公司是否能藉由媒體曝光度減緩非預期負面盈餘宣告對股市的衝擊？以台灣金融業為例

Does Media Coverage Mitigate Market Reactions to Unexpected Negative Earnings Announcements? Evidence from Taiwan Banking Industry

10.6295/TAMJ.2009.0902.03

王肇蘭(Chao-Lan Wang)；廖思雯(Sih-Wun Liao)；池祥萱(Hsiang-Hsuan Chih)

媒體報導 ； 盈餘宣告 ； 累積異常報酬 ； Media coverage ； Earnings announcements ； Cumulative abnormal return

台灣管理學刊

9卷2期（2009 / 08 / 01）

165 - 184

繁體中文

本文探討市場投資人對於公司發佈盈餘宣告的反應，並進一步分析市場投資人的反應是否會受到媒體報導相關新聞的影響。研究結果歸納如下。第一，媒體相關報導對於公司盈餘宣告時的市場反應有顯著影響，尤其是正面量化新聞及負面質化新聞。正（負）面新聞對市場的影響顯著為正（負），同時負面新聞的影響較正面新聞的影響大。第二，若媒體在公司發佈比市場預期差的盈餘宣告之前已對該公司有負面盈餘新聞的報導，則會減緩市場對公司發佈比預期差的盈餘宣告的負向反應。

This paper examines that the impact of firms' media coverage on the market reaction to unexpected earnings announcements of the banking industry in Taiwan. The empirical results are summarized as follows. First, the media reports significant impact on CARs, especially for p-quantitive and n-qualitative media reports. The impact of the negative news regarding the earnings announcements is greater than that of the positive news. Second, the negative media news will mitigate the negative market reactions to unexpected bad earnings announcements.

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