政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/130901

政大典藏 > College of Communication > EMA Program in Communication > Theses > Item 140.119/130901

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/130901

Title:	臺灣十大境外基金之媒體報導與其基金規模關聯性研究 A Study on the Relationship between Media Coverage of Taiwan`s Top Ten Offshore Funds and Their Fund Size
Authors:	陳美甄 Chen, Mei-Chen
Contributors:	陳憶寧 Chen, Yi-Ning 陳美甄 Chen, Mei-Chen
Keywords:	內容分析法框架財經新聞報導基金新聞基金規模 Content analysis Frames Financial news coverage Fund news Fund size
Date:	2020
Issue Date:	2020-08-03 17:20:05 (UTC+8)
Abstract:	本研究主要目的為分析國內專業財經媒體報導如何建構及呈現臺灣十大境外基金新聞內容、相關議題及框架，採用內容分析法為基礎，進行基金新聞樣本的量化歸納，研究樣本期間為2008年1月1日至2019年12月31日，共計12年，國內二家專業財經報紙《經濟日報》與《工商時報》的臺灣十大境外基金新聞為樣本分析對象，共4,081則報導。研究結果顯示：《經濟日報》主要呈現在B2及B3版位，《工商時報》主要集中於C2版面；報導篇幅以500-1,000字為主；報導形式以文字搭配圖表數據為主，報導類型以純新聞為主；報導議題則以布局策略為主，品牌資產及財經趨勢為輔；消息來源數量以單一消息來源為主，主要消息來源以金融產業及人士的分析、解釋與預測為主，其次為國際金融資訊平台的說明；報導框架則以投資框架為主；然而，在不同框架論述中有不同的運作力，映照出每一年度入榜臺灣十大境外基金主流投資產品的建構成因與策略對應；此外，媒體報導偏向多抱持正面立場。最重要的，迴歸分析結果發現，臺灣十大境外基金之媒體報導與其基金規模關係密切，當新聞曝光數量越多，對基金規模普遍有顯著的正相關。一直以來，臺灣的基金市場受到境外基金業者高度重視，期望本研究的結果，能為有意進入臺灣市場的境外基金業者，帶來些許價值及策略建議。 This study aims to analyze how media coverage of domestic professional financial newspapers present the issues, news frames and formation process of offshore fund news in Taiwan. Content analysis is, in this study, applied to implementing the quantitative induction of fund news samples. The analysis objects of the research samples are based upon two domestic professional financial newspapers, Economy Daily News and Commercial Times, ranging from January 1, 2008 to December 31, 2019, totaling 12 years, with 4,081 news focusing on the content and presentation of the reports on Taiwan`s top 10 offshore funds. The analysis results indicate that the top ten offshore fund news coverage in Taiwan lies mainly in funds in page B2 and page B3 of Category B in Economic Daily News, and financial commodities in page C2 of Category C in Commercial Times. The length of the report ranges from 500 to 1,000 words, whose content is verified with text accompanied by chart data. Straight news is the main type of news coverage. The core topics of the reports are layout strategies, supplemented by brand equity and financial trends. In the selection of news sources, often cited are the analysis, prediction and interpretation of financial industry and professionals from a single source, and the information from international financial information platform is used as an auxiliary explanation. The reporting framework is dominated by investments, followed by economic events and activities. However, they vary greatly in different news framework, reflecting the formation causes and strategic correspondence of the mainstream investment products of the top ten offshore funds in Taiwan every year. Most of the reports tend to adopt a positive position to see Taiwan`s financial industry. Meanwhile, media coverage of Taiwan`s top ten offshore funds is closely related to their fund size. The higher the number of news reports, the bigger the fund size is. The international asset management companies have always put a higher premium on Taiwan`s fund market. It is expected that the results of this study will eventually give some valuable references and strategic suggestions to the offshore fund management companies that intend to enter Taiwan`s financial industry.
