過去關於初次公開發行股票折價(IPO under pricing)現象的研究，多著重於探討財務資訊和承銷方式的影響，各國股票市場雖普遍存在折價現象，但中外學者對於引起IPO折價的原因仍無一定論。本研究嘗試應用信號理論(signaling theory)，認為折價主要是由於投資人和承銷商及發行公司之間資訊不對稱所致，並假設高階經理團隊的某些特質可作為示訊信號，藉此降低資訊不對稱情形。 實證上以台灣股票發行市場為對象，選取民國94年至97年中為研究期間，蒐集於該段時間公開上市(櫃)之股票；並根據相關文獻，選擇三種高階經理團隊特質─教育程度、相關產業經歷及對外關係連結(personal ties)對IPO折價幅度進行假設驗證。結果顯示高階經理團隊的「相關產業經歷」及「與同產業公司的關係連結」對IPO折價具有顯著的影響能力；「教育程度」及「與不同產業公司的關係連結」影響方向雖與假設相符，但影響效果並不顯著。

近年來，隨著網際網路及線上社群日益普及，電子口碑的影響力迅速壯大。有鑑於這樣的趨勢，許多廠商開始尋找具有一定人氣的公眾人物或網路紅人為產品撰寫業配文。做為一種相對新穎的行銷方式，業配文同時兼具一般電子口碑的特性與產品代言的商業色彩。正因為它並非單純自發性的使用心得分享，許多消費者仍對其可信度有所疑慮，且大眾對其之觀感亦差異甚大。 本研究遂以信號理論（Signaling Theory）的觀點出發，將業配文撰文者視為信號傳遞者（Signaler）、文章內容視為信號本身（Signal）、消費者視為信號接收者（Receiver）、承載文章之平台視為信號環境（Signaling Environment），探討此四大面向中可能影響消費者文章信任、產品態度與購買意願之因素。 本研究採量化分析，透過發放線上問卷蒐集初級資料，經統計迴歸分析後發現，信號接收者面向的「撰文者與消費者相似性」、「撰文者過往名聲」、信號本身面向的「文章內容真實性」以及信號環境面向的「平台可信度」確實對文章信任有正向顯著影響，並會藉之進而影響產品態度和購買意願。此外，「平台生動性」及「平台互動性」則直接對產品態度有正向顯著影響。而本研究也針對文章信任之中介效果及信號接收者面向的「消費者人格外向開放性」、「消費者過去受業配文影響之經驗」、「消費者產品知識程度」是否具調節效果進行分析，詳細結果於研究中將一一闡述。 / In recent years, the impact of Electronic Word-of-Mouth (eWOM) has surged due to the prevalence of the Internet and social media. In response to this phenomenon, many firms have been inviting public figures or Internet celebrities to write sponsored (blog) posts for certain products. Sponsored posts, in substance, lie somewhere between solely spontaneous sharing of personal experiences and actual endorsements. Hence, many consumers still take sponsored posts with a grain of salt and remain skeptical of their authenticity as well as trustworthiness. This research builds upon Signaling Theory by adopting the concept of “Signaler”, “Signal”, “Receiver”, and “Signaling Environment”, and aims at clarifying some possible factors that may influence consumers’ trust toward the sponsored posts, product attitude and purchase intention. Among the independent variables, “Similarity between Writer and Consumer”, “Writer’s Reputation”, “Content Truthfulness”, and “Media Credibility” are significantly positively correlated with consumers’ trust toward the sponsored posts, which then positively influences consumers’ product attitude and purchase intention. Meanwhile, “Media Vividness” and “Media Interactivity” also contribute significantly to consumers’ product attitude. Other factors involved, the mediating effect of trust, as well as the moderating effect of “Consumer’s Personality” and “Consumer’s Past Experiences” are further discussed in this research.