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研究生:塗安妮
研究生(外文):TU,AN-NI
論文名稱:新聞報導對內部人申讓股票之影響
論文名稱(外文):The Impact of News Coverage on Insider's Advance Reports on Their Shares Transfers
指導教授:王明昌王明昌引用關係
指導教授(外文):WANG, MING-CHANG
口試委員:張志向張眾卓
口試委員(外文):CHANG,CHIH-HSIANGCHANG,CHONG-CHUO
口試日期:2017-06-27
學位類別:碩士
校院名稱:國立中正大學
系所名稱:企業管理系研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:30
中文關鍵詞:內部人申讓媒體報導股票市場報酬支援向量機
外文關鍵詞:Insider tradingMedia coverageSupport vector machineStock return
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本文檢定新聞報導對於內部人申讓股票的影響及其事後新聞報導之方向,以2010年底時構成台灣50成分股票為訓練樣本,利用支援向量機SVM(Support Vector Machines )的演算方法建立新聞分類的準則。本研究以台灣證券市場2002年至2016年3月上市櫃公司發佈新聞作為研究樣本,探討新聞報導與內部人交易股票的相關性及公司內部人是否會操縱事後新聞報導混淆投資大眾。實證結果顯示事前負面新聞報導的增加會造成內部人申讓股票,其內部人申讓股票後正負新聞報導比率成長率均為增加,表示內部人申讓股票後其負面消息洩漏到市場,為了公司形象及股票績效該公司會發佈更多的好消息以掩飾其負面新聞。
This study investigates the relationship between insiders’ advance reports on their shares transfers and media coverage. We use the component TSEC Taiwan 50index to be our training samples, and establish news feature classification model by Support Vector Machine. Our study data which the news of companies listed in Taiwan Stock Exchange is from 2002 to March 2016 in TEJ, we examine the relationship between insiders’ advance reports on their shares transfers and media coverage and after insiders transfer their shares the company whether broadcast more positive news and suppress negative news. The findings show that when more negative news coverage is broadcast, the insiders will transfer more their shares. In addition, after insiders transfer their shares the company’s positive news and negative news will increase, it presents the company in order to mold positive image and stock return will publish more positive news to suppress negative news.
目錄
致謝 I
中文摘要 II
Abstract III
目錄 IV
表目錄 V
壹、 前言 1
貳、 文獻探討與研究假說 5
一、內部人申讓 5
二、媒體管理 6
三、研究假說 7
參、 研究方法 9
一、 新聞語料分類方法 9
二、 新聞報導影響內部人申讓股票複迴歸模型 11
肆、 研究樣本 13
一、 分類訓練樣本 13
二、 樣本選擇 14
三、 研究變數 14
伍、 實證結果 19
一、 敘述性統計分析 19
二、 新聞報導對內部人申讓之影響分析 19
陸、 結論與建議 23
參考文獻 24

表目錄
表1 敘述性統計量 27
表2 新聞報導是否會影響內部人申讓股票之迴歸分析 28
表3 內部人申讓股票後對該公司盈餘之迴歸分析 29
表4 內部人申讓股票後後續新聞報導方向之迴歸模型分析 30


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