Reference:	方怡文、周慶祥（1999）。《新聞採訪理論與實務》。台北：正中。方怡文（2011）。《美國有線電視新聞網（CNN）報導臺灣形象之框架分析（1990~2011）》。中國文化大學中山與中國大陸研究所博士論文。王石番（1900）。《傳播內容分析法－理論與實證》。台北：幼獅文化。王洪鈞（2000）。《新聞報導學》。台北：正中。王炳龍（2005）。《基金規模影響要素之探討》。國立臺灣大學財務金融學研究所碩士論文。吳碧娥（2005）。《財經專業報紙失業議題的框架分析》。國立政治大學新聞所。李揚生（2017）。《文字探勘與財經新聞：新聞是否會改變市場行為》。國立中山大學財務管理學系研究所碩士論文。林祖儀、張道宜、吳星澄、蔡明淳、李承璟（2017）。《圖解看財經新聞解讀經濟現象》。台北：易博士。林煜恩、池祥萱、莊淑婷（2016）。〈媒體曝光度、前期績效對基金投資人決策的影響〉，《管理學報》，3(2)：337-353。邱顯比（2010）。《基金理財的六堂課》。台北：天下文化。宋昭勛、吳靜、趙應春（2017）。《財經領跑人：香港財經新聞記者訪談錄》。香港：中華。范振源（2003）。《基金規模決定因素之實證》。國立高雄第一科技大學金融營運系碩士論文。洪綾襄（2018年10月）。〈國內最大境外基金團隊：富蘭克林30年磨一劍　打造國民基金〉，《財訊雜誌》。取自https://www.wealth.com.tw/home/articles/18170 苑立新（2001）。《現代經濟新聞教程》。北京：中國廣播電視出版社。唐可芸（2012）。《財經新聞記者與消息來源互動關係之研究－以連動債事件為例》。中國文化大學新聞研究所碩士論文。郭文平（2015）。〈字彙實踐及媒介再現：語料庫分析方法在總體經濟新聞文本分析運用研究〉，《新聞學研究》，125：195-142。財團法人中華民國證券暨期貨市場發展基金會（2018）。《基金投資人投資行為與偏好問卷調查分析》。臺北市：鄭天澤、葉淑玲、陳榮德、郭怡君。許書偉、江承霖（2016）。〈媒體報導、投資者注意力與財務報告申報資訊內涵〉，《會計審計論叢》，7(1)：75-103。陳彥安（2007）。《臺灣基金規模經濟之實證探討》。國立政治大學財務管理研究所碩士論文。張玉儀譯（2002）。《解讀財經新聞：決定個人貧富的關鍵知識》，台北：培生教育。（原書Jenny L. [2001]. The word on business it`s an information economy: Be a smart informer.）張海濱（2008）。《投資大百科》。北京：北京大學出版社。張馨方（2014）。《媒體在食品安全事件中的風險傳播：以食用油報導為例》。國立政治大學新聞所碩士論文。楊意菁（2017）。〈風險溝通、媒體關注與框架分析：以新聞再現企業環境相關議題為例〉，《傳播研究與實踐》，7(1)：71-106。廖宜隆（2001年6月）。《共同基金操作績效相關研究介紹〉，《臺灣證券交易所資料文章，第470期》。取自 https://www.twse.com.tw/ch/products/publication/download/0001000098.htm 臧國仁（1999）。《新聞媒體與消息來源－媒介框架與真實建構之論述》。台北，三民。戴國強（1999）。《基金管理學》。台北：五南。羅文輝（1991）。《精確新聞報導》。台北：正中。羅世宏譯（2010），《傳播理論－起源、方法與應用（三版）》。台北市：五南。（原書Werner J. S. & ‎James W. T. [2014]. Communication theories: Origins, methods, and uses in the mass media.）劉蕙苓（2011）。《新聞，多少錢？！探索置入性行銷對電視新聞的影響》。台北：麗文文化。劉海清、傅英芬（2012）。〈市場狀態與基金投資人對報紙新聞報導的反應〉，《管理與系統》，19(1)：79-111。魏安平、陳妙玲、彭琪祿（2016）。〈廣告之外溢效果：共同基金家族的實證研究〉，《管理學報》，28(4)：361-377。 Baker, H. K., Kent, H. & Haslem, J. A. (1973). Information needs of individual investors, Journal of Accountancy, 136, 64-69. Berlo, D.K, Lemert, J.B. & Mertz, R.J. (1969). Dimensions for evaluating the acceptability of message source. The Public Opinion Quarterly, 33(4), 563-576. Barber, B. M., & Loeffler, D. (1993). The “Dartboard” column: Second-hand information and price pressure. Journal of Financial and Quantitative Analysis, 28(02), 273-284. Brian J. & Bushee (2001), Do institutional investors prefer near-term earnings over long-run value? Contemporary Accounting Research, 18(2), 207–246. Barber, B. & Odean, T., (2008). All that glitters: The effect of attention and news on the buying: Behavior of Individual and Institutional Investors, The Review of Financial Studies, 21(2), 785-818. Bennett, W. L. (2001). News: The politics of illusion. New York: Longman. Bhattacharya, N., Black, E. L., Christensen, T. E., & Mergenthaler, R. D. (2004). Empirical evidence on recent trends in pro forma reporting. Accounting Horizons, 18(1), 27-43. Chang, E. C., Cheng, J. W., & Khorana, A. (2000). An examination of herd behavior in equity markets: An international perspective. Journal of Banking & Finance, 24(10), 1651-1679. Chen J., H. Hong, Huang, M., & Kubik. J. D., (2004). Does fund size erode mutual fund performance: The role of liquidity and organization. American Economic Review, 94 (5), 1276-1302. Ciccotello, C. R. & Grant, C. T. (2001). Equity fund size and growth: Implications for performance and selection. Financial Services Review, 1-12. Scheufele, D. A. (1999). Framing as a theory of media effects. Journal of Communication, 49(1), 101-120. Davis, A. K., Piger, J. M. & Sedor. L. M., (2012). Beyond the numbers: Measuring the information content of earnings press release language. Contemporary Accounting Research, 29(3), 845-868. Davis, A. K. & Tama, I. (2012). Use of language across alternative disclosure outlets: Earnings press releases versus MD & A. Contemporary Accounting Research, 29(3), 804-837. Davis, A. (2000). Public relations, business news and the reproduction of corporate elite power. Journalism, 1(3), 282-304. Day, M. Y., & Lee, C. C. (2016). Deep learning for financial sentiment analysis on finance news providers: In advances in social networks analysis and mining, IEEE/ACM International Conference. 1127-1134. DeVellis, R. F. (2012). Scale development: Theory and applications. Los Angeles: Sage. pp. 109 110. Fama, E. F. (1991). Efficient capital markets: II. The Journal of Finance, 46 (5), 1575-1617. Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417. Frazzini, A., (2006). The disposition effect and underreaction to news, Journal of Finance, 61(4), 2017-2046. Ferguson, N., Philip, D., Lam, H., & Guo, J. (2015). Media content and stock returns: The Predictive Power of Press. Multinational Finance Journal, 19(1), 1-31. Funkhouser, G. R. (1973). The issues of the sixties: An exploratory study in the dynamics of public opinion. Public Opinion Quarterly, 37, 62-75. Farr, A.C. (2007). The effect of race and expertise on source credibility ratings while considering resumes. The Howard Journal of Communications, 18(3), 239-258. Fund Industry Annual Report (2019). Investment Company Institute (ICI). Retrieved from: https://www.ici.org/pdf/18_ici_annual.pdf Gallagher, T. J. (1998）. Mutual fund size and risk-adjusted performance. Illinois Business Review, Champaign, 45, 11-13. Garcia, D. (2013). Sentiment during recessions. The Journal of Finance, 68(3), 1267-1300. Gaziano, C., & McGrath, K. (1986). Measuring the concept of credibility. Journalism Quarterly, 63, 451-462. Gallaher, Steven, Ron Kaniel & Laura Starks. (2006). Madison Avenue Meets Wall Street: Mutual FundFlows, Competition and Advertising, Working Paper. University of Texas at Austin. Grinblatt, Mark & Sheridan Titman. (1994). A study of monthly mutual fund returns and performance evaluation techniques. Journal of Financial and Quantitative Analysis, 29, 419-443. Goddard, P. (1998). Press rhetoric and economic news: A case study. In N. T. Gavin （Eds.）, The economy media and public knowledge. New York: Leicester University Press. 71-89. Henry, E. (2008). Are investors influenced by how earnings press releases are written? Journal of Business Communication. 45 (4), 363-407. Hirschey, M., Richardson, V. J., & Scholz, S. (2000). How "foolish" are internet investors? Financial Analysts Journal, 62-69. Hirshleifer, D., & S. H. Teoh. (2003). Limited attention, information disclosure, and financial rporting. Journal of Accounting and Economics, 36(1), 337-386. Hirshleifer, D., & S. H. Teoh. (2011). Limited investor attention and stock market misrecactions to accounting information: The review of asset pricing studies. Journal of Accounting and Economics, 1(1), 35-73. Hoskin, R. E., J. S. Hughes, and W. E. Ricks. (1986). Evidence on the incremental information content of additional firm disclosures made concurrently with earnings. Journal of Accounting Research, 1-32. Hovland, C. I., & Weiss, W. (1951). The influence of source credibility on communication effectiveness. Public Opinion Quarterly, 15, 633-650. Jain, Prem C., & Joanna, S. W. (2000). Truth in mutual fund advertising: Evidence on future performance and fund flows, Journal of Finance, 55(2), 937-958. Johnson, T. J. & Kaye, B. K. (1998). Cruising is believing? Comparing internet and traditional sources on media credibility measures. Journalism and Mass Communication Quarterly, 75(2), 325. Kiousis, S. (2001). Pubulic trust or mistrust? Perceptions of media cedibility in the information age. Mass Communication & Society, 4(4), 381-403. Klibanoff, P. O. Lamont, & T.A. Wizman (1998). Investor reaction to salient news in closed-aend country funds. The Journal of Finance, 53(2), 673-399. Kiousis, S. (2001). Public trust or mistrust? Perceptions of media credibility in the information age. Mass Communication & Society, 4(4), 381-403. Kempf, A. & Ruenzi, S., (2006). Status quo bias and the number of alternatives: An empirical illustration from the mutual fund industry, Journal of Behavioral Finance, 7(4), 204-213. Kempf, A. & Ruenzi, S., (2008). Family matters: Ranking within fund families and fund inflows, Journal of Business Finance & Accounting, 35(1-2), 177-199. Kohring, M. & Matthes, J. (2007). Trust in news media: Development and validation of a multidimensional scale. Communication Research, 34(2), 231-252. Korkeamaki, T., Vesa P., & Tom