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研究生:陳品亘
研究生(外文):CHEN, PIN-HSUAN
論文名稱:媒體報導與股價同步性之關聯
論文名稱(外文):The Relation between Media Coverage and Stock Price Synchronicity.
指導教授:劉名育劉名育引用關係
指導教授(外文):LIU, MING-YU
口試委員:陳信吉胡羚
口試委員(外文):CHEN, SHIN-JIHU, LING
口試日期:2024-07-01
學位類別:碩士
校院名稱:東海大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2024
畢業學年度:112
語文別:中文
論文頁數:38
中文關鍵詞:媒體報導股價同步性
外文關鍵詞:Media CoverageStock Price Synchronicity
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隨時代更迭與科技發展,媒體不僅是擔任公司與投資大眾間的溝通橋樑,資本市場上大量資訊也需仰賴媒體傳播,是不容小覷的角色。然而媒體報導越多是否能使公司資訊更加公開透明、股價更能反應公司特定資訊、投資人能更確實掌握公司經營狀況,這些都有待商榷。
本研究以2016年至2022年臺灣上市櫃公司為樣本,探討媒體報導究竟是助長還是抑制公司股價同步性。實證結果發現股價同步性與媒體報導呈現顯著正相關,代表隨媒體報導越多將加劇股價同步性,如此一來臺灣媒體在保障投資人權益、減少資訊不對稱方面未提供正面助益。後續迴歸分析加入公司外部治理與內部治理調節變數後,得出沒有足夠證據支持公司治理能降低媒體報導對股價同步性所產生的效果,是以公司治理品質良好與否可能並非影響媒體報導提高股價同步性的因素。

In course of time and advancements in technology, media serves not only as a communication bridge between companies and investors but also as a crucial channel through which information is disseminated to the capital markets. However, whether media coverage enhances corporate transparency and enables investors to accurately access firm-specific information remains a subject to debate.
Using a sample of Taiwan-listed and OTC-listed companies from 2016 to 2022, this study examines the impact of media coverage on stock price synchronicity, which is a measure of the extent to which firm-specific information is incorporated into stock prices. Empirical results reveal a significant positive correlation between media coverage and stock price synchronicity, indicating that media coverage mainly disseminates market-wide information instead of firm-specific information. This suggests that media coverage may not reduce information asymmetry between corporate management and investors. Subsequent regression analyses moderator variables related to external and internal corporate governance show that there is insufficient evidence to support that corporate governance can mitigate the effect of media coverage on stock price synchronicity. Therefore, the quality of corporate governance, whether good or bad, may not be a determining factor in increasing stock price synchronicity due to media coverage.

目錄
謝辭 I
中文摘要 II
英文摘要 III
目錄 IV
圖目錄與表目錄 V
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究架構 3
第貳章 文獻探討 5
第一節 股價同步性之相關文獻 5
第二節 媒體報導之相關文獻 6
第參章 研究設計 8
第一節 研究假說 8
第二節 樣本選取與資料來源 9
第三節 實證模型與變數定義 10
第肆章 研究結果 16
第一節 敘述性統計 16
第二節 相關係數表 18
第三節 實證結果分析 20
第四節 額外分析 29
第伍章 研究結論 33
第一節 結論與貢獻 33
第二節 研究限制與建議 34
參考文獻 35

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