本論文共一冊，計分六章，約六萬餘言。第一章緒論，說明研究動機、研究目的、研 究範圍，以及研究限制。第二章研究方法，介紹資料搜集之程序之方法，資料搜集來 源，以及資料分析的方法。第三章股票投資報酬與週末效應，介紹股票投資報酬產生 過程的關理論假設，週末效應形成的原因，週末效應與股票上市公司規模大小的關係 ，週末效應對認股價格的影響，以及週末效應對市場效率性的涵意等。第四章實證結 果及分析，以國內所得之次級資料進行分析，並比較國外之實證結果，解釋其差異。 第五章結論及建議，綜合國內國外之研究分析，提出若干建議，以供有關人士參考， 並提出日後進一步研究的方向。

在論文中我們以不可重複發生的事件為討論的對象，介紹離散時間存活模式的架構，並利用離散時間存活模式與連續時間存活模式、離散時間存活模式與多期二元反應變數模式的關係，找出在某些條件之下，模式之間相對應的情形。另外，針對資料的異質性或相關性的問題，我們在模式中加入隨機效應，以捕捉個人的特質，並彌補解釋變數的不足。同時，我們將說明如何運用最大邊際概似估計法估計模式中的參數。 / This thesis is mainly discussing non-repeatable events, describing the structure of Discrete-Time Survival model, and at the same time discovering the corresponding phenomenon among models under certain conditions by taking the knowledge from the relationship between Discrete-Time Survival model and Continuous-Time Survival model, as well as the relationship between Discrete-Time Survival model and Multiple-Period Dichotomous Response model. Moreover, random effects are added to the models in order to capture the individual characteristics and make up for the shortage of explanation variables for the assessment of heterogeneity and correlation. This thesis also explains how to estimate the parameters in the models by taking the approach of Maximum Marginal Likelihood Estimation.

本研究以台灣股市為實證對象，首先檢驗價值股組合能否創造出較其他投資組合優異的績效表現。接著，搭配成長因子、財務結構面、市場流動性等指標，探討可否藉由這些方法提升原始價值股組合之報酬。最後，以產業別為基礎，自台灣股市中選取紡織纖維業、電機機械業、化學工業、電子業、營造建材業、金融保險業六個產業，觀察個別產業是否也具有價值效應、規模效應和季節性現象。 研究結論如下： 一、不論是盈餘/市價比、淨值/市價比、銷貨/市價比哪一種分類指標，價值股組合之績效均明顯優於所有股票組合與成長股組合，其中又以淨值/市價比價值股組合的表現最好；此外，價值股組合之報酬變異程度亦較小。本研究此部分之結論與多數國內文獻的實證結果一致。 二、在成長因子、財務結構面、市場流動性三種提升價值股組合績效之指標中，以剔除負債比率最高組（即衡量財務結構面）的方式最有效；此結論與黃淑娟（1998）發現衡量財務結構面及市場流動性對績效提升較有效的結果類似。相對地，結合成長因子之新投資組合的報酬卻嚴重落後所有股票組合和原始盈餘/市價比價值股組合；此結論與Ahmed and Nanda（2001）發現結合成長特徵之價值型股票能提高報酬的實證結果相異。 三、以產業類股為基礎下，原則上每個產業之價值股組合的績效均優於各該產業所有股票組合及成長股組合，但各產業最適用之價格比率分類指標不盡相同。此外，這些產業也都存在規模效應，即小型股組合之績效均優於大型股組合，同時，各產業大致皆呈現小型股組合的報酬波動程度高於大型股組合。另一方面，每個產業都有月份效應，績效最好之時期為1月份、12月份。 而進行產業間之比較則可發現，電子產業的表現最為出色，尤其是價值股組合；相對地，紡織業則表現不佳。 / In this study, we detected the characteristics of the stock market in Taiwan. First, we examined whether value stocks perform better than growth stocks. Second, we tried to improve the return of value stocks by using three value enhancers (i.e., the growth factor, the financial structure, and the market liquidity.) Finally, we chose six industries from the stock market, including the textile industry, the electrical machinery industry, the chemical industry, the electron industry, the building/construction industry, and the finance/insurance industry, to see if there exist the value effect, the size effect, and the monthly effect for individual industries. Our results are as follows: 1. The value effect exists in the Taiwan stock market; in other words, value stocks always outperform growth stocks. And the return of value stocks based on book-to-price ratio is the highest among different portfolio examined. Besides, book-to-price ratio is the best indicator to divide stocks into value stocks and growth stocks. 2. Of the three value enhancers used to improve performance, the financial structure is the most effective one. However, the performance of the new portfolio which incorporates the growth factor to select value stocks is much lower than that of value stocks based on earnings-to-price ratio. 3. Each individual industry shows the value effect, the size effect, and the monthly effect. Among these six industries, the performance of the electron industry is the best, especially for value stocks, whereas the performance of the textile industry is comparatively poor.