S., (2007). Advertising and mutual fund asset flows. International Journal of Bank Marketing, 25(7), 434-451. Kleinnijenhuis, J., Schultz, F., Oegema, D., & Van Atteveldt, W. (2013). Financial news and market panics in the age of high: Frequency sentiment trading algorithms. Journalism, 14(2), 271-291. Krippendorff, K. (2018). Content analysis: An introduction to its methodology (4rd ed). New York, NY: SAGE, Jia, C. Y., & Meng, W., (2009). The effect of negation on sentiment analysis and retrieval effectiveness. Information and Knowledge Management, 18, 1827-1830. Li, Q., Wang, T., Gong, Q., Chen, Y., Lin, Z., & Song, S.-k. (2014). Media-aware quantitative trading base on public web information. Decision Support System, 61, 93-105. Meyer, P. (1988). Defining and measuring crediiblity of newspapers: Developing an index. Journalism Quarterly, 65(4), 567-588. Mian, G. M., & Sankaraguruswamy, S., (2012). Investor sentiment and stock market response to earnings news. The Accounting Review, 87(4), 1357-1384. Muntermann, J. (2009). Towards ubiquitous information supply for individual investors: A decision support system design. Decision Support Systems, 47(2), 82-92. Manning, P. (2013). News sources and the banking crisis. Financial Journalism, 14(2), 173-189. Nadeau, R., Niemi, R. G., & Amato T., (2000). Elite economic forecasts, economic news, mass economic expectation, and voting intentions in great britain. European Journal of Polical Research, 38, 135-170. Nanda, V., Jay Z. W., & Lu. Z., (2004). Family values and star phenomenon: Strategies of mutual fund families, Review of Financial Studies, 17(3), 667-698. Oberlechner, T., & Hocking, S. (2004). Information sources, News, and rumors in financial markets: Insights into the foreign exchange market. Journal of Economic Psychology, 25(3), 407-424. Odean, T. (1998). Are investors reluctant to realize their losses? The Journal of Finance, 53(5), 1775-1798. Pari, R. A. (1987). Wall Street Week Recommendations: Yes or no? The Journal of Portfolio Management, 14(1), 74-76. Scheufele, B., Haas, A., & Brosius, H. B. (2011). Mirror or molder? A study of media coverage, stock prices, and trading volumes in Germany. Journal of Communication, 61(1), 48-70. Peress, J. (2008). Media coverage and investor"s attention to earinings announcements. Wroking paper, INSEAD. Shaw, E. F. (1973). Media credibility: Taking the measure of a measure. Journalism Quarterly, 50, 306-311. Singletary, M. W. (1976). Components of credibility of a favorable news source. Journalism Quarterly, 73, 974-991. Tankard, J. W., Hendrickson, L., Silberman, J., Bliss, K., & Ghanem, S. (1991). Media frames: Approaches to and conceptualization measurement. Paper presented at the annual conference of the Association for Education in Journalism and Mass Communication, Boston, MA University of Oxford Reuters Institute for the Study of Journalism. (2019, June). Digital News Report. Retrieved from the Reuters Institute for the Study of Journalism website: https://reutersinstitute.politics.ox.ac.uk/sites/default/files/2019-06/DNR_2019_FINAL_0.pdf Wanta, W., & Wu, Y. C. (1992). Interpersonal communication and the agenda-setting process. Journalism Quarterly, 69(4), 847-849. Wright, D. W. (1994). Can Prices Be Trusted? A test of the ability of experts to outperform or influence the market. Journal of Accounting, Auditing & Finance, 9(2), 307-323. Xuemin S. Y. (2008). Liquidity, investment style, and the relation between fund size and fund performance The Journal of Financial and Quantitative Analysis, 43(3), 741-768.
Description:	碩士國立政治大學傳播學院碩士在職專班 107941015
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0107941015
Data Type:	thesis
DOI:	10.6814/NCCU202000950
Appears in Collections:	[EMA Program in Communication] Theses

Files in This Item:

There are no files associated with this item.

社群 sharing

Loading...