隨著訂閱式服務普及，企業多以「不可退款」政策穩定收入，但這可能引起消費者不滿、感知風險上升。當消費者在訂閱期間欲中途取消，卻無法獲得尚未使用部分的退款，不僅可能導致消費糾紛，甚至影響企業的品牌形象。因此，企業如何在吸引消費者、提升獲利與提供退款間取得平衡，須更審慎的對待此議題。
有鑑於此，本研究建構模型來探討，單一企業在同質消費者參與的訂閱制服務中，應如何設計退款政策以達成獲利最大化。模型假設消費者已完成購買行為，並可於任意時間點取消訂閱。企業將提供其中一種退款策略：不提供退款 NR 、全額退款 FR 、依使用比例退款 PR 、依使用比例退款且加收處置費用 PF。同時，考量消費者對訂閱制服務價值衡量、取消時間點、處置費用水準與企業定價行為，並以消費者期望效用與企業期望獲利最大化作為雙方決策依據。最後，依各情境之決策及獲利進行比較，找出企業的優勢策略與達成條件。
研究結果顯示，(1) 企業退款策略具有使用比例限制，當消費者取消時間較晚時，即使用比例偏高，企業不再提供退款。(2) 當不確定是否有退款激勵消費者購買行為之效果，企業應採取不提供退款。(3)若退款可以激勵消費者購買行為，即獲利乘數較高，且在消費者使用比例較小時，FR 策略才能成為優勢策略。(4) 有獲利乘數效果下，若消費者取消時間點較晚時，且處置費用較大時，PR 情境為優勢策略。(5) 有獲利乘數效果下，對於 PF 情境，若消費者取消時間點較小時，處置費用有較大調整空間，其設計高或低，皆有可能成為優勢策略。若消費者取消時間點較大時，則處置費用較小時可能成為優勢策略。
綜上所述，本研究探討各退款政策下的訂閱制服務定價，進一部比較企業在面對消費者不同取消時間點下，所採取的退款策略如何影響獲利，期望對訂閱模式的企業發展策略具有實務參考價值。

As subscription-based services become increasingly prevalent, many firms adopt a no refund policy to ensure stable revenues. However, when consumers attempt to cancel their subscriptions midterm but are unable to obtain a refund for unused portions, it may result in disputes and damage the firm's brand image. Thus, firms must carefully balance consumer appeal, profit maximization, and refund guarantees. This study constructs a model to investigate how a single firm, serving a homogeneous consumer in a subscription setting, should design its refund policy to achieve profit maximization. The model assumes that the consumer has already subscribed and may cancel at any point during the subscription period. The firm selects one of refund strategies: no refund NR,full refund FR, partial refund based on usage PR, and partial refund based on usage and plus disposal fee PF. The model incorporates the consumer's perceived value of the service, cancellation timing, disposal fee, and the firm's pricing decision. Both consumer expected utility and the firm's expected profit serve as decision criteria.
The results reveal the following: (1) No refunds are offered when the consumer cancels at a later time, having used a large portion of the service.(2) When the effect of refund policies on purchase intention is uncertain, the firm should adopt a no-refund strategy.(3) If refunds strongly incentivize purchases—reflected in a higher profit multiplier—the FR strategy is optimal for expanding potential consumer reach.(4) Under a positive multiplier effect, if cancellation occurs later and disposal costs are high, the PR strategy becomes more advantageous.(5) In the PF scenario, when cancellations occur early, a broader range of disposal fee levels—whether high or low—may lead to optimal outcomes. Conversely, if cancellation occurs late, lower disposal fees are more likely to yield superior results.
In conclusion, this study explores how different refund strategies affect pricing in subscription-based services and compares the profit implications under varying consumer cancellation timing.

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