臺灣四面環海有著絕佳的天然資源，近年來參與水域冒險遊憩運動者與日俱增，但冒險遊憩運動常伴有知覺風險，導致影響了參與者的沉浸體驗及滿意度。目的：本研究旨在分析冒險遊憩運動參與者的沉浸體驗與滿意度之關係，並探討其前因與調節變項，也期望能釐清知覺風險對冒險遊憩運動參與者的影響，並對業者及指導員提出建議。方法：以曾經參與水域冒險遊憩運動者為問卷調查對象，所得資料以偏最小平方法結構方程式模型來進行分析。結果：冒險遊憩運動參與者的技巧程度、挑戰感受對沉浸體驗有顯著的正向關係；知覺風險對滿意度為負向關聯關係，但知覺風險則會正向調節沉浸體驗與滿意度之關係，而沉浸體驗對參與者的滿意度會產生正向關聯關係。結論：在沉浸體驗量表中以樂趣的平均數最高，且研究顯示冒險遊憩運動的知覺風險會對滿意度產生特殊的正負向關聯關係，所以冒險遊憩運動的經營業者，對於冒險遊憩的內容設計須以樂趣為主，輔以技巧及挑戰來增加參與者的沉浸體驗，此外亦須將風險因素降低或排除，以確保參與者的安全無虞，並運用冒險遊憩運動的知覺風險刺激來提高參與者的滿意度。創新性：1.針對多項目的水域運動做整體性的調查分析，使結果更符合冒險遊憩運動市場的真正需求。2.以偏最小平方法結構方程式模型，分析冒險遊憩運動中的知覺風險對沉浸體驗及滿意度特殊的正負向關聯關係。

Being an island surrounded by the ocean, water recreation is one of the most popular activities in Taiwan. As the number of people participating in it has been increasing, the perceived risk which comes along with water adventure recreational activities often influences participants' flow experience and satisfaction. Purpose: The purpose of this study is to verify how perceived risk is related to flow experience and satisfaction among adventure recreational activities. It is expected to provide pieces of advice to instructors or the industry engaged in adventure recreational activities. Methods: A survey is conducted among people who have participated in water adventure activities. Collected data is analyzed using Partial Least Squares Structural Equation Modeling. Results: The skills and challenges of taking on challenges of participants have a positive impact on flow experience. The perceived risks have a negative impact on participants' satisfaction. However, the perceived risk plays a positive moderating role between flow experience and satisfaction. The flow experience has also a positive impact on the scale of satisfaction of participants. Conclusion: The highest perceived mean of flow experience is Fun Experience. Furthermore, there's a special positive-and-negative correlation between participants' satisfaction and perceived risks. It shows that the operators of adventure recreational activities, taking skills and challenges into account in order to enhance participants' flow experience, should plan activities that will bring pleasure and enjoyment to the participants. Besides, risks should be reduced or totally removed in order to keep participants from getting hurt. The influences of perceived risks can be used to increase participants' satisfaction. Originality/value: 1. Using a comprehensive investigation and analysis of multi-project water recreational activities to make the results more in line with the real needs of the adventure recreational activities market. 2. Collected data is analyzed using Partial Least Squares Structural Equation Modeling to analyze the special positive and negative correlation between perceived risk in adventure recreational activities and flow experience and satisfaction.