顾客满意对企业财务绩效的影响研究——基于中国部分上市公司的面板数据

顾客满意对企业财务绩效的影响作用是当前国际营销研究的热点领域之一。营销研究者希望能够对顾客满意的实际效果进行更加准确的衡量,以便对营销战略制定和营销资源分配进行更加准确的指导。本文在对国内外相关文献探讨的基础上,对各个层次的企业财务绩效指标进行选择并形成了以经济增加值(EVA)、企业盈利能力、企业运营能力为核心的财务绩效评价体系,在统一的框架内使用相同的估计方法对顾客满意与企业财务绩效之间的关系进行了实证检验。研究采用中国顾客满意度指数(CCSI)和中国部分上市公司财务数据对模型进行拟合,使用动态面板数据的广义矩估计(GMM)方法进行数据检验。研究结果不仅证实了顾客满意对企业财务绩效的巨大推动作用,而且从财务能力的层次对这种关系进行了进一步的阐述。

The Impact of Customer Satisfaction on Corporation Financial Performance

The impact of customer satisfaction on corporation financial performance is one of the most important research focuses of management scholars.With the higher intensity of competing,more and more companies conduct customer satisfaction projects to improve their performance.If they can’t measure the effect of these projects accurately,they could not distribute the marketing resource efficiently.Many researches have explored their positive correlation,but there is no research on the internal mechanism of this influence process yet.In this article,we develop a theoretical framework that specifies how customer satisfaction affects corporation performance and then estimate the model by GMM method.Empirically,we collectes data from the Chinese Customer Satisfaction Index(CCSI) and Chinese Public Corporations,find a positive association between the two variables and explain this association by profitable ability and operational ability.