本研究探討機構投資人新聞關注度與台灣上市櫃公司營運績效及股票報酬之關聯。在資訊充裕環境下，投資人注意力為稀缺資源，而機構投資人關注度因具較高資訊含量而備受重視。本研究以彭博終端機（Bloomberg Terminal）「新聞熱度—每日最大閱讀量（NEWS_HEAT_READ_DMAX）」作為機構投資人新聞關注度（以下簡稱新聞關注度）之代理變數，並保留其連續資訊，將日頻率分數彙整為每月與每季之累計新聞關注度，以衡量新聞關注度強度。研究樣本為2010年至2026年3月台灣上市櫃公司，其股價、新聞關注度、資產報酬率（ROA）與股東權益報酬率（ROE）取自彭博，月營收取自台灣經濟新報（TEJ）。實證採用普通最小二乘法（OLS）並控制年度固定效果，除當期新聞關注度外，另納入第一至第六期落後項，以檢驗其當期效果與跨期效果。
實證結果顯示，新聞關注度與企業營運績效呈正向關聯，且以 ROA 最為穩健，逐期檢驗下，自當期至落後六期之係數均於 1% 水準顯著為正；ROE 則相對微弱且不一致，僅部分期別顯著，調整後 R²亦明顯低於 ROA。因此，假說一於 ROA 成立、於 ROE 僅部分成立。另有關新聞關注度與營收之關聯主要展現於水準而非成長動能，季、月營收自當期至第六期落後均於1%水準顯著為正，且調整後R²為各模型最高，惟對月對月及年對年營收成長率之解釋力趨近於零，故假說二於水準層面獲得支持。最後實證探討發現同期新聞關注度與股票報酬呈顯著正相關，惟對前期報酬欠缺穩定預測力，故假說三僅於同期成立。結論顯示，新聞關注度與台灣企業之營運績效（ROA）及營收水準存在穩健且持續之正向關聯，並於同期反映於股價，惟對營收成長動能與前期股票報酬之解釋力有限。本研究將彭博新聞關注度之應用延伸至企業營運績效本身，並提供台灣市場實證分析，有助於投資人與企業經營者理解市場關注度與企業營運績效之實質關聯。

This study investigates the association between institutional investors' news attention and the operating performance and stock returns of Taiwan-listed and over-the-counter (OTC) firms. In an information-rich environment, investor attention is a scarce resource, and institutional investors' attention, which carries higher information content, has drawn increasing interest. This study employs Bloomberg Terminal's "News Heat—Daily Max Readership (NEWS_HEAT_READ_DMAX)" as a proxy for institutional investors' news attention (hereafter "news attention"). Preserving the continuous information of the measure, the daily scores are aggregated into monthly and quarterly cumulative news attention to capture the intensity of attention. The sample comprises Taiwan listed and OTC firms from 2010 to March 2026; stock prices, news attention, return on assets (ROA), and return on equity (ROE) are obtained from Bloomberg, while monthly operating revenue (hereafter "revenue") is obtained from the Taiwan Economic Journal (TEJ). The empirical analysis applies ordinary least squares (OLS) with year fixed effects and, in addition to contemporaneous news attention, includes one- to six-period lagged terms to examine both contemporaneous effects and inter-temporal effects.
The empirical results are as follows. First, news attention is positively associated with firm operating performance, most robustly for ROA. In the single-lag models, its coefficients are positive and statistically significant at the 1% level from the contemporaneous period through the sixth lag, whereas the association with ROE is comparatively weak and inconsistent, significant in only some periods, with model adjusted R² markedly lower than that of ROA. Hypothesis 1 is thus supported for ROA and only partially supported for ROE. Second, the association between news attention and revenue is manifested in levels rather than growth momentum. Both quarterly and monthly revenue are positive and statistically significant at the 1% level from the contemporaneous period through the sixth lag, with the highest adjusted R² among all models, whereas the models for month-on-month and year-on-year revenue growth have adjusted R² close to zero; Hypothesis 2 is therefore supported at the level dimension. Third, news attention is contemporaneously and positively associated with stock returns, but has no stable predictive power for prior-period returns; Hypothesis 3 thus holds only contemporaneously. Overall, news attention is robustly and persistently positively associated with the operating performance (ROA) and revenue levels of Taiwanese firms and is reflected in stock prices contemporaneously, while its explanatory power for revenue growth momentum and prior-period stock returns is limited. This study extends the application of Bloomberg news attention to firm operating performance itself and provides corroborating evidence from the Taiwan market, helping investors and corporate managers better understand the real association between market attention and firm operating performance.

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