本研究探討顧客滿意度與銀行貸款合約之關係，並以銀行貸款利差衡量銀行貸款合約的主要條件。過去研究表示，顧客滿意度愈高可帶來良好的顧客反應，使公司之財務表現較佳及未來現金流量較為穩定，進而使其有較低的債務成本。本篇研究使用美國密西根大學之顧客滿意度資料庫(American Customer Satisfaction Index)，樣本期間為1994年到2015年，同時控制其他可能會影響銀行貸款利率之條件，例如貸款特性和公司特性，所得到之主要結果為：當公司顧客滿意愈高時，其銀行貸款之利差則愈小；但若當公司所處產業之競爭程度愈高，所承受之風險愈高，而顧客滿意度與銀行貸款利差之負向關係會有所減弱。本研究亦證實顧客滿意度愈高亦可能使銀行對於公司抵押品之要求較低、損益表限制條款數較少、和一般型限制條款數較少。

This research examines whether customer satisfaction is related to bank loans, as measured by the loan spread. Prior articles find that higher customer satisfaction relates to greater financial performance, steadier future cash flow, and lower cost of debt financing. To test our hypotheses, this research employs the American Customer Satisfaction Index (ACSI) database during the period from 1994 to 2015. Furthermore, this paper controls some factors which are associated with bank loan contracting, such as loan and firm-specific characteristics. The results indicate that firms with higher customer satisfaction have lower bank loan spread, and thus a lower cost of debt. However, this association between customer satisfaction and bank loan spread is attenuated by the intensity of industry competition. The results also show that higher customer satisfaction is connected with a lower requirement for security and less financial and general covenants.

Anderson, E. W., C. Fornell, and S. K. Mazvancheryl. 2004. Customer Satisfaction and Shareholder Value. Journal of Marketing 68(4): 182-185
Anderson, E. W. and S. A. Mansi. 2009. Does Customer Satisfaction Matter to Investors? Findings from the Bond Market. Journal of Marketing Research 46(5): 703-714.
Altman, E., A. Gande, and A. Saunders. 2010. Bank Debt versus Bond Debt: Evidence from Secondary Market Prices. Journal of Money, Credit and Banking 42(4):755-767.
Bolton, R. N. 1998. A Dynamic Model of the Duration of the Customer’s Relationship with a Continuous Service Provider: The Role of Satisfaction. Marketing Science 17(1): 45-65.
Ball, R. and L. Shivakumar. 2006. The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition. Journal of Accounting Research 44(2): 207-242.
Bharath, S. T., J. Sunder, and S. V. Sunder. 2008. Accounting Quality and Debt Contracting. The Accounting Review 83(1): 1–28.
Bustamante, M. C. and A. Donangelo.2014. Product Market Competition and Industry Returns. Working Paper. London School of Economics and Political Science.
Dennis, S. A. and D. J. Mullineaux. 2000. Syndicated Loans. Journal of Financial Intermediation 9(4): 404–426.
Fama, E. F. 1985. What’s Different about Banks? Journal of Monetary Economics 15(1): 29-39.
Fornell, C. 1992. A National Customer Satisfaction Barometer: The Swedish Experience. Journal of Marketing 56(1): 6-21.
Fornell, C., S. Mithas, F. V. Morgeson III, and M. S. Krishnan. 2006. Customer Satisfaction and Stock Prices: High Returns, Low Risk. Journal of Marketing 70(1): 3-14.
Gruca, T. S. and L. L. Rego. 2005. Customer Satisfaction, Cash Flow, and Shareholder Value. Journal of Marketing 69(3): 115-130
Gaspar, J. M. and M. Massa. 2006. Idiosyncratic Volatility and Product Market Competition. The Journal of Business 79(6): 3125-3152.
Graham, J. R., S. Li, and J. Qiu. 2008. Corporate Misreporting and Bank Loan Contracting. Journal of Financial Economics 89 (1): 44–61.
Homburg, C., N. Koschate, and W. D. Hoyer. 2005. Do Satisfied Customers Really Pay More? A Study of the Relationship between Customer Satisfaction and Willingness to Pay. Journal of Marketing 69(2): 84-96
Ittner, C. D. and D. F. Larcker. 1998. Are Nonfinancial Measures Leading Indicators of Financial Performance? An Analysis of Customer Satisfaction. Journal of Accounting Research 36(1): 1-35.
Jiang, J. X. 2008. Beating Earnings Benchmarks and the Cost of Debt. The Accounting Review 83(2): 377-416.
Jacobson, R and N. Mizik. 2009. The Financial Markets and Customer Satisfaction: Reexamining Possible Financial Market Mispricing of Customer Satisfaction. Marketing Science 28(5): 810-819.
Kim, J. B., B. Y. Song, and L. Zhang. 2011. Internal Control Weakness and Bank Loan Contracting: Evidence from SOX Section 404 Disclosures. The Accounting Review 86(4): 1157-1188.
Mittal, V. and W. A. Kamakura. 2001. Satisfaction, Repurchase Intent, and Repurchase Behavior: Investigating the Moderating Effect of Customer Characteristics. Journal of Marketing Research 38(1): 131-142.
Reichheld, F. F. and W. E. Sasser Jr. 1990. Zero Defections: Quality Comes to Services. Harvard Business Review 68: 105-111
Valta, P. 2012. Competition and the Cost of Debt. Journal of Financial Economics 105(3):661-682.