本研究探討證券商法人服務部門在規劃美股法人約訪（Corporate Access）活動時，能否利用決策日以前已公開且可取得的市場資訊，辨識較可能獲得更多機構投資人報名的活動。研究樣本為單一證券商法人服務部門於 2025 年 6 月至 2026 年 4 月舉辦的 40 場美股法人約訪活動，共涉及 39 家公司。本研究以每場活動的機構投資人報名人次為主要依變數，並以決策日前的Google Trends異常搜尋熱度來衡量市場關注度、以決策日前的日均成交金額來衡量個股流動性，並控制公司規模、價格動能與活動公告前置天數；另於主要分析完成後，增列決策日前本公司是否已有正式研究報告覆蓋的補充檢驗變數。實證以普通最小平方法搭配穩健標準誤為主，並以替代搜尋窗口、替代流動性衡量、計數模型、替代依變數與資料品質敏感度分析進行檢查。結果顯示，市場關注度、個股流動性，以及兩者在控制公司特徵後的邊際解釋力，均未獲主要模型支持；搜尋熱度僅在部分觀察窗口與計數模型中出現對設定敏感的弱證據。補充檢驗顯示，決策日前已有本公司研究報告覆蓋的標的，其報名人次呈較一致的正向條件關聯；惟該變數屬事後增列的補充檢驗，且研究覆蓋與公司規模及客戶既有需求存在共變，不宜作因果解讀。研究結果無法確認僅依靠公開市場指標即可穩定排序法人約訪標的；較合適的實務定位，是將其作為背景監測與人工判斷的輔助資訊。本研究的主要貢獻，在於建立明確的決策日資訊邊界、可重現的資料整合流程，並說明小樣本關聯性分析的適用範圍與限制。

This study examines whether a brokerage firm's Corporate Access team can use publicly available market information known before the decision date to identify events likely to attract more institutional investor registrations. The sample consists of 40 U.S. equity Corporate Access events involving 39 companies, organized by a single brokerage between June 2025 and April 2026. The primary dependent variable is the number of institutional investor registrations per event. Market attention is measured by abnormal Google Trends search intensity before the decision date, and stock liquidity by average dollar trading volume over the same pre-decision period, with firm size, price momentum, and announcement lead time included as controls. A supplementary indicator of prior brokerage research coverage, defined as whether the firm's research department had published a formal report on the target before the decision date, was added after the main analysis was completed. The main analysis uses ordinary least squares with robust standard errors, complemented by an alternative search window, an alternative liquidity measure, count models, an alternative dependent variable, and data-quality sensitivity checks. The results do not provide sufficient evidence that market attention or stock liquidity is associated with registration counts in the primary models, including after firm characteristics are controlled for. Search intensity shows only weak, specification-sensitive evidence in selected windows and count models. The supplementary test indicates that prior brokerage research coverage is consistently associated with higher registration counts across several specifications; however, this variable was added post hoc and covaries with firm size and existing client demand, so no causal interpretation is warranted. The findings do not establish that publicly observable market indicators alone can reliably rank Corporate Access targets in this sample; such indicators are better used as background monitoring inputs that complement professional judgment. The study establishes a clear decision-date information boundary and a reproducible data integration process, while clarifying the scope and limitations of small-sample associational analysis.

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網路與資料庫來源
Google。Google Trends。取自 https://trends.google.com/trends/（最後查詢日期：2026 年 5 月 25 日）。
Google。Google 搜尋趨勢資料常見問題。取自 https://support.google.com/trends/answer/4365533?hl=zh-Hant（最後引用日期：2026 年 5 月 25 日）。
Bloomberg L.P.。Bloomberg Terminal〔資料庫〕。取自 https://professional.bloomberg.com/products/bloomberg-terminal/（最後引用日期：2026 年 5 月 25 日）。