本文研究在購併案中，主併公司規模的大小是否會影響購併績效，並探討主併公司規模大小不同時，影響其購併績效的因素。實證結果發現： （1）規模效果確實存在於台灣的購併案中 （2）相對規模雖對規模不同的主併公司均為正向影響，但在統計上均不顯著。 （3）產業集中度對規模較大的公司而言為正的影響，且在統計上顯著 （4）Tobin’s Q對規模較大的公司影響不顯著，而對規模較小的公司則有正向且顯著的影響。顯示成長機會理論可用於解釋規模效應。

2007年諾貝爾和平獎頒給了美國前副總統高爾和聯合國跨政府氣候變遷小組(IPCC)，表揚他們致力於全球氣候變遷的議題。2005年2月「京都議定書」正式生效，目的在削減二氧化碳等六種溫室氣體的排放量，國際航空並未列在削減溫室氣體的範圍，但委由國際民航組織(ICAO)負責國際航空溫室氣體排放減量，這顯示在「聯合國氣候變化綱要公約(UNFCCC)」架構外，以產業合作模式來削減溫室氣體在政治上是可行的。飛機引擎將二氧化碳、氧化氮、碳氫化合物、水蒸氣、硫酸鹽、煙塵顆粒直接排放於大氣中，這些噴射物和大氣的成分產生複雜的化學變化，改變大氣的成分，所排放的高溫水氣在對流層凝結為飛行雲和卷雲，除二氧化碳確定會造成溫室效應外，其餘排放的廢氣尚缺乏科學證據和溫室效應有關。國際航空既有「京都議定書」不須限制溫室氣體排放的法律基礎，且大部分排放的廢氣尚缺乏影響溫室效應的科學證據以致航空產業對削減溫室氣體排放量的行動並不積極，但航空的旅客每年以約5%的速度成長，航空未來是廢氣排放增加最快的產業。在歐美國家積極進行大氣科學的研究以了解溫室效應的成因，台灣近日宣佈將加入全球最大的溫室效應氣體觀測平台MOZAIC，航空產業有必要採取負責的行動減緩溫室氣體排放量。 本研究主要蒐集國內外相關的學術研究資料，波音公司的環保政策及公司專業人員的意見，歸納出航空產業改善溫室效應的對策，並以英航為個案，探討其以排放交易體系及碳補償體系改善溫室氣體排放的實效來驗證其可行性，最後探討在ICAO架構下，航空產業如何循序漸進的進行溫室氣體減量的國際合作。本研究旨在回答下列問題： 1. 航空產業對溫室效應的影響？ 2. 航空產業在科技面、營運操作面、經濟政策面可以減緩溫室氣體排放的對策有哪些？哪一個對策成本較低，較有效？ 3. 航空產業相關的企業組織中，誰最適合做為溫室氣體排放負責的實體？ 4. 以利害關係人的觀點，評估經濟政策面的解決方案在經濟面的衝擊為何？ 5. 在ICAO的架構下如何進行航空產業溫室氣體減量的國際合作？ 本研究得到的結論如下： 1. 經由航空科技的研發，是削減溫室氣體排放量的根本方法，因為它有利於所有利害關係人，但新一代的航空科技研發通常需要10-15年以上的時間，以及充滿不確定性，所以在短、中期不是削減溫室氣體排放的有效方法。 2. 改善航管系統及飛航操作的方法在法律、技術及經濟上所面臨的挑戰比較小，在短、中期就可以減少8-18%燃油的消耗，不過長期而言，不足以抵消航空產業每年成長所增加的廢氣排放量。 3. 排放交易體系是以市場機制運作的碳交易市場，航空產業在開放式的排放交易體系可用最低的減緩成本達到排放減量目標。排放交易體系經過英航實際運作證明它是可行的方法，既可以達到減量的目標又不會妨礙航空產業的成長。 4. ICAO是1944年依據芝加哥公約成立的，它的會員國適用”無差異原則”，聯合國氣候變化綱要公約(UNFCCC)的會員國適用”共同但有差異的責任”，所以京都議定書也只對Annex I的國家限制溫室氣體排放量。在會員國不同意單方面擴展排放交易體系下，ICAO要求在雙方同意下才能將他國的航班併到自己的排放交易體系，這使得歐盟在2012年企圖單方面擴展排放交易體系到所有進出歐盟的航班變得不大可能，這對歐盟積極推動溫室氣體減量的行動是一項挫折。 5. 飛機引擎所排放的廢氣，除二氧化碳確定會造成溫室效應外，其餘排放的廢氣尚缺乏科學證據會造成溫室效應。這種缺乏科學證據的氣候協商在國際間很難達成共識，所以在ICAO及IATA的排放交易體系都只建議限制二氧化碳的排放量，但二氧化碳只佔航空器排放廢氣的37%，這種溫室氣體的限制並不具環境的有效性。 6. 全球暖化已成為全球矚目的議題，各國紛紛採取「節能減碳」措施，台灣也不例外，京都議定書顯然不能有效解決溫室效應問題。在2012年後替代的新合約必定增加溫室氣體限制的國家及產業，也有可能包含航空產業。航空公司可以從參與碳補償體系、和政府簽署自願環保合約、參與其他產業的自願排放交易體系，先取得碳市場的交易經驗，日後可在UNFCCC或ICAO的架構下承諾溫室氣體排放減量。 / In 2007, the Nobel Peace prize was awarded to the former Vice President of the United States, Al Gore and the IPCC for their great efforts in global climate change issue. The Kyoto Protocol entered into force on February 16, 2005; this treaty assigns mandatory emission limitations for the reduction of greenhouse gases (GHG) to the signatory nations. International aviation GHG emissions are not included in Kyoto Protocol, as it will be addressed through the International Civil Aviation Organization (ICAO) according to Article 2.2 of the Kyoto Protocol. This indicates that it is politically agreed upon to use a sector-based approach to limit GHG emission beyond the United Nations Framework Convention on Climate Change (UNFCCC). During flight, aircraft engines emit carbon dioxide, oxides of nitrogen, oxides of sulfur, water vapor, hydrocarbons and particles. These emissions alter the chemical composition of the atmosphere in a variety of ways. Except for carbon dioxide, the other emissions from aircraft in flight are still under investigation for their impact