過去有許多研究對資訊是否具有資訊內涵以及其對投資人的影響進行實證探討，例如國外的Nofsinger(2001)與Mark and Mulherin(1994)，以及國內林國興(2002)與陳達新、陳維寧、劉貞芸(2006)的實證結果皆顯示，資訊內涵普遍存在於國內外的股票市場中。Thompson(1987) 與Sankaraguruswamy, Shen and Yamada(2006)的研究發現，在資訊公布的當天或前後幾天，股票報酬與交易量會有異常的變化，此結果顯示，資訊的確會影響投資人的投資模式。另外有一些學者則著重在探討投資人情緒是否造成股票市場上股價與交易量的異動，例如Qiu and Welch (2004)以UBS Index of Investor Optimism作為情緒衡量指標，結果發現該指數可以有效的解釋小型公司的超額報酬，證實了投資人情緒的確在金融市場中扮演著重要的角色。資訊產生端(公開資訊)與資訊的接收端(投資人情緒)都會對造成股價的變動，但在過去的研究均只有針對單一因素(公開資訊或投資人情緒)對於股價與交易量的影響進行實證研究，目前卻無相關研究探討公開資訊與投資人情緒的交互效應對於股票市場的影響。因為當資訊產生時，資訊經過投資人的解讀後才會進行投資，進而影響股價與交易量的變動，但是投資人的投資行為又易受到情緒的影響而有所改變，所以同時探討資訊產生端(公開資訊的發布)與資訊接收端(投資人情緒)將更有助於釐清影響股價與交易量變動的重要因素。在投資人情緒悲觀(樂觀)時，雖然是正面(負面)消息，都有可能繼續使得投資人賣(買)股票。本研究計畫的研究結果預期可以為學術界彌補在此部份的不足，以及讓實務界的投資人與公司的管理者可以依不同的市場氣氛(樂觀或悲觀)，對於不同的公開消息(正面或負面)，擬訂不同的投資策略與有效的資訊傳遞。

There were many researches focusing on whether the financial news had information content and the effects on investors(Nofsinger, 2001; Mark and Mulherin, 1994). Lin(2002)。Chen, Chen and Liu(2006) demonstrated that information content existed both in domestic and foreign stock markets. Thompson(1987), Sankaraguruswamy, Shen and Yamada(2006) indicates that public information release results in increased divergence of beliefs, and hence a higher volume and stock price volatility relation on days with public information release. Thus investors’ trading behavior plays a central role around public information release. Besides, there were some researches trying to find out whether the investor sentiment is one of the reasons cause the volume and stock price volatile in the stock market. Qiu and Welch (2004) used UBS Index of Investor Optimism as an investor sentiment index and found that changes in the index can explain the excess returns on small stocks. This finding also suggests that investor sentiment does play a robust role in financial market pricing.
But so far, no research emphasizes the interactive effect between investor sentiment and public information on the stock market. When financial news was published, investors will interpret the news and then make investment decisions. The process describe above will volatile the stock price and volume. As we know, investors’ investment strategies will easily be influenced by the fluctuation of investor sentiment, it will be beneficial if we consider both sides (information and investor’s sentiment) in the same time when discussing the stock price and volume volatility. When investors are pessimistic (optimistic), they may sell (buy) stocks even dealing with the good (bad) news. This study may contribute to further the understanding of the interactive effect between investor sentiment and public information on the stock market and expect that the results can let investors and corporate managers make a much clearer picture when making the investment strategies and information signaling.

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二、中文文獻：
1.林泉源(1988)「證券投資顧問事業績效及投資者投資行為特性之研究」，台北：中華民國證券市場發展基金會。
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3.周賓凰、張宇志、林美珍(2001)，投資人情緒與股票報酬互動關係，證券市場發展季刊 20:1
4.陳達新、陳維寧、劉貞芸(2006)，報紙推薦資訊之實證研究-以經濟日報「每週精選潛力股」專欄為例，真理財經學報14
5.沈中華、李建然，2000年9月，「事件研究法-財物與會計實證必備」，台北：華泰文化事業公司。