本研究針對台灣地區投資人情緒程度與財經新聞之間的關聯進行研究。本研究以台灣地區發布之恐慌指數(TWVIX)做為投資人情緒程度代理變數。研究樣本期間為2006年12月至2014年12月，新聞資料來源為知識贏家(KMW)。本研究使用文字分析法針對財經新聞內容進行分析，透過計算詞頻和建立語調評分方法來衡量新聞內涵。 本研究之主要發現有：單日媒體發布之新聞數量與恐慌指數呈正相關、單篇新聞平均長度與恐慌指數呈負相關。在文字內容分析的迴歸結果方面，實證結果指出當新聞內的正向字詞使用的越多，投資人情緒程度會降低，相反地，當負向字詞使用的越多，將會提升投資人情緒，產生恐慌狀態。另外，結果也發現當新聞的語調越接近樂觀情緒時，投資人的情緒程度會降低。 本文嘗試了一個新的切入角度來討論金融指標，也就是由新聞媒體效果來探討與恐慌指數之關聯性。本研究結果提供了實證證據證明台灣地區媒體可有效地透過控制財經新聞的內涵，來影響市場上投資人的情緒程度。 / This study examines the relation between investor sentiment and financial news released in Taiwan for the period from Dec. 2006 to Dec. 2014. This study adopts the TAIEX Options Volatility Index (TWVIX) as a proxy for investor sentiment. The study employs the text analysis approach to measure the tone of financial news. The news data is collected from Knowledge Management Winner (KMW) of China Times. The empirical results show that the number of news released on a day has a positive effect on TWVIX; otherwise the length of financial news affects TWVIX negatively. By the text analysis, this study finds that with more positive wording, the degree of investor sentiment is decreased. On the contrary, the quantity of negative words provokes the investor sentiment. Lastly, this research also finds that when the tone of financial news is closer to optimism, it help ease the level of investor sentiment. This research explores a new cut point to discuss the VIX, connecting the issue between a principal financial index and news media in Taiwan. This study believes that the results provide the evidence that Taiwan media actually communicate messages to investors effectively. Thus, news media has the ability to influence investor sentiment no matter by news coverage, words usage and the tone of financial news.

在這篇論文中我們利用程式碼補強達到使有害的攻擊字串用最小的編輯成本去修正成無害的一般字串,主要分為兩個階段,第一階段,我們利用一個安全性分析工具Stranger來分析使用者的PHP原始碼,藉此找到可能被程式碼注入的攻擊點,並產生基於確定有限狀態自動機基礎的安全特徵,這個安全特徵包含了所有可被接受的無害字串可以當作攻擊過濾器使用,第二階段,我們採取基於文字與自動機之間最短編輯距離的演算法來以最少成本修正攻擊字串,有害的攻擊字串會被一個最少變動的無害字串所取代,我們結合所提出的方法來測試一些網頁跟回報實驗結果 / The security problems of web application are always questioned and concerned by users because that can cause huge loss of nancial and privacy. We want to provide a online service that is open to public users, who can access and upload their codes to check for potential vulnerabilities. Moreover, if there exist vulnerabilities and may be cause damages, it will guide users how they can edit their codes through a easy way step by step. In this paper, we propose an optimal word correction approach for patching string related vulnerabilities in web applications. To be brief, we synthesize patches that sanitize malicious inputs to normal ones with the shortest edit distance. The analysis consists of two phases: First, we use automata based static string analysis techniques called Stranger to detect vulnerabilities in web applications, and generate sanitization signatures that accept un-malicious inputs as an input lter that ensures the vulnerabilities are not exploited with respect to given attack patterns. Second, we adopt the shortest edit-distance algorithms between words and automata to nd a minimum way on the cost of edit distance to patch malicious inputs. A malicious input (not accepted by the sanitization signature) is replaced with an unmalicious string and has the minimum change of character from the original input. We integrate the presented approach with Stranger and report the result of experiments on various web applications.

本研究蒐集經濟日報、聯合報及聯合晚報的新聞文章，以中研院的中文斷詞系統進行結構性的處理，研究企業社會責任新聞，對於股價的報酬率是否有正面、負面的影響，而以台灣掛牌的企業為研究的標的(以台灣50為例)。 本研究利用新聞文字，去判斷這個新聞是否與企業社會責任有關，而這次所利用的新聞，是台灣報章媒體的新聞，我們用這些新聞來測試新聞對投資人的投資行為、財富有沒有影響。 本研究發現，正面的企業社會責任新聞帶來不顯著的累積超額負報酬，而負面的企業社會責任新聞，則會帶來顯著的股價宣告效果。這個現象是由於負面的企業社會責任新聞通常較正面的企業社會責任新聞難以被投資人所預期，因此相對正面的企業社會責任新聞，負面的企業責任新聞對於股價宣告效果有較顯著的影響。 接著，本研究依據Michael Porter(2006)的研究，將企業社會責任新聞分為三類(一般、價值維護、價值創造)，我們發現企業社會責任新聞在其中一類，也就是「價值創造」，正面新聞對於股票的報酬有顯著正面影響。在調整了市場報酬並調整交易成本之後，我們發現投資人能利用以下的交易策略獲得超額正報酬。 1. 買入有「價值創造」正面企業社會責任新聞的個股 2. 放空有負面企業社會責任相關新聞、負面企業治理新聞的個股。 綜合以上發現，本論文得到，企業社會責任新聞的傳播，確實影響了股票的報酬率，而投資人也可以因應企業社會責任新聞，來獲得超額正報酬。 / This study is to investigate whether CSR Media coverage has positive and negative impacts on corporate stock returns using Taiwan listed company sample data (0050.TT Taiwan Top 50). We use a simple text-analysis approach to quantify CSR (Corporate Social Responsibility) Chinese news at newspapers to test if CSR news influences investor behavior and shareholder wealth changes. This study discovers that, while positive CSR news bring in insignificant negative cumulative abnormal return, negative CSR news have significant impacts on stock announcement returns. The evidence supports the argument that corporate negative CSR news (compare with positive CSR news) is unexpected by investors and have significant impacts on investor risk concern and results in negative announcement returns. Secondly, we follow Michael Porter (2006), we decompose CSR good news into three categories, and we discover that CSR news related to value creation activities has significant positive stock returns. After we control well-known systematic risk and adjust transaction cost, this study discovers that Investors can earn significant positive returns using either long-only trading strategy for stocks with value-creation CSR good news and short-only trading strategy for bad news on corporate governance issues. Our findings suggest that the CSR information dissemination affects stock returns.