on global climate change. Passenger airlines growth is anticipated to increase about 5% annually, so the aviation industry is expected to be the fastest growing emissions contributor in the future. Therefore, the aviation industry should take responsible actions to alleviate GHG emission. For exploring the root cause of global climate change, European and American scientists are leading the investigation of the atmosphere, and the government of Taiwan recently announced they will support MOZAIC in their observation of the north Pacific atmosphere. This research is performed by reviewing the articles published by researchers, the briefing material from aircraft manufacturer and the expertise from companies. The conclusions are that the methods are useful to alleviate GHG emission for aviation industry. Meanwhile, British Airways was selected to be the case study to verify their implementation of environmental policy. Finally, an approach under ICAO is being introduced for the aviation industry to alleviate GHG emission through global collaboration. This study is to answer the following questions： 1. What is the environmental impact by the emissions from the aviation industry? 2. What methods are available from technology, flight operations and economic policies to alleviate GHG emission? Which one is more economic and effective? 3. Who is the accountable entity in the aviation industry to alleviate GHG emissions? 4. What is the impact on economics by the method of implementation of economic policies to alleviate GHG emissions based on the stakeholders’ viewpoints? 5. How does the aviation industry collaborate globally to alleviate GHG emissions under ICAO？ The conclusions from the research are as follows. 1. The basic method for the aviation industry to resolve GHG emissions is by the use of new fuel or engine technologies. Normally, it takes 10 to 15 years to pioneer new technologies for aviation with uncertainty, so it is not an effective method in short and mid term to alleviate GHG emissions. 2. The improvement of air traffic management and flight operation presents little difficulty in law, technologies and economics to alleviate GHG emissions. This method can reduce 8-18% of fuel comsumption in short and mid term, but it can not offset the growing emissions by air traffic annually. 3. The Aviation Industry can reach the lowest alleviation cost to meet emissions target by open emission trading scheme. Emission trading is not only environmentally effective, but also does not hinder the growth of aviation industry in the future. 4. The ICAO, the state members apply to the principle of non-discrimination, however the UNFCCC, the state members apply to the principle of common but differential responsibility. The Kyoto Protocol just restricts the GHG emissions for Annex I countries. ICAO is obliged to request the integration of foreign operators in the emission trading scheme “under a mutually agreed basis”. 