在1933年Glass-Steagall銀行法實施後，美國銀行業成為壁壘分明之商業銀行與投資銀行兩大體系，互相不得兼營對方業務。到了1999年通過「金融服務業現代化法案」(Financial Services Modernization ACT)取消商業銀行與投資銀行分業經營制度，也准許以控股公司方式跨業經營銀行、證券與保險等業務。在整體金融環境的變化下，銀行漸漸增加非利息收入營業活動的比重，同時媒體也開始更加重視金融市場的消息。而投資者的情緒易受到媒體所散布的消息影響，這很有可能會影響投資者的投資決策。因此我們認為金融機構有動機控制媒體，透過新聞媒體來影響投資者的投資決策，藉此增加銀行的非利息收入，例如手續費及佣金等。在本研究中，我們建構了一個模型來描述銀行與媒體的關係是否會影響銀行的非利息的收入。我們的研究結果表明，銀行部分的非利息收入確實會受銀行與媒體的關係影響。

Until the passage of the Financial Services Modernization Act (FSMA) in 1999, it was permitted that the commercial bank can operate commercial and investment banking activities simultaneously. Due to changes in the overall financial environment, banks pay more attention to the non-interest operating activities. In the meantime, the media also increase the focus on financial markets news. The content of financial news could affect investor behavior by released news. Thus, we suspect that the financial institutions may have motivation to control media to influence decision of investors. That may increase their noninterest income such as fee and commissions. In this paper, we construct a model to test whether the relationships with media affect banks’ noninterest incomes. Our findings suggest that some noninterest incomes are indeed affected by the relationship with media.

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