投資人之注意力對公司價值之影響

現代的股票市場的環境下，如何影響與定義公司價值成為了投資人不斷追尋的目標。在現代主流的投資理論中，投資人的注意力是影響公司價值的重要因素之一，不同的投資人將自己對公司的想法及情緒反映在市場上，而造成了不同的公司價值。不論投資人情緒或公司價值，一定由多個指標所構成，故本研究嘗試採用結構方程模式(SEM)來說明兩者之間的關係。投資人情緒的變數，本研究參考Barber and Odean(2008)與Da et al. (2011)所使用的投資人注意力代理變數，研究與公司價值之間有何關係。研究結果發現注意力代理變數中周轉率的影響程度最大，公司價值方面則是股東權益報酬率，代表在台灣市場上，台灣的投資人更在乎周轉率與股東權益報酬率。

關鍵字

投資人注意力；公司價值； Google 趨勢；搜尋量指數； Google 搜尋量指數

並列摘要

Under the environment of the modern stock market, how to influence and define the value of the company has become the goal that investors are constantly pursuing. In the modern mainstream investment theory, the attention of investors is one of the important factors that affect the value of the company. Different investors reflect their thoughts and emotions on the company in the market, resulting in different firm values. Regardless of investor sentiment or Firm value, it must be composed of multiple indicators, so this study attempts to use the structural equation model(SEM) to illustrate the relationship between the two. For the variables of investor sentiment, this study refers to the proxy variable of investor attention used by Barber and Odean (2008) and Da et al. (2011) to study the relationship between the research and the value of the Firm. The research results found that the turnover rate has the greatest influence on the attention proxy variable, and the Firm value is the return on shareholder's equity, which means that in the Taiwan market, investors in Taiwan care more about the turnover rate and the return on shareholder's equity.