在現今資訊科技快速發展及媒體傳播無遠弗屆的時代下，新聞媒體報導將使金融市場之價格波動更為顯著。對於公司管理階層、一般投資大眾及證券分析人員而言，公司相關之新聞報導對於公司績效與股價報酬的影響愈顯重要。但受限於新聞媒體報導資料複雜且蒐集不易，在臺灣實證研究上鮮少討論此一議題。因此，本文試探討新聞媒體報導對公司經營績效與市場績效之影響關係。
本研究以臺灣證券交易所掛牌上市公司為研究樣本，研究2005年1月1日至2010年3月31日期間之媒體報導資訊，觀察新聞媒體報導對於公司之資產報酬率(ROA)、股東權益報酬率(ROE)及股價報酬率(Stock Return)間之關聯性。主要實證結果如下：第一，分析新聞媒體報導之影響因子。發現公司規模愈大、分析師預測盈餘波動愈大、前期股價報酬變化愈大、淨值市價比愈低之企業較易吸引分析師及新聞媒體之關注，而使得擁有較多的分析師評論、較高的新聞媒體報導與公司管理階層於新聞報導曝光之頻率亦愈高。第二，分析新聞媒體報導對公司經營績效之影響。發現新聞報導程度愈高、報導態度愈趨正面、分析師與管理者於媒體評論次數愈多者，顯示公司受到市場關注程度較高，且正面報導有利於企業形象之提升，再者透過分析師客觀評論與管理者資訊揭露促使公司資訊透明度增加，進而對公司之經營績效具有正面提升作用。第三，分析新聞媒體報導對公司市場績效之影響。發現在大規模公司之下，依據各新聞媒體報導特性形成之投資組合，其可獲取之超額報酬皆顯著為正。顯示出不論是公司獲利增加、研發新產品、亦或是參與社會公益活動等，舉凡能吸引新聞媒體、證券分析師及公司管理階層之關注，而使新聞報導程度愈高者，將對公司之市場績效具有正面的影響效果。

With the rapid development of technology and mass media, the price of volatility in financial market is more significant by media reports. In view of company executives, individual investors, and stock analysts, the effects of news media on corporate performances and stock returns are more important than before. But because of newspapers data is complex and not easy to collect; empirical studies in Taiwan rarely discussed this topic. Therefore, our study tries to investigate the relationship between corporate performances, market returns, and news media.
Our research wants to study the effects of news media on ROAs, ROEs, and stock returns from TWSE listed companies in 1st of January 2005 to 31th of March 2010. Our conclusions are as follows: first, analysis of the impact factors of media coverage, we find that the larger firm size, the more analyst dispersion, the lower book-to-market values more likely attract the concern of stock analysts and news media, and then atrracts more analyst comments, higher media coverage and higher manager coverage. Second, analysis of the influences on the firms’ operating performances from mass media, we investigate that the higher media coverage, the more positive media tenor, the more reports from analysts and managers, shows that the higher attractions from the markets, and upgrade the image of companies. In addition, the objective analyst criticism and management disclosures can increase information transparency of corporations, and have positive effects on operating performance. Third, analysis of the influences on the firms’ market performances from mass media, we find that the portfolio could obtain the significantly positive excess returns from various media reports. Increasing profits, developing products, and public benefit activities attracted by the news media, analysts, and company executives have positive influences on the companies. The more media coverage, the more positive effects on companies’ market performances.

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