非财务指标的经济后果——顾客满意度与未来财务业绩研究【外文翻译】

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1、外文翻译原文CustomerSatisfactionandFutureFinancialPerformanceDiscussionofAreNonfinancialMeasuresLeadingIndicatorsofFinancialPerformance?AnAnalysisofCustomerSatisfactionMaterialSource:JournalOfAccountingResearchAuthor:RichardA.Lambert1.IntroductionInnerandLa

2、rker'spaperisoneofthefirsttoempiricallyexaminetherelationbetweencustomersatisfactionmeasuresandeconomicvariableslikecustomerretention,futuresales,andstockprice.Thetheoryisthatmore-satisfiedcustomerswillreturn(withtheirfriends)andbuyagaininthefuture.Un

3、dergenerallyacceptedaccountingprinciples,neitherthesefuturerevenuesnortheircapitalizedvaluesappearonfirms'financialstatements.Moreover,thecurrentandpastexpendituresmadetogeneratecustomersatisfactionaretreatedasexpenses,notasassets.Customersatisfaction

4、measuresthereforearehypothesizedtobeindicatorsoffuturerevenue,andperhapsfutureprofits.Itishardtofindfaultwiththisargument.Infact,thepaperdoesnotprovideanytheoriesorargumentsthatsuggestanythingotherwise.Theapparentvirtuesofcustomersatisfactionmeasuresa

5、rewellrecognizedbycompanies,andmanycompaniescitecustomersatisfactionasaprimaryobjectiveintheirmissionstatements.Theyexpendresourcestocollectcustomersatisfactiondatafortheirowninternalpurposesandincreasinglyaretyingexecutivecompensationtocustomersatisf

6、actionmeasures.Bypackagingthreestudiesintoonepaper,theauthorsareabletoaddressawiderrangeofhypothesesrelatingtocustomersatisfactionthantheycouldwithanysinglestudy.Thefirststudyexaminestherelationbetweencustomersatisfactionandcustomerretentionandfuturer

7、evenuesattheindividualconsumerlevelforatelecommunicationscompany.Thesecondstudylooksatcustomersatisfactionslevelsaggregatedatthebranchlevelforabank.Thisenablestheauthorstoexaminebothspillovereffectstoothercustomers,andapossiblerelationbetweencustomers

8、atisfactionandfutureprofitabilityandexpenses,notjustfuturerevenues.Thethirdstudyreportsassociationtests(whethercustomersatisfactionmeasuresareassociatedwithstockprices,aftercontrollingfortherecordedassetsandliabilities)andaneventstudyofcustome