在高度競爭的資本市場中，上市櫃公司如何吸引更多國內外投資機構及投資人的關注，並獲得投資人的信任、承諾及忠誠度，除了企業本身經營績效外，如何與投資人建立、維持長期的關係，投資人關係即扮演著非常重要的角色。本研究主要以機構中任職之基金經理人、分析師及研究員為研究對象，採用問卷調查方式進行研究，並以SERVQUAL量表衡量服務接觸之品質，了解其對服務品質的五個構面的認知差異，再以關係品質的任信與承諾衡量彼此之關係強度，以行為忠誠和態度忠誠衡量關係績效。最後再以迴歸分析探討投資人知覺之服務品質、關係品質與關係績效之間的影響關係。本研究共回收有效樣本213份，針對樣本進行實證分析與討論後，有下列重要發現：
1.在服務品質的認知上，會因分析師所任職的機構及彼此互動時間而有所差異。
2.投資人知覺之服務品質對關係品質有正向影響，即公司可透過提升服務品質，來增加投資人關係的強度。其中服務的可靠性、保證性及關懷性可提高信任關係；服務的可靠性、有形性及保證性可提高承諾關係。
3.投資人知覺之服務品質對關係績效有正向影響，即公司可透過提升服務品質，來增加投資人關係的忠誠度。其中服務的可靠性、有形性及保證性可提高行為忠誠度；服務的有形性及保證性可提高態度忠誠度。
4.投資人知覺之關係品質對關係績效有正向影響，即公司可透過提升關係品質，來增加投資人關係的強度。其中關係品質的信任與承諾可提高行為忠誠；關係品質的承諾可提高態度忠誠。
5.投資人知覺之關係品質對服務品質與關係績效有中介效果。

Investor relations play a significant role for public listed companies to acquire institutional and individual investors’ trusts and loyalties in order to build and maintain long-term relationship in this highly competitive capital market. This study uses questionnaire survey to collect data. Subjects of this research include fund managers, analysts, research assistants of financial institutions. In addition to using SERVQUAL rating scale to explore the cognitive difference of service quality in five aspects, we evaluate the strength and performance of investor relations by trusts, commitment made by the companies and loyalties. We also use regression analysis to investigate the correlation among the Investors’ perceived service quality, relationship quality and relationship performance. 213 effective samples have been collected, and the results of the study are summarized as follows:
1.The perception of service quality differs from financial institutions where analysts work and from the length of time to interact with the companies.  
2.There’re positive correlations between investors’ perceived service quality and relationship quality. Companies can enhance investor relations by improving investors’ perceived service quality. Furthermore, the reliability, assurance and empathy of service can enhance the trust relations; the reliability, tangibility and assurance of service can enhance the commitment relations.
3.There’re positive correlations between investors’ perceived service quality and relationship performance. Companies can enhance loyalty of investors by improving investors’ perceived service quality. Furthermore, the reliability, tangibility and assurance of service can enhance the loyalty of behavior; the tangibility and assurance of service can enhance the loyalty of attitude.
4.There’re positive correlations between investors’ perceived relationship quality and relationship performance. Companies can enhance investor relations by improving relationship quality. Furthermore, the trust and commitment of investors’ perceived relationship quality can enhance the loyalty of behavior; the commitment of investors’ perceived relationship quality can enhance the loyalty of attitude.
5.The investors’ perceived relationship quality has intermediary effect between investors’ perceived service quality and relationship performance.

