媒體報導與上市公司表現之探討

Media Coverage and Performance of Listed Companies

林盈均(Ying-Jun Lin)

指導教授 ： 郭文忠

國立臺北大學/社會科學學院/經濟學系/碩士(2015年)

摘要

媒體報導與上市公司的關係在過去文獻中存在不同的見解，部分文獻認為被報導較多的公司其股價報酬低於較少受到媒體關注的公司，但也有部分文獻認為媒體曝光率較大之公司其市場報酬較高，因為增加媒體曝光度能提升公司知名度。本論文以台指50與台灣中型100指數之成分股公司作為研究樣本，蒐集2005至2014年之媒體報導，以公司董事長與總經理於財金類與人物專訪類之新聞報導量，作為媒體曝光度之代理變數，並利用複迴歸分析、追蹤資料分析、兩階段最小平方法與事件研究法，分別探討媒體與公司經營表現之關係，且以股東權益報酬率(ROE)、總資產報酬率(ROA)與股價報酬率作為衡量公司表現之標準。
研究結果顯示，公司負責人於財金類報導的曝光率與公司之經營表現有顯著的正向關係，與部分文獻結果類似。且以人物專訪類報導來看，報導公開當天存在正的超額報酬，雖無法達到顯著水準，但也大致顯示台灣金融市場具有一定的效率性。此結果即顯示媒體曝光度愈高，可能會散發公司之正面訊息給投資人，也可能提升企業之知名度與資訊透明度，使得投資人對被報導之公司更為了解並給予較多關注，進而提升公司之經營表現。

關鍵字

總資產報酬率 ； 股東權益報酬率 ； 董事長 ； 公司表現 ； 媒體報導 ； 股價報酬率

並列摘要

The relationship between media coverage and performance of listed companies is mixed in previous studies. Some found that the companies with high media coverage earn lower market returns than those with less media coverage, while others suggested contrary findings. This thesis collects media coverage of the underlying stocks included in FTSE TWSE Taiwan 50 Index and TWSE Taiwan Mid-Cap 100 Index during 2005-2014, and the search keywords are the names of CEOs and companies. Besides, this study uses multiple regression analysis, panel data analysis, two-staged least squares method, and event study to investigate whether the media coverage has impacts on corporate performances.
This thesis suggests two main results. First, CEOs’ media exposure in financial news has positive correlation with corporate performances. Second, although I obtain positive abnormal return on the day with the interview news pronounced, there does not exist significant abnormal returns after the pronounced date which leads to a conclusion that the Taiwan stock market is efficient. These results show that companies with high media exposure probably convey a positive message to investors, and the media coverage may increase popularity and information transparency of companies.

並列關鍵字

ROA ； ROE ； CEO ； corporate performance ； media coverage ； market return

參考文獻

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