Does Media Coverage Improve Firm Value?

[[abstract]]依循過去文獻從投資者認知與公司治理兩大面向可得出媒體可透過投資者認知的提升和提升良好的公司名譽，使得公司價值增加，故媒體對於公司價值是有正面的影響力。本研究將公司區分為資訊透明度高低、公司治理高低、電子產業與否和年代去做為分類，進而去探討在不同子樣本中，媒體是否仍是正面提升公司價值，影響的程度又有何不同。經過分析結果發現，第一、媒體對於資訊不對稱高的公司有較大的影響。第二、媒體對於公司治理較差的公司有較大的影響。第三、媒體對於無形資產較高的電子業公司有較大的正向影響。第四、因著資訊普及，後期報章雜誌報導的影響力不及前期，故前期的媒體對於公司價值有較大影響。總結，經過本文深入探討，所得出的結論是支持媒體曝光度能夠提升公司價值的說法。[[abstract]]According the researches from the past using the media to increase the investor reeognition and improve the reputation that can make firm value improve Therefore the media influences the firm value positively In this study separating the data into four groups: information transparency corporate governance technology industry and age Using these four groups to analyze the sub-samples media still affect firm value positively or not and the degrees There are results: first media affect the firms that are high information asymmetry greatly Second the firms that are worse corporate governance are affected greatly by the media Third the technology firms have the high intangible assets that are affected positively and greatly by media Forth nowadays there are lots of information can be touched and searched easily Then that makes early media affect the firm value greater than the late age In the sum the results support the media coverage improve indeed the firm valu