股票市場資訊傳遞非常快速，因此相較於其他市場來得更有效率。以往投資人大多是透過財經節目、新聞媒體、報章雜誌、投資人社團等來獲得資訊，此種方法大多都屬線下模式。但近年來逐漸發展出一種新模式：付費線上股票投資社群。投資人藉由線上社群彼此交換資訊，使資訊傳播更為快速，這種模式已成為近年來投資人最常使用獲得資訊的方式，與傳統的投顧老師所開設的投資群組不同，在這些線上投資社群中，通常都有一位意見領袖在發表意見，分享投資技巧與心得，以及分享個人認為不錯的股票標的，但礙於法規因素，非持有分析師執照者，不能有投顧行為，因此僅能透過分享的方式讓投資人自行選擇進出場時機點。
本研究導入事件研究法，首先透過資料蒐集與分析，藉由實際的個股資料來驗證，當社群中的意見領袖推薦個股標的時，是否會對散戶投資人的投資決策造成影響；其次，針對意見領袖推薦個股報酬率與市場報酬率進行比較，驗證受到投資社群意見領袖所推薦的個股標的，是否優於市場報酬。
研究結果發現，在付費線上投資社群中，意見領袖發布觀察標的資訊，確實會影響散戶投資人的行為決策，但因被推薦股票標的性質不同而有不同程度的影響。在與市場報酬率比較方面，受到意見領袖所推薦的股票標的，在事件發生期間內，其平均報酬率也優於市場的平均報酬率。

The stock market is a highly efficiency market, with rapid information transmission. In the past, investors mostly obtained the information through financial TV shows, news media, newspapers and magazines, investor associations, etc, and most of these methods were offline. In recent years, a new method has gradually developed: Paid Online Stock Investment Community. Investors use online communities to exchange information with each other that makes information transmit faster. This method has become the most common way for investors to obtain information nowadays. It is different from the investment groups which were set up by traditional investment advisors. Within these online investment communities, there is usually an opinion leader expressing opinions, sharing investment skills and experience, and even recommending some good stock targets. However, due to statutable factors, non-licensed analysts can not provide any investment advice. Therefore, opinion leaders can only share the targets, and let investors choose the timing to buy or sell by themselves.
This research will base on information collection and data analysis, focusing on the actual individual stock data to verify whether the recommendation of opinion leaders will affect the decision of retail investors. Besides, it will verified whether the stocks recommended by the opinion leaders of the investment community are better than the market returns by comparing the return rate of individual stocks with the market.
According to the results, within the chargeable stock investment online community, the stock information that revealed by the opinion leaders is indeed having an impact on the decision of retail investors. However, the level of influence will be various depend on the feature of each individual stock. When it comes to the rate of return, the stock recommended by opinion leaders is also having a return better than average.

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