2021 年，台灣受惠於疫情控制得宜，加上遠距教學及雲端運算等需求激增，進一 步帶動台股相關產業鏈的強勁表現，2021 年全年漲幅高達 23.6%，有交易人數達 550 萬人，改寫台股新紀錄，顯示全民投入股市的熱情隨股市市值不斷攀升而逐漸升溫。 然而，散戶投資者相較於佔股市交易比重四成的機構投資者享有的資源較少，其最直 接的方式便是來自於報章媒體之報導，市場上也常可觀察到股價先行於新聞媒體反應 之現象。因此本研究主要探討新聞報導公司基本面資訊後股價報酬的反應現象，並分 析其中是否存在機構投資者或新聞媒體的炒作行為，股價於新聞報導發布前後的反應 狀況為何。同時，本研究還關注正面和負面資訊對於股價報酬的影響，探討負面資訊 的發布對於股價的影響是否更甚於正面資訊。
本研究利用成對樣本 t 檢定檢驗新聞媒體報導前後，各樣本股票之股價報酬率是 否有明顯異常，並利用單一樣本 t 檢定檢驗新聞媒體發布正負面之公司營運資訊前後， 股價報酬率的變化。研究結果顯示，新聞媒體發佈的公開資訊確實會影響股價報酬的 表現，但並非全部的資訊皆會影響股價報酬，且股價對於各類報導反應的時間也不盡 相同。最後，研究結果也顯示，投資人對於正負面報導並無明顯偏好，負面報導對於 股價的影響並未高於正面資訊的報導。
本研究作為新聞宣告對於股價的實證研究，研究結果可提供投資人作為公司資訊 發佈後，配置投資組合之參考，並降低公司資訊的發布被機構投資者或新聞媒體操作 之疑慮。

This study focuses on the phenomenon of stock price reactions following news coverage and analyzes the presence of manipulative behavior by institutional investors or the media, as well as whether stock prices exhibit pre-emptive reactions prior to the release of news reports. Additionally, the study examines the differential impact of positive and negative information on stock prices, exploring whether the disclosure of negative information has a more pronounced effect than positive information. The sample period is from 2018 to 2022, and the sample is from the most representative financial media in Taiwan: Economic Daily News. This study used two methods, paired sample t-test and one sample t-test. The public information released by the news media does indeed impact the performance of stock price returns, but not all information will affect stock price returns, and the time it takes for stock prices to react to different types of reports varies. Furthermore, while news released by the media does influence stock prices, the direction of the impact is not as expected, and the timing of stock price reactions varies across different reports. Lastly, the findings also suggest that investors do not exhibit a clear preference for positive or negative news reports, and the impact of negative news on stock prices is not higher than that of positive information.

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