5. Except for carbon dioxide, the other emissions from aircraft are under investigation for their impact on environment. The emission of carbon dioxide is only 37% of all emissions by aviation industry. The ICAO and IATA only recommend to restrict carbon dioxide emissions, so it is not environmentally effective. 6. The following treaty after 2012 should involve more countries and industries for GHG emission restriction, and the aviation industry might be involved in the new treaty. Therefore, airlines should seek the opportunity to participate voluntarily in the carbon trading market to gain experience in this strategy. Then, airlines can commit to reduce GHG emission under UNFCCC or IACO in the future.

一月效應在近五十年來係屬一有趣之議題，但至今仍無學者能對其形成原因提出一較佳之解釋。正因為一月效應發生之時點是在每年的一月份，且每年一月份是公司正辦理上年度的決算，新的年度也是才開始而已，所以從另一個角度而言，無論從公司的角度或從投資者的角度而言，均是在形成當年度預期且驗收去年度成果的主要時點。據此本論文以為，上市公司的「一月效應」與投資者對去年度獲利成果，以及對本年度經營結果的預期有關。 本研究係針對我國上市公司1994年至1999年一月之資料加以分析，根據事件研究法及敘述性統計分析之結果發現我國股市在該段期間內並無正的一月效應、反倒是有負的一月效應現象。這樣的結果與早期多數學者的實證結果相反，但近期學者對我國股市的研究當中，已有部分學者之實證結果認為我國股市並無正的一月效應存在。 另外，本研究亦針對上市公司一月累積異常報酬與未預期盈餘之關聯性進行探討，結果發現不論是第一季未預期盈餘或去年度未預期盈餘，其與一月累積異常報酬間皆呈負相關，但不顯著。之後，又把研究標的由一般性盈餘抽換為持續性盈餘，發現未預期盈餘與累積異常報酬間負向關係更為明顯。最後，再將公司規模大小列入考量，發現小公司確實有較高的累積異常報酬，此與先前多數學者實證的結果相符。然而，規模本身雖可對一月累積異常報酬提供一較佳之解釋，但將規模加入模式後仍無法明顯提昇未預期盈餘對累積異常報酬之解釋能力。 / Over the past fifty years, January Effect has always been an interest topic. However, no conclusive explanations have ever been offered. January is the time for management of corporations and investors to confirm the performance of last year and to form expectations of the coming year. Therefore, it may be reasonable to hypothesize the January Effect is related to the actual profitability of last year and the expected earnings of current year. This study first examine whether Taiwan’s stock market has January Effect. Monthly returns of the sample companies for the period 1994 to 1999 are tested. The result indicated that there is a negative January Effect, which runs contrary to most of the previous research findings. However, recent studies on Taiwan’s stock market have drown more conclusions refuting the hypothesis that Taiwan’s stock market has positive January Effect. This study further examines the relationship between the January cumulative abcdrmal returns of sample companies and the unexpected earnings of the previous year and the first quarter of the current year. Regression model is employed. The result indicates that there is negative, though not significant, relationship. The earnings are then further partitioned into permanent and transitory. A new regression analysis using the permanent unexpected earnings is performed. The result is the same but more significant. When company size using the market value as a proxy is added to the regression model, it shows that small companies tend to have higher cumulative abcdrmal returns. In summary, this study finds no significant relationship between the stock returns in January and the unexpected earnings of the previous year and/or the first quarter of the current year.

