性之研究 --以 Netflix 與 E-trade 為例
Relationship between Customer Equity and The Relationship between Customer Equity and Market Value of Netflix and E-trade
作者: Hsin-Yu Chao
趙心瑜
關鍵字: 顧客權益;市場價值;無形資產;顧客終身價值;customer equity;market value;intangible assets;customer lifetime value
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摘要: 
The intangible assets of financial statements are not, on their own, sufficient to meet the need of investors. Therefore, in order to make up this defect, this research
discusses whether future customer cash flow could response on market value.
The data was estimated using quarterly data of Netflix and E-trade from 2003 to 2013. The main purpose of the research is to discuss the relation between customer
equity and market value by regression analysis. First, the author ran a simple regression with market value of a company as the dependent variable and customer value as the independent variable. Second, we added an adjustment factor, called the customer equity index (market value over customer equity) as independent variables.
The first results showed that customer equity of Netflix can predict market value.
The results of E-trade regression analysis indicate that customer equity alone were unable to reliably predict market value. Therefore, after adding customer equity index,the results showed that Netflix and E-trade produced a good prediction. However,customer equity index along with customer equity did constitute a good predictor of market value.
Our research inferred that charging system and definition of calculation customer equity were all different. This may lead customer equity can't alone predict market
value. Besides, we could observe from yearly marketing events. When big issue affects the parameters of customer equity and it will affect customer equity and market value.
This research did a regression analysis in the dynamic and static model, adding an independent variable Leverage Effect. It's proved that customer equity and LE can
predict market value more precisely. In this dynamic customer equity, we can predict future market value. This is one of the investment valuations offering for shareholders and investors.

由於財務報表中的無形資產難以衡量,因此經常被忽視(如顧客權益),導致財務報表資訊不足以滿足投資者的需求,本研究為彌補此一缺陷,探討顧客權益是否能反應公司的市場價值。
顧客權益計算資料,來自 Netflix 和 E-trade 2003 年至 2013 年公開財務季報表,透過兩次迴歸分析探討顧客權益與市場價值之關聯,第一次之迴歸,自變數為顧客權益、因變數為市場價值,第二次迴歸,本研究加入自變數市場價值除顧客權益,本研究將此自變數稱之為顧客權益指數。
第一次迴歸分析結果顯示,Netflix 可透過顧客權益反應市場價值,而 E-Trade單靠顧客權益無法可靠地預測市場價值。因此第二次加入自變數後發現 Netflix、E-trade 的解釋結果優於先前,兩間公司皆符合整體迴歸模式的解釋力,表示顧客權益指數確實對市場價值構成一個良好的預測。
本研究推斷兩家公司收費機制差異及各自對顧客權益計算方式不同,造成顧客權益無法單一反應市場價值,另外,可從個案歷年行銷事件中看出,當季度發生之重大事件將影響顧客權益中之參數,進而影響顧客權益與市場價值。
最後將動態與靜態之顧客權益、顧客權益指數加入自變數槓桿效應與市場價值做迴歸分析,證實將槓桿效應加入自變數中,能較準確反應市場價值。
URI: http://hdl.handle.net/11455/92543
Rights: 同意授權瀏覽/列印電子全文服務,2018-07-16起公開。
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