Media Coverage and Firm Value

[[abstract]]本研究主要是探討媒體如何影響公司價值，並從公司治理與資金成本兩方面去做深入分析。由於過去文獻提出媒體可以降低投資人與公司之間的資訊不對稱，並且可做為公司的外部監督機制，使公司為了自身聲譽而更積極致力於公司治理，進而提升其公司價值。另一方面，Merton (1987)的投資者認知假說指出，投資人對於公司的認知程度越高會增加其交易量，公司的權益資金成本因而降低，進而提升公司價值。本文研究結果發現，媒體對於公司價值確實有正向影響，而欲進一步去探討媒體是否能提升公司治理以及降低公司的權益資金成本，結果發現，媒體對於公司治理以及公司權益資金成本皆為正向影響，故本文結論為媒體能提升公司價值，其主要原因是源自於公司治理的提升。[[abstract]]In this study we will investigate that how the media to affect the firm value from two sides: corporate governance and capital cost According to the articles in the past the media reduces the information asymmetry between the investors and the company Also it can be the external monitoring mechanism that make the firm more actively engage its corporate governance for protecting its reputation The other hand the investor recognition hypothesis Merton (1987) indicates that when investors increase their awareness then higher volume of transactions the cost of equity capital will reduce and improve the firm value In the result the media affect the firm value positively indeed In this study we are going to discuss the media can improve the corporate governance and reduce the equity capital cost or not The result showed that the media can improve the firm value because of increasing the corporate governanc