本文研究顧客滿意度與公司信用評等之關聯性。作者利用相關文獻探討來預測顧客滿意度與公司信用評等之間呈正向關係。以次序羅吉斯迴歸分析檢驗此假設，採用了 1994年至2014年間所有美國上市公司的美國顧客滿意度指數 (ACSI)資料，與COMPUSTAT的信用評等與財務報表資訊，排除性質特殊的金融保險業、公用事業樣本，並將變數有缺漏的觀察值排除，最終樣本數為1,469筆觀察值。結果顯示顧客滿意度與信用評等之間存在正關聯，即顧客滿意度會影響到信用評等機構對公司違約風險的評估；也就表示當公司顧客滿意度愈高，可以提高信評機構對其公司的信用評等。進一步將樣本公司進行分群分析，顯示顧客滿意度影響信用評等的效果僅發生在投資等級的公司，但對投機等級的公司並無影響。

This article examines whether customer satisfaction is associated with firm’s credit ratings. The author draws on relevant literature review to predict the positive relationship between customer satisfaction and firm’s credit rating. This hypothesis was tested by ordinal logistic regression analysis, and employ the American Customer Satisfaction Index (ACSI) database of all publicly traded firms during the period from 1994 to 2014, also the credit rating and financial statement information of COMPUSTAT. The final sample observed was 1,469. The findings indicate that there is a correlation between customer satisfaction and credit rating. That is, customer satisfaction will affect the evaluation of the firm’s default risk by the credit rating agency. Specifically, when a company’s customer satisfaction is higher, it can improve the credit rating of the company. A further analysis of the firms by group shows that the effect of customer satisfaction on credit rating only occurs in investment-grade companies, but has no effect on speculative-grade firms.

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