以個人某一特徵或特質的正負社會價值，而形成對其全部的印象即所謂的 月暈效應。過去有許多研究都證明了外表吸引力此一特質具有此種效果， 而從文化的觀點來看，對中國人來說學業成就很可能也是引發月暈效應的 一個重要特質。因此，本研究利用故事實驗法，以照片及文字操弄了目標 人的外表吸引力之美醜、學業成就的高低及目標人參加書法比賽結果之成 功或失敗。研究樣本為３４２位國一學生，在看過故事說明書之後分別對 目標人在特質擁有程度及未來生活成就上加以評量以瞭解外表吸引力及學 業成就二種特質是否在此兩方產生月暈效應。除此之外，並要受試對目標 人參加比賽結果的成功或失敗在八個歸因項目上（可歸為內在或外在歸因 ）評量其重要性。最後為瞭解外表吸引力及學業成就的影響力是否有其限 制性，因此請受試在三種其他的比賽作業上（包括畫圖比賽、運動比賽及 烹飪比賽）評量目標人其成功的可能性。研究結果發現：外表吸引力及學 業成就顯著的影響了受試對目標人擁有正向特質程度及未來生活成就的評 量，即對於外表好看或學業成就高的目標人，會認為其具有較多正向的特 質且未來的生活發展較好。且在學業成就高╱外表吸引人的情況下目標人 擁有正向之人格特質的程度最高；在學成就低╱外表不吸引人的情況下目 標人擁有正向之人格特質的程度最低。而在歸因項上的影響則顯示對於學 業成就高或外表吸引人者較易對其成功作內在歸因，而對其失敗作外在歸 因。此外，在其他三種比賽作業上的評量結果發現外表吸引力及學業成就 高低對運動比賽成功可能性的影響並無顯著差異且學業成就高低在烹飪比 賽項上的影響也不顯著，此一結果顯示外表吸引力及學業成就的月暈效應 之影響力在不同的比賽作業上確有其限制性。

指數成分股調整效應是行為財務領域的一大研究課題。近年來隨著中國股市不斷發展，各類指數衍生品層出不窮，指數的編制和調整也就產生越來越大的影響。另一方面，中國股市仍屬於新興市場，指數成分股調整的效應相較國外發達市場也許存在其特殊之處。而面對這一重要課題，中國學界和業界的研究卻略顯不足。鑒於此，本文從短期和長期兩個角度來研究對中國股市影響最大的指數——滬深300指數的成分股調整效應。 在滬深300指數成分股調整的短期效應方面，本文從股價和成交量兩個方面進行了研究。實證結果顯示，在股票剛被調入指數後，股價會產生正的異常報酬且成交量上升，而被調出指數的股票成交量會略微上升且產生負的異常報酬。但是與國外的實證結果相比，滬深300指數成分股調整的短期效應並沒有非常明顯，本文認為這可能與中國股市機構投資人占比過少有關。 在指數成分股調整對調入股和調出股的長期影響方面，本文首先研究了指數調整後的長期股價表現，發現調入股的股價累積報酬優於指數，但不如調入指數前自身的股價表現，調出股則與之相反。接著對股東人數、機構投資人數量和股價波動度進行比較分析。研究發現，指數調整之後，調入股的股東人數會顯著上升，調出股的股東會減少，但該因素對指數調整後股票的長期異常報酬沒有明顯影響；指數成分股調整後機構投資人數量和股價波動度也有明顯變化——調入股的機構投資人增加，波動度降低，調出股機構投資人減少，波動度上升——且這兩個因素對股價異常報酬的影響是顯著的。另外，公司規模大小也是影響股價異常報酬的一個顯著因素。 / The effect of stock index composition changes is one of the important subjects in the field of behavioral finance. With the rapid development of Chinese equity market, stock index is playing an increasingly important part. Chinese equity market, on the other hand, is still at emerging stage, the stock index composition changes may have the different effect from that of the developed countries. However，the correlative study in China is far from enough. This paper investigates the CSI 300 which is the most influential stock index in China to find out the the effect of stock index composition changes in both short term and long term. In the short term, the study focuses on the price and volume. The empirical results show that there is a positive abnormal returns and increasing trading volume of added firms, while a negative abnormal returns and slightly increasing trading volume of deleted firms. However, compared with empirical results