共同基金的媒體聲譽對其績效表現之影響

本研究探討共同基金公司（以下簡稱投信）及其發行之基金在新聞媒體報導對其績效表現產生之影響，應用內容分析法剖析報導之資訊內涵，並進一步量化新聞訊息，分析投信媒體聲譽的「家族廣告效果」與基金媒體聲譽的「個別廣告效果」對基金績效產生之影響。本研究比較金融危機期間與一般市場狀況媒體聲譽對基金績效表現之影響差異，並納入Google搜尋聲量指標（GSVI），進行穩健性分析。實證發現無論在非金融危機與金融危機期間，新聞揭露投信或基金之相關報導，讓市場參與者有更多機會關注媒體曝光度高的投信或基金報導，相較於GSVI僅有搜尋次數的概念，能展現情緒程度之媒體報導內容更具有分析之資訊內涵。共同基金之媒體聲譽對基金績效表現之研究成果值得基金經理人及市場參與者留意，並作為擬定投資策略與調整部位之參考。

關鍵字

投信；共同基金；投資績效；媒體關注度；新聞情緒

並列摘要

This study examines the news media reports on mutual fund companies (investment trusts) and mutual funds and explores the impact on performance. This study uses content analysis to analyze the information content of the news reports and quantifies news information. Furthermore, this study discusses the impacts of investment trusts' 'family advertising effect' and mutual funds' 'individual advertising effect' on mutual fund performance. This study compares the different effects of media reputation on mutual fund performance during the general market and the financial crisis. Besides, this study includes Google Search Volume Index (GSVI) for robustness analysis. The empirical findings show that no matter in the period of non-financial crisis or financial crisis, newspapers publish related reports on investment trust or funds, giving market participants more opportunities to pay attention to the reports of investment trust funds or the speeches of fund managers with high media exposure. Compared with GSVI's concept of only search times, the content of media reports that can show the degree of sentiment has more analytical information content. The research results of mutual fund media reputation on fund performance deserve the attention of fund managers and market participants, and those results also provide a reference for formulating investment strategies and adjusting positions.