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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
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
引用: 一、 中文部分 江劉鑾(民 96)。行動通訊市場與手機生命週期之探討-以台灣市場為例(碩士論文)取自臺灣博碩士論文系統。 劉秀曼(民 103)。網路公司之顧客權益與市值關連性之研究-以 Netflix 公司為例取自臺灣博碩士論文系統。 劉德軍(民 103) 顧客權益與市場價值關聯性之研究-以 E*TRADE 公司為例(未出版之碩士論文)。德明財經科技大學,臺北市。 吳育宏(民 103)。文章評論【UNIQLO 款式超少,業績還賣贏對手的秘訣... 】。 取自 吳育宏(民 103)。文章評論【林鳳營鮮乳售價較高,卻讓顧客指名購買的關鍵 在…】。取自 吳育宏(民 103)。文章評論【抓緊 2 成「好」客戶,你的公司就不會倒!】。取自 二、英文部分 Amir, E., & Lev, B. (1996). Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics, 22(1–3), 3-30. Bass, F. M. (1969). A new product growth model for consumer durables. Management Science, 15 (5), 215-227. Bauer, H. H., Hammerschmidt, M., & Braehler, M. (2003). The customer lifetime value concept and its contribution to corporate valuation. Yearbook of Marketing and Consumer Research, 1, 47–66. Berger, P. D., & Nasr, N. I. (1998). Customer lifetime value: Marketing models and applications. Journal of Interactive Marketing, 12 (1), 17–30. Berger, P. D., Echambadi, N., George M., Lehmann, D. 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Capturing value creation in business relationships: A customer perspective. Industrial Marketing Management, 32 (8), 677–693. Wiesel, T., Skiera, B., & Villanueva, J. (2008). Customer equity: An integral part of financial reporting. Journal of Marketing, 72(2), 1–14. Woodruff, R. B. (1997). Customer value: The next source for competitive advantage.Journal of the Academic of Marketing Science, 25(2), 139-153. 三、網路部分 keynote(2014),etrade 等網頁平均使用時間。取自 Robert Lo(2013),Netflix 靠自製影集「House of Cards」起死回生?取自 吳愷媛(2013),推自家劇建功 Netflix 業績驚喜付費用戶增至 2791 萬直逼 HBO。 取自 gs=&source=print&printable=true 許凱玲(2012),一張圖看網友花多少時間在社群網路。取自 黃浩榮(2011),當年租片逾期被罰, 現在自擁 1700 萬訂戶。取自 數位時代(1999),28 秒與 15%失誤的省思。取自 數位時代(2006),Netflix 把影帶送到你家信箱。取自 簡添福(2000),美國的網路下單網站:E-trade。取自
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.

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。
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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