媒體資訊投資人買賣股票的重要依據,也往往成為投資成敗的關鍵因素,本研究主要探討傳統媒體與社群媒體推薦股票之資訊內涵,選取2017年1月至12月經由傳統及社群媒體報導之分析師推薦股,利用事件研究法衡量事件日前後三周之異常報酬是否顯著,以判斷投資人是否能由此平台獲利,同時亦以T檢定比較2種媒體資訊內涵之差異。實證顯示,不論社群媒體或傳統媒體,在推薦日之前已經有消息洩漏,且經由傳統媒體報導的股票資訊並無法帶給投資人正向的異常報酬,投資人幾乎沒有獲利空間,而社群媒體報導的股票資訊在推薦日後還有3個營業日為正異常報酬,投資人還有些微獲利空間,但是台灣股市的買賣交易制度為T+2,投資人除非使用當沖交易或隔日沖才有可能獲利。
Media recommended information is the important reference for investors to buy and sell stocks. It’s one of the key factors in the success of the investment. This research explores the information content of recommended stock through social and traditional media by event study from January 2017 to December 2017. The comparison of information contect between social and traditional media has also been examined. The empirical result shows that analysts can not provide significant abnormal returns to investors for listed company and over-the-counter company in the stock market. However, investors can get a little profit from the information content of recommendated stock through social media by using day-trading within two days at over-the–counter market.