21世紀是知識管理的時代，緣於透過複製、形成組織、有效動員、倍增發展才能達成的直銷，過去的研究並未由知識內隱性與參與式移轉角度，探討其對直銷商滿意度與忠誠度之影響，本研究乃配合臺灣地區直銷商有效問卷之回收，應用LISREL予以驗證。其結果得知注重知識管理的直銷通路，只要來自經營策略、產品組合、銷售技巧、激勵制度、成功訣竅等非成文性及專屬性知識愈是隱而不現，上下線彼此之間愈仰賴講習訓練與聯誼交流之主動參與式知識移轉方式，而且相互交流知識愈頻繁、知識差距愈縮短，直銷企業及直銷商皆可互信互賴發揮綜效，可提昇直銷商之滿意度。一旦直銷商滿意度愈高，也會基於成就偉大友誼的基本條件，積極建構人際網路、激勵工作士氣，進而增強直銷商對公司與產品的忠誠度。因此本研究建議直銷企業應善用資訊科技與激勵策略，鼓勵直銷商全方位學習，爰能快速累積儲存與分享知識管理系統，以提昇企業競爭優勢。

The 21st century is the period of knowledge management. The precendent researches of direct selling that can be achieved by replication, forming organization, effective mobilization and reduplicative development are not from the points of how tacit knowledge for direct selling, and participating knowledge transfer influenced direct sellers' satisfaction and loyalty. Thus this study will focus on effective samples from direct selling business in Taiwan and then implement LISREL to verify each hypothesis. The results are that the ambiguous and specific knowledge that comes from managing strategy, product mix, selling skills, system of motivation, know-how of success etc., becomes more tacit. The more the predecessors and successors depend on active participating knowledge transfer such as practice traning, informal meeting or interaction, the more they exchange knowledge frequently, and the less knowledge differences they got. Direct selling business and direct sellers can trust each other and reach synergy, which in turn bring high satisfaction. On the premises of great satisfaction and friendship, direct sellers will aggressively construct interpersonal network and boost the working morale to enforce their loyalty towards their company and products. Due to the results, this paper will propose direct selling business to take advantages of information technology and motivation strategy and encourage direct sellers to make overall learning in order to store and share knowledge management systems and to sustain competitive advantages of business.