本研究目的在探討閱聽投資人對財經新聞節目可信度之評估，及影響閱聽投資人投資決策之因素。本研究利用「內容分析法」及「深度訪談法」等多元研究方法，來進行研究資料的蒐集、分析、彙整及解釋，同時兼顧「量」與「質」二種研究途徑，以期獲得較完善的研究結果。 　　本研究以內容分析法分析財經新聞節目之內容，輔以深度訪談法訪問財經、新聞之專家學者及閱聽投資人針對財經新聞節目可信度之評估因素及影響投資決策之關鍵。在訪談題綱設計上，以「可被信任」、「專業水準」、「報導迅速、內容多元」、「社會責任」等四個影響財經新聞可信度之面向為出發進行訪談。 　　本研究發現閱聽投資人對財經新聞節目之可信度評估為：「可被信任」、「專業水準」、「報導迅速、內容多元」；財經及新聞專家學者則認為財經新聞節目除了應具備「可被信任」、「專業水準」、「報導迅速、內容多元」等影響可信度之面向以外，更應重視本身之「社會責任」。本研究結果期望能對財經新聞節目業者在經營及操作上提供參考，並提供閱聽投資人評估財經新聞節目可信度之參考指標。 / This research purpose is to probe into invest viewer's assessment to the program credibility of the financial and economic news, and influence of invest viewer's investment decision. This research utilizes plural research approaches such as the analytic approach of the content and in-depth interviewing, collection of materials, analyze, gather together whole explaining, give consideration to quantity and quality two research route at the same time, in the hope of obtaining more complete result of study. Hold the content to analyze financial and economic news program of the analytic approach within this research, complement, visit finance and economics, experts and scholars of news and read, listen to investor to financial and economic news program factor of evaluation and key to influence investment decision of credibility with in-depth interviewing. In the interview question key link design, with 'credibility ', ' professionalism', ' report rapidly, content pluralism ', 'social responsibility ',etc. Four influence financial and economic news credibility face for set out, go on interview. Discover, invest viewer's to financial and economic news credibility of program it assesses to be originally: ' credibility ', ' professionalism', ' report rapidly, content pluralism '; Finance and economics and news experts and scholars think the financial and economic news program except should possess ' credibility ', beyond ' professionalism ', ' report rapidly, content pluralism ',etc. influence credibility face, should pay attention to ' social responsibility ' even more. This result of study expects to be able to offer reference in managing and operating the financial and economic news program industry person, offer and invest viewer's to the reference indicator that investors assess the program credibility of the financial and economic news.

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.

本論文主要在瞭解財經頻道的可信度。可信度是社會的資產；國內財經頻道成立至今12年，有其特殊的發展需要和歷程；本論文之研究期間，正值主管當局對財經頻道進行換照審議工作，財經頻道可信度的瞭解因此更為需要。本研究以文獻探討及財經頻道之前驅研究建立財經頻道可信度之架構，並以修正式德菲法對專家學者小組進行兩回合問卷調查，及四位學者專家的深度訪談，試圖建構國內財經頻道可信度面向及量表。 / 本研究將財經頻道可信度可分為可信賴性、專業性、正確性、多元性及社會責任等5個面向共38項題項，其中可信賴性有9項題項、專業性有9項題項、正確性有8項題項、多元性有4項題項、社會責任則有8項題項。 / 研究顯示，社會責任面向中的「從業人員不涉及股市內線交易」與「經營者以大眾利益為考量」等兩個題項是財經頻道可信度最重要的量表題項，相較於過去國內對一般新聞媒體可信度研究的結果對社會責任面向的不確定性，本研究認為社會責任面向為財經頻道可信度的面向之一；在可信賴性面向中，「平衡報導、多方並陳」因應財經頻道特質所納入的題項，也成為此面向中最重要的題項。可信賴性與社會責任兩個面向較偏向一般性的媒體可信度面向，專業性、正確性及多元性等三個面向則偏向財經頻道特有的可信度面向。研究發現，財經頻道的可信度與一般電視可信度的量表題項的確略有不同，理論界與實務界應將兩者區分開來，不應一視同仁。以此研究反觀國內八家財經頻道，大部份頻道的現況與本研究結果相去甚遠，值得欲永續經營的財經頻道經營者及從業人員深思。 / 研究建議，財經頻道應以中立的態度多方並陳、平衡報導，提升從業人員對自我的道德要求及專業訓練，加強議題的選擇、處理、追蹤的能力，並在組織內控上善盡把關之責，不但需要多元的內容呈現，也希望提供訊息來源並經過驗證，最後，對社會責任的認知及製作品質精良的節目是財經頻道未來應持續發展的方向。本研究結果期望能對財經頻道業者在經營及操作上提供參考，並提供閱聽眾在選擇收視財經頻道時做為評鑑之參考指標。 / This study aims to build evaluation criteria of financial news channel credibility. In comparison of news channels, there are comprehensive approaches to evaluate their credibility, but those approaches may not fit precisely with the feature of the financial news channel. Based on literature review and pilot study, a framework of credibility specific to financial news channels is built within this study. The scale of credibility evaluation is conducted by two rounds of questionnaires and in-depth interviews with professionals through Delphi method. / Through a total of 38 questions, this study categorizes financial channel credibility into five dimensions of trustworthiness, professionalism, accuracy, diversity, and social responsibility. It consists of 9 questions regarding trustworthiness, 9 questions on professionalism, 8 questions related to accuracy, 4 questions on diversity, and 8 questions on social responsibility. / In the social responsibility part, two issues of “no insider trading conducted by personnel in the business” and “managers make considerations based on public benefits” are the most important on the scale for financial channel credibility. To compare with the uncertainties on news media credibility in past domestic studies of social responsibility, this study reveals that social responsibility is one of most important dimensions of financial channel credibility. In the trustworthiness dimension, “balanced reporting and description of multiple sources” is incorporated in response to the features of financial channels, and is the most important issue in this aspect. In comparison with other media credibility studies, “trustworthiness” and “social responsibility” belong to general media credibility dimensions, while the three dimensions of professionalism, accuracy, and diversity are more unique to financial channel credibility. This study discovers that the credibility of financial channels indeed shows differences from issues on the credibility scales of general television; the two should be separated in theory and in practice. / The report suggests that financial channels should keep a neutral attitude to describe diverse sources and make balanced reports; elevate the ethical requirements and professional training for personnel in the business; strengthen the ability in selecting, treating, and tracking issues, and have adequate control in organizational change. Not only content diversity is necessary, but also the information source should be given and confirmed. Finally, perception of social responsibility and production of quality programming is a direction financial channels should develop in the future. It is expected the results of this study can provide a framework for financial channel business in operation and management, and also an evaluative indicator for members in public who choose to watch financial channels.