Financial Reporting and Financial News - An Information Content Gap Analysis

新聞報導在現今社會中為最便利與即時的資訊來源，也是公司與管理階層用來發布年度表現與其他重要消息的管道。本研究想要去找出新聞報導的內容與股票市場的反應之間的關連性，以及財務報表附註提供比新聞報導更多的其他資訊。 本研究以2013年度臺灣90家上市公司為樣本去探討股票市場與新聞報導及財報附註之間的關係。藉由內容分析法的方式去評估新聞報導與財報附註中的正向、負向情緒以及兩者之間的資訊差異以及兩者對股票市場的影響。藉由兩種不同的資訊來源，找出股票市場對於此兩者是否有不同的反應，並從中判斷兩種資訊內容的差異。 本研究發現新聞報導中的正向情緒與股票市場有正向的關連性，然而無法顯著證明在市場反應方面，財報附註能提供比新聞報導更豐富的資訊。Financial news articles are the most convenient and timely information in today’s world. Companies and managers can announce current year performance and other concurrent disclosures to investors and stakeholders by financial news articles. This study hopes to find the relationships between financial news articles and the stock market and the information content gap between financial news articles and footnotes to financial statements. This study uses 90 listed companies in TSE of 2013 to test stock market responses to the information content in the financial news articles and footnotes to financial statements. This study implements content-analysis technique, which count words for characterizing as optimistic and negative tone and helps to decide the abundancy of information content elaborated, to find the information content to stock market reactions and compare the information content gap between financial news articles and footnotes to financial statements. This study finds that optimistic sentiment expressed in financial news articles positively relates to the stock price movement. However, this study is unable to reach a conclusion that information disclosed in the footnotes to financial statements is significantly enough to represent the existence of information content gap as compared to financial news articles