在傳統紙本媒體式微、數位訂閱成為媒體營運主要收入來源之趨勢下，財經媒體業者普遍以贈品作為促進讀者付費訂閱之行銷策略。然而，究竟提供贈品是否真能有效提升訂閱意願？又何種贈品最具促訂效益？相關實證研究仍屬有限。本研究運用選擇基礎聯合分析法（Choice-Based Conjoint Analysis, CBC），以條件羅吉特模型估計消費者對財經媒體數位訂閱方案中各項贈品之偏好權重，並依 Sweeney 與 Soutar（2001）之知覺價值（PERVAL）四維度架構推導研究假設。本研究透過 OpinionX 平台回收 331 份問卷（有效填答 288 份），經樣本界定與兩階段品質篩除後，最終有效樣本為 258 位具財經新聞閱讀習慣之受訪者，合計 2,064 個選擇任務。研究檢驗七項屬性（投資名家電子報、文章贈閱額度、會員交流社群、線下活動、商管課程、實體贈品與年費價格）對訂閱意願之影響，並另以潛在類別條件羅吉特模型進行市場區隔。主要研究發現如下：（一）價格為訂閱決策之首要因素（相對重要性 38.2%），投資名家電子報次之（21.0%）；（二）六項贈品中有五項可顯著提升訂閱意願，惟會員交流社群之效益未達統計顯著；（三）功能性價值（效能/品質）類贈品之效益顯著高於社會性價值類贈品；（四）財經媒體訂閱市場存在三個偏好結構顯著異質之消費者區隔：價格主導型（45.2%）、內容深度型（20.5%）與加值功能型（34.2%）。研究結果不僅回應兩項研究問題，亦自知覺價值理論之視角揭示財經媒體訂閱情境下「功能性價值主導」之贈品評估邏輯，為媒體業者規劃定價策略與贈品組合提供實證依據。

Amid the decline of print media and the increasing reliance on digital subscription revenue, financial media outlets commonly employ promotional gifts as a strategy to attract paying subscribers. However, empirical evidence on whether gifts genuinely promote subscription, and which types of gifts are most effective, remains limited. This study employs choice-based conjoint analysis (CBC) and the conditional logit model to estimate consumer preferences for various gift attributes in financial media digital subscription plans. Research hypotheses are derived from the Perceived Value (PERVAL) framework proposed by Sweeney and Soutar (2001), encompassing four value dimensions. Through the OpinionX platform, 288 questionnaires were collected. After sample qualification and two-stage quality screening, the final valid sample comprised 258 respondents with weekly financial news reading habits, yielding 2,064 binary choice tasks. The study examines the effects of seven attributes—exclusive member content, article gifting quota, member community, offline events, business courses, physical gifts, and annual price—on subscription intention, and further employs the latent class conditional logit model for market segmentation. The principal findings are: (1) price is the most dominant factor in subscription decisions (relative importance 38.2%), followed by exclusive member content (21.0%); (2) five of the six gift types significantly increase subscription intention, with the exception of member community, which shows no statistically significant effect; (3) functional value (performance/quality) gifts demonstrate significantly greater effectiveness than social value gifts; (4) the financial media subscription market exhibits three preference-heterogeneous segments: price-driven (45.2%), content-depth-oriented (20.5%), and value-added-feature-oriented (34.2%). These findings address both research questions and, from the perspective of perceived value theory, reveal a "functional-value-dominant" pattern of gift evaluation in financial media subscription contexts, providing empirical foundations for media operators in pricing strategy and gift portfolio design.

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