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|Title: ||Application of Hong Kong consumer satisfaction index : formulation of investment portfolio and relationship with the Hong Kong macro-economic condition|
|Other Titles: ||Xianggang xiao fei zhe man yi zhi shu de ying yong : yong yi zhi ding tou zi zu he ji yu Xianggang de hong guan jing ji zhuang kuang guan xi|
香港消費者滿意指數的應用 : 用以制定投資組合及與香港的宏觀經濟狀況關係
|Authors: ||Wu, Chi Wai ( 吳志偉)|
|Department: ||Department of Management Sciences|
|Degree: ||Master of Philosophy|
|Issue Date: ||2011|
|Publisher: ||City University of Hong Kong|
|Subjects: ||Consumer satisfaction -- China -- Hong Kong.|
Portfolio management -- China -- Hong Kong.
|Notes: ||CityU Call Number: HF5415.335 .W8 2011|
viii, 119 leaves : ill. 30 cm.
Thesis (M.Phil.)--City University of Hong Kong, 2011.
Includes bibliographical references (leaves 96-104)
|Abstract: ||Consumer satisfaction has well been recognized as a critical element for successful
businesses. Sweden produced the first nation-wide Consumer Satisfaction Index in
1989 to measure Consumer satisfaction in an objective way, followed by several
other countries with their own versions of the same index. Although numerous
studies exist in the literature exploring the relationship between consumer
satisfaction, company performance and other economic indicators, most of them
use only consumer satisfaction indices from the western countries, e.g. SCSB and
ACSI etc. This thesis addresses two main applications of Hong Kong Consumer
Satisfaction Index (HKCSI).
Using HKCSI data, the effect of consumer satisfaction on company equity value
were identified for 16 listed companies using linear regression model. A
hypothesized investment portfolio was built and its return is compared with market
return using Capital Asset Pricing Model (CAPM). The return is 175% in 6 years
time, which is 1.4 times higher comparing with market return (73%). The beta risk
of the whole period is 0.799, and this indicates the portfolio risk is not
significantly different from the market. This study shows that consumer
satisfaction can be applied for formulating investment portfolio with better
performance than market rate.
The second study went on by exploring the influences of Hong Kong
macroeconomic conditions on consumer satisfaction using the principal
component analysis and Least-square Regression. Two principal components,
namely Economic Growth and Economic Condition, have been found to account
for 85.1% of the variation in HKCSI. By investigating the association between
macroeconomic conditions and consumer satisfaction, firm can have better
understanding on how economic effects affecting its own satisfaction score.|
|Online Catalog Link: ||http://lib.cityu.edu.hk/record=b4085958|
|Appears in Collections:||MS - Master of Philosophy |
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