本研究以PTT及Dcard股票版中，提及之台灣上市及上櫃公司為研究樣本，探討被提及的樣本，是否股價反應程度及異常報酬率，透過事件研究法進行實證分析，實證結果如下：
一、本研究發現不論是全部樣本、PTT、Dcard、或是依據市場特性、不同產業來進行分析，皆在事件日當天才有正向的顯著異常報酬。
二、在事件日之後，無法透過購買這些被推薦的股票獲得超額報酬，傾向支持投資人較不容易從公開的市場資訊獲得超額報酬，通常較容易取得的公開資訊(報章雜誌、社群平台)都有可能是落後的市場指標。
本研究係從非專業投資人角度切入，透過事件研究法得出PTT及Dcard所提及之樣本，在事件日之後，無法透過購買這些被推薦的股票獲得超額報酬。投資人在社群平台獲得訊息之後，若投入股市，往往已經無法獲得異常的超額報酬，建議投資人仍以基本面作為選股策略，或直接投入大盤，以長期來看報酬未必會較差。

This study uses Taiwan listed and OTC companies as samples which are mentioned in the PTT and Dcard stock discussion boards. Moreover, it explores whether the mentioned samples have a degree of stock price response and abnormal returns. The empirical analysis is carried out through the event study, and the results are as follows:
1. This study found that no matter whether it is the whole sample, PTT, Dcard, or analysis based on market characteristics and different industries, the positive significant abnormal return only occurs on the event day.
2. After the event day, it is impossible to obtain excess returns by purchasing these recommended stocks. It tends to support those investors are less likely to get excess returns from public market information. Publicly available information (newspapers, magazines, social platforms) that is usually easier to get may be a lagging market indicator
Our research adopts the perspective of non-professional investors, and the samples mentioned by PTT and Dcard are obtained through the event research method. After the event date, it is impossible to obtain excess returns by purchasing these recommended stocks. Investors who invest in the stock market after getting information on the social platform often cannot get excess returns. It is recommended that investors still use fundamental analysis as a stock selection strategy or directly invest in the stock market. In the long run, the return may not be poor.

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