abroad, short-term effects associated with the change of the CSI 300 index list is not very obvious, which may be accounted for too little institutional investors in the Chinese stock market. In the long term, this paper firstly studies the long-term stock price performance of the index adjustment. For additions, cumulative return after index adjustment is better than that of the CSI 300 index, but is worse than the performance before the adjustment, while the deletions performance is opposite. Secondly, number of shareholders, institutional investors and stock price volatility are analyzed. There is a significant increase in the number of shareholders of added firms and a decline for deleted firms, but this factor has little influence for abnormal stock price returns. Similarly, for additions, institutional investors increases and volatility reduces, deletions are opposite. Abnormal stock price returns are significantly affected by the number of institutional investors and volatility. In addition, the company size is also a significant factor affecting the abnormal returns.

變電所為都市計畫法第四十六條所列公共設施之一，從發電廠輸出高壓電力，經由變電所轉換逐漸降低電壓，供應工廠生產與民眾生活的電力需求，惟變電所設置區位引發鄰近民眾對其身體不適之疑慮造成心理恐懼以致產生鄰避情結。變電所對於民眾而言，係屬極力排斥之公共設施，進而反對在我家後院設置（Not In My Back Yard；簡稱NIMBY）；由於變電所具有鄰避性質的公共設施，肇始民眾意識高漲並勇於爭取自身權利，認為其將使自身權益受損及影響環保顧慮，故經常成為被抗爭之對象，因此在設置過程中，面臨相當大的阻力，增加台電之外部成本。是以，本研究參酌民眾參與概念，分析民眾可接受變電所設置之態度與方式，進而研擬化解鄰避情結之措施。 經由文獻回顧及實務案例蒐集之分析，本研究歸納出變電所設置產生鄰避情結問題，區分為實質面、社會面及心理面等三面向與19項變數影響因子，透過問卷調查與次數分析後，統計其影響主要成因為：實質面包括「民眾欠缺對於台電信任」、「變電所用途資訊揭露不足」、「缺少當地政府支持」、「外觀型式僵硬無法迎合民眾」、「溝通時機不足」；社會面包括「民眾無自主決定權利」、「對居住環境產生影響」、「回饋方式瞭解不夠」；心理面包括「科技風險擔憂」、「民眾訴求管道不足」等項目。 本研究從民眾立場，架構變電所設置產生鄰避情結問題之改善措施，歸納如下：1.儘早執行民眾參與的過程且資訊應求公開透明。2.揭露變電所設置所有相關資料，讓民眾感受到台電面對問題、解決問題的誠意。3.建立回饋與維護設施安全等措施，避免讓被設置的社區民眾單獨面對變電所設施衍生外部性。4.適時修改阻礙民眾參與之相關法令，深知民眾參與是建設基礎並非絆腳石。本研究研擬各項改善措施與精進事項，提供台電及相關單位作為改善設置變電所造成鄰避情結問題參考，透過民眾參與理念，建構以民眾為主體的參與行動，期盼將「鄰避情結」轉化為「迎臂效應，Yes In My Back Yard」，藉以轉化台電因變電所設置造成與民眾間衝突局面之紓解。 關鍵詞：鄰避情結、變電所、民眾參與、迎臂效應

本文以2008年金融海嘯為分界點，由於在事前並沒有一個投資大師以及機構法人能夠精準的預測金融海嘯發生，海嘯發生之後幾乎使得市場上所有的投資人 都面臨虧損，不但金融權威一夕崩解，一向以報導「大師投資法」的媒體業也必須重新找尋新的出路，透過尋找神奇致富的素人取代失寵的名人與大師，報導其相關投資方法，來吸引一般投資大眾，以刺激其銷量。隨後，報章雜誌也相繼報導許多神奇致富故事，媒體一時之間變成「富翁製造機」，透過電視媒體加以延伸、渲染，閱聽大眾眼之所見、耳之所聞，都是唾手可得的賺錢妙方與密技，時下投資人紛紛起而效尤，期待自己能成為下一個大戶，投資市場上充滿了「樂透式」的投資氛圍。 