對一般大眾而言，新聞扮演著訊息傳遞的重要媒介。然而，該類訊息的傳遞是否確實達到降低資訊不對稱的效果？有別於以往透過事件分析的方式來檢視投資人對於個別新聞訊息的反應，本文藉由統計台灣上市櫃公司之年度新聞則數，一方面探討企業新聞數量的多寡是否改變了投資人的投資意願並反應於企業股權結構之廣度；另一方面探討高新聞曝光是否隱含著資訊揭露並因此而改善企業價值之偏離幅度。實證結果顯示：企業新聞數量之多寡與其股權結構之廣度存在顯著之正相關性；然而，企業新聞數量的增加並未伴隨著其價值偏離程度的下降。潛在性的，藉由新聞的曝光，企業得以吸引更多的投資人；但是，新聞媒體傳遞訊息的過程，似乎無法達到降低資訊不對稱並進而改善企業價值偏離的效果。該研究以實證的方式說明了新聞傳遞與投資行為的相關性，亦突顯了新聞媒體與其它資訊揭露方式的差異。 This thesis examines the relation between press coverage and investors’ behavior. In particular, we test whether the firm’s breadth of ownership as well as its value is affected by the firm’s visibility captured by the number of press coverage. With a sample of 4,011 firm-year observations of listed firms in Taiwan between 2005 and 2008, we observe that a firm’s breadth of ownership measured by the number of shareholders is positively related to either the number of press coverage or the number of days with press coverage in a year for a sample firm. While our findings above remain consistent when alternative measures or analyses are applied, we do not find the evidence that the increase of press coverage reduces the degree of a firm’s stock price deviated from its fundamental value indicating that the media may not necessarily play the role to eliminate the information asymmetry between investors and the firm in which they invest, even though it potentially affects investors behavior in purchasing stocks.
