臺灣博碩士論文加值系統

現今多元媒介傳播速度快速，新聞及報章雜誌可見共同基金的報導，共同基金公司透過新聞媒體曝光度及報紙刊登基金廣告的方式呈現予投資人。隨著網路全球化和知識經濟的蓬勃發展，新聞訊息的傳遞也從傳統的報章雜誌與時俱進為網路媒介，投資人有更多機會關注媒體曝光度高的共同基金或基金經理人之發言，而共同基金之媒體聲譽對於基金績效表現的影響，為一值得探討的議題。
本研究以共同基金的媒體聲譽及績效為主要探討之議題，剖析媒體聲譽對績效表現之影響，探討媒體高度曝光或新聞報導樂觀程度高的共同基金，其基金績效表現是否相對較佳。研究樣本主要蒐集臺灣兩大新聞媒體以及網路新聞基金版面，分別為中時報系及聯合報系之新聞。應用內容分析法剖析報導之資訊內涵並進一步量化新聞訊息，本研究參考Wei, Lu and Hsu (2018)建立之中文情緒辭庫，作為本研究建立基金報導情緒指標之基礎，探討共同基金公司與基金等相關新聞曝光度高(低)與新聞正(負)面情緒對基金績效產生之影響。
綜上所述，本研究主要貢獻在於探討共同基金公司(以下簡稱投信)在新聞媒體之報導，對績效表現產生之影響，並比較金融危機期間與一般市場狀況，媒體聲譽對績效表現之影響差異。實證結果發現，投信及基金當月及前一個月的曝光度越高，對其當月績效表現有顯著負向影響，但在金融危機期間會呈正向影響。而淨樂觀程度越高，對其當月績效表現大多數呈現顯著正向影響，研究成果可作為未來基金經理人及投資人投資策略之參考依據。

Nowadays, multi-media is spreading fast. News and newspapers and magazines can show the trace of mutual funds. Mutual fund companies present to investors through the exposure of news media and the publication of fund advertisements in newspapers. With the globalization of the Internet and the vigorous development of the knowledge economy, the transmission of news messages has also entered the Internet world from traditional newspapers and magazines. Therefore, investors are concerned about whether mutual funds with high media exposure can help fund performance. The impact of performance is an issue worth exploring.
This research focuses on the media reputation and performance of mutual funds, analyzes the impact of media reputation on performance, and explores whether mutual funds can improve fund performance through high media exposure or high optimism in news reports. This research sample mainly collects the news of Taiwan's two major news media and the Internet Fund News of the China Times and the United Daily News, respectively. Besides, this study applies the method of content analysis to analyze the information content of the report and further quantifies the news information. This study refers to the Chinese sentiment dictionary established by Wei, Lu and Hsu (2018) as the basis for establishing the sentiment indicators of fund reports in this study, discusses mutual fund companies, examines whether high (low) news exposure and positive (negative) news sentiment have an impact on fund performance and other related issues.
In summary, the major contribution of this study is to explore the mutual fund company (hereinafter referred to as the investment trust) in the news media's coverage, showing the impact on performance, and compared to the general market conditions, the performance of media reputation impact on performance during the financial crisis of difference. The empirical results find that the higher the exposures of investment credit and funds in the current month and the previous month, it has a significant negative impact on their performance during the current month, but it exists a positive impact during the financial crisis. The higher the degree of net optimism, most of its performance in the current month shows a significant positive impact. The research results can be used as a reference for fund managers and investors to make investment strategies in the future.

摘要 i
Abstract ii
目錄 iv
表目錄 vi
圖目錄 viii
壹、緒論 1
貳、文獻探討 7
一、基金相關研究 7
二、媒體聲譽相關研究 8
三、媒體聲譽對基金影響之相關研究 9
四、假說建立 12
參、資料說明與研究設計 13
一、研究樣本說明 13
二、研究流程步驟 16
三、基金績效衡量指標 18
四、投信及基金的媒體聲譽之衡量指標 20
(一).新聞量化指標之建立 20
(二).投信及基金的曝光度之衡量 21
(三).投信及基金的媒體報導之情緒指標 22
五、實證流程與迴歸模型建立 24
肆、實證結果 28
一、敘述性統計分析 28
二、相關係數分析 31
(一).投信的媒體聲譽與績效表現之相關係數分析 31
(二).基金的媒體聲譽與績效表現之相關係數分析 36
三、投信的媒體聲譽對績效表現之迴歸分析 38
(一).投信前一期之媒體聲譽對當期績效表現之迴歸分析 38
(二).投信當期之媒體聲譽對當期績效表現之迴歸分析 40
四、基金的媒體聲譽對績效表現之迴歸分析 42
(一).基金前一期之媒體聲譽對當期績效表現之迴歸分析 42
(二).基金當期之媒體聲譽對當期績效表現之迴歸分析 45
五、檢驗金融危機期間投信及基金媒體聲譽對績效表現之影響 48
(一).金融危機期間投信前一期媒體聲譽對當期績效表現之迴歸分析 49
(二).金融危機期間投信當期媒體聲譽對當期績效表現之迴歸分析 52
(三).金融危機期間基金前一期媒體聲譽對當期績效表現之迴歸分析 55
(四).金融危機期間基金當期媒體聲譽對當期績效表現之迴歸分析 58
伍、結論與建議 61
一、結論 61
二、未來展望與建議 63
參考文獻 65
一、中文文獻 65
二、英文文獻 66

一、中文文獻
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二、英文文獻
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