目 錄
目錄  --------------------------------------------------------------------------  	I
表次  -------------------------------------------------------------------------	IV
圖次  ------------------------------------------------------------------------	VII
第一章	緒論-----------------------------------------------------------------1
	第一節	研究背景與動機-------------------------------------------------1
	第二節	研究目的-----------------------------------------------------------6
	第三節	研究範圍與對象-------------------------------------------------6
	第四節	研究流程與論文結構-------------------------------------------6
第二章	文獻探討-----------------------------------------------------------9
	第一節	投資人關係之內涵---------------------------------------------9
	第二節	投資人關係與關係行銷之關聯性--------------------------13
	第三節	投資人關係與機構分析師之關聯性----------------------14
	第四節	服務品質之意涵與衡量構面-------------------------------	16
	第五節	關係品質之意涵與衡量構面-------------------------------	20
	第六節	關係績效之意涵與衡量構面-------------------------------	26
	第七節	變數間之關係-------------------------------------------------28
第三章	研究方法-------------------------------------------------------	32
	第一節	研究架構與研究假設----------------------------------------	32
	第二節	變數之定義----------------------------------------------------34
	第三節	變數之量表設計與衡量-------------------------------------	35
	第四節	研究對象與抽樣設計----------------------------------------	39
	第五節	資料分析方法--------------------------------------------------41
第四章	資料分析與討論------------------------------------------------	43
	第一節	預試分析-------------------------------------------------------	43
	第二節	樣本結構分析-------------------------------------------------	46
	第三節	信度與效度分析----------------------------------------------	55
	第四節	差異分析-------------------------------------------------------	56
	第五節	服務品質、關係品質與關係績效之關聯性探討---------	62
	第六節	服務品質、關係品質與關係績效之迴歸分析------------	64
	第七節	檢定結果與討論----------------------------------------------	70
第五章	結論與建議------------------------------------------------	77
	第一節	結論----------------------------------------------------------------	77
	第二節	管理意涵-------------------------------------------------------	81
	第三節	研究限制-------------------------------------------------------	82
	第四節	後續研究之建議----------------------------------------------	83
參考文獻	
	一、中文部份---------------------------------------------------------------	85
	二、英文部份---------------------------------------------------------------	87
	三、網站部份---------------------------------------------------------------	95
附錄	
	問卷--------------------------------------------------------------------------96


表次

表2-1-1	投資人忠誠度階梯------------------------------------------------	10
表2-1-2	投資人關係管理執行方式---------------------------------------	12
表2-4-1	服務品質的定義---------------------------------------------------	17
表2-4-2	SERVQUAL量表之構面與描述--------------------------------	20
表2-5-1	信任的定義---------------------------------------------------------	23
表2-5-2	信任之衡量構面---------------------------------------------------	24
表2-5-3	承諾的定義---------------------------------------------------------	25
表2-5-4	承諾之衡量構面---------------------------------------------------	25
表2-6	顧客忠誠度的衡量構面--------------------------------------------	28
表3-2	各變數之定義--------------------------------------------------------	34
表3-3-1	服務品質量表設計與衡量---------------------------------------	36
表3-3-2	關係品質之信任量表設計與衡量------------------------------	37
表3-3-3	關係品質之承諾量表設計與衡量------------------------------	37
表3-3-4	關係績效之忠誠度量表設計與衡量---------------------------	38
表4-1-1	服務品質量表鑑別度與信度分析------------------------------	44
表4-1-2	關係品質量表鑑別度與信度分析------------------------------	45
表4-1-3	關係績效量表鑑別度與信度分析------------------------------	46
表4-2-1	樣本之基本資料---------------------------------------------------	47
表4-2-2	服務品質各構面統計表------------------------------------------	49
表4-2-3	關係品質各構面統計表------------------------------------------	50
表4-2-4	關係績效各構面統計表------------------------------------------	51
表4-3-1	研究變數之信度分析表------------------------------------------	52
表4-3-2	服務品質之因素分析表------------------------------------------	53
表4-3-3	關係品質之因素分析表------------------------------------------	54
表4-3-4	關係績效之因素分析表------------------------------------------	55
表4-4-1	性別在各變數上之差異分析表---------------------------------	56
表4-4-2	工作年資在各變數上之差異分析表---------------------------	56
表4-4-3	任職公司在各變數上之差異分析表---------------------------	59
表4-4-4	互動時間在各變數上之差異分析表---------------------------	61
表4-5-1	服務品質、關係品質與關係績效之相關分析表------------	62
表4-5-2	服務品質、關係品質與關係績效各構面之相關分析表----	63
表4-6-1	服務品質對闗係品質之迴歸分析表---------------------------	64
表4-6-2	關係品質對關係績效之迴歸分析表---------------------------	65
表4-6-3	服務品質對關係績效之迴歸分析表---------------------------	66
表4-6-4	服務品質對關係品質及關係品質對關係績效迴歸分析表	68
表4-6-5	服務品質與關係品質對關係績效之迴歸分析表------------	69
表4-7	假設驗證結果---------------------------------------------------------	75


圖次

圖1-1	研究流程---------------------------------------------------------------	7
圖3-1	研究架構---------------------------------------------------------------	32

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三、網站部分
Corporate Asia Network。《2004台灣IR資訊科技應用研究報告》。http://www.corpasia.net/。 
Goldman Sachs(Asia) L. L. C. (2005)。http：//www2.goldmansachs.com/。