媒體報導、投資者注意力與財務報告申報資訊內涵

Media Coverage, Investor Attention, and the Information Content of Filing Financial Reports

許書偉(Shu Wei Hsu)；江承霖(Cheng Lin Chiang)

媒體報導 ； 財務報告申報 ； 資訊內涵 ； Media coverage ； Filing of financial reports ； Information content

會計審計論叢

7卷1期（2017 / 06 / 01）

75 - 103

繁體中文

本文探討媒體報導對年度財務報告申報資訊內涵的影響。法令要求上市櫃公司必須在期限內將財務報告於公開資訊觀測站申報，但除非投資者注意到這些資訊並將其更新在對公司未來前景的預期，否則資訊的申報並不會使資訊充份且迅速地反應在股價中。若媒體對年度財務報告申報進行報導，應能使投資者注意財務報告相關資訊，進而誘發投資者進行交易，將有助增進財務報告申報的資訊內涵。本文以股票之異常報酬波動與異常交易量，作為衡量資訊內涵之指標，並發現媒體在公司申報年度財報期間，有報導該公司的年度財報資訊時，則該公司申報的資訊內涵較沒有媒體報導者高；此外若媒體報導的篇數愈多，則該公司申報的資訊內涵也愈高。

This study examines the effect of media coverage on the information content of filing annual financial reports. Regulators require listed firms filing annual financial reports on the Market Observation Post System (MOPS) within the deadline to help investor accessing information. However, information cannot be impounded into price unless investors pay attention to them and update their beliefs based on them. If media coverage of filing attracts investors' attention to the filing firms, triggering investing transactions on the filing firms, then the information content of filing could be improved. The information content of filing is measured by abnormal return volatility and abnormal trading volume. Results show that firms with media coverage of filing have higher abnormal return volatility and abnormal trading volume than firms without media coverage. In addition, results also suggest the increase in the informativeness of filing if the number of media coverage is increased.

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