本研究以產業集中度做為干擾變數，從投資者的角度，探究廠商對於顧客滿意的投入是否同樣有助於廠商長期投資價值的成長。資料來源以2004年至2008年天下雜誌所舉辦「標竿企業聲望調查」之廠商做為樣本對象，並選用適合分析跨期資料型態的迴歸模型以驗證假設。實證結果顯示，從投資者的角度分析顧客滿意和公司長期投資價值間的關係，當位處於產業集中度低之產業情境中，廠商投入於追尋顧客滿意對公司長期投資價值正向影響；反之，當位處於產業集中度高之產業情境中，廠商投入於追尋顧客滿意則對公司長期投資價值有負向影響。

This research will further to explore whether a company's input in customer satisfaction is helpful to the growth of their long-term investment value. Took the data of enterprises in the ”Reputation Survey among Benchmarking Enterprises” sponsored by Commonwealth Magazine between 2004 and 2008 as the sample subjects. This research also adopted regression model that is suitable for the analysis of cross-period type data to verify the hypotheses. The empirical results shows that in an industrial situation of low concentration, a company investing in the pursuit of customer satisfaction will have positive effects on their long-term investment value; on the contrary, in an industrial situation of high concentration, a corporate investing in the pursuit of customer satisfaction will have negative effects on their long-term investment value.