本研究係作者本人長期的觀察與調查，發現很多名人或是素人，固然也有腳踏 實力，努力鑽研，創造財富的案例，也有不少案例在媒體的報導與引用上，因為採取「隱惡揚善」，甚至誇大賺錢、神奇致富的一面，對於賠錢部分卻是絕口不提，其次，大部分散戶投資人都希望能有捷徑或是透過學習、複製的方式，來進行投資理財，殊不知是用自己一知半解的想法進行投資，期待能於股市中發點小財，而且只看「結果」下的投資決策，會讓投資大眾產生錯覺，很容易失之偏頗。 所以，本研究的進行，期望達到下列目的： 1. 收集與整理相關媒體銷售的資料，了解目前散戶偏好的投資意見為何。 2. 針對受訪談的媒體從業人員所提供之意見進行歸納比較，進而探討名人與素人透過媒體管道所提供給散戶的投資建議，是否為一正確、可信之投資意見。 3. 最後，根據本研究之相關結論，並提出適當意見，做為媒體自律與散戶在投資理財上的建議。 / This study will investigate and analyze the changed role of the media industry as a 'rich making machine' since the financial crisis of 2008. The financial meltdown served as a turning point for the media since there were no investment gurus or corporate bodies that accurately had predicted the development. Virtually all investors in the market faced losses and many investment celebrities lost their credibility. Subsequently newspapers and magazines turned to rich and successful people to replace them and stimulating their sales by reporting miraculous rich stories. They are selling recipes how to make money to a willing audience, members of the investing public eager to become the next investment guru. Stimulated by this, the 'lottery' type of investment is in full swing on the market. Through long‐term observation and investigation we found that, first, many of the business celebrities actually based their success on a solid foundation, strove to study and then created wealth. Many of the media reports, however, tend to overly focus on the virtues and exaggerate the money making 'magic rich' side, while on the other hand neglecting or even covering up failures and bad deeds. Secondly, many investors are looking for a shortcut to create riches and try to copy others supposedly successful investment models without real understanding of market mechanisms and easily become misled by biased media reporting. This study is expected to achieve the following purposes: (1) Collect and collate information related to media sales, retail preferences in order to understand the preferences of all investors. (2) Conduct interviews with media practitioners, collect their opinions, summarize and compare them. Then discuss the advise given by investment celebrities given through the media pipeline and check if this advise is correct or credible. (3) Based on the findings of this study propose a self‐regulating body for the media and give recommendations for potential investors.