• 作者： 劉玉珍; 何怡滿
• 作者服務機構： 國立中正大學財務金融所; 私立崑山工商專科學校財務金融科
• 中文摘要： 在資訊傳播的過程中，若投資人能主動的評估資訊的影響，將可儘早調整其投資決策，減少被不正確評估訊息所誤導。本研究針對臺灣股市的上市公司進行探討，以報酬分配過程描述資訊結構的特性。研究結果發現：（1）公司規模越大，其資訊到達頻率較高；(2)資訊衝擊發生時，小公司群組的股價反應較劇烈；（3）小公司相對於大公司而言，公司內部人士可能傾向不宣佈好消息；（4)週轉率越高時，股票報酬的震盪幅度越大；(5)董監事與經理人持股越多時，資訊產生量較高，且公司較喜歡釋放好消息；（6)集團企業具有風險分散的效果。
• 英文摘要： Since investors place high value on up-to-date information, they must evaluate the impactof information immediately following its transmission in order to make timely investment deci-sions. With this in mind, we studied the information processing structure of companies listed onthe Taiwan Stock Exchange. Our results show that: 1) large firms process and transmit in-formation more frequently than smaller firms; 2) the value of stock offered by smaller firmsincreases or decreases drastically upon the transmission of new information: 3) individuals in-volved with smaller firms tend to hide good news more than larger firms; 4) there is a directrelationship between high turnover and stock price volatility; 5) the greater the stake of managersand board members in stock transactions, the higher the frequency of new information, and thehigher the frequency of positive news being released for public consumption: and 6) groupenterprises are actively involved in diversifying their risk.
• 中文關鍵字： 波氏跳躍擴散過程; 資訊釋放頻率; 資訊跳躍強度; 資訊偏誤; 雜訊
• 英文關鍵字： --