新聞資訊能幫助投資人快速瞭解金融市場及總體經濟環境所發生之事情。從新聞內容中，投資人可以判斷整體市場的走勢。因此，新聞內容將影響投資人的投資決策，台灣投資人之情緒主要受本地新聞媒體所撰寫之報導所影響。本研究之樣本期間為2007年至2017年，新聞來源為全曜財經資訊股份有限公司(CMoney)資料庫。本研究使用文字探勘技術，研究財務預警新聞與台灣投資人情緒之關聯性。本研究使用台灣恐慌指數(VIXTWN)作為衡量整體台灣投資人情緒之變數，觀察本地產業新聞及國際主要股市新聞與市場恐慌指數之關聯性。

本研究之結果顯示，台灣投資人之整體情緒受本地產業新聞及全球股市新聞內容所影響。投資人情緒波動將反映在當日及明後兩日之恐慌指數上。新聞中所使用的字詞及語調，將影響投資人之情緒及對市場未來走勢之看法，並進一步影響投資人之投資決策。

Mass media communicates with readers, investors can understand issues of the financial market through reading news articles. Information provided in the news articles plays an important role in affecting investors’ perspective on the future trend and opportunities of the financial market. Financial news are extracted from CMoney and the research period is 2007 to 2017. In this study, we the text mining technique to analyze the association between financial warning news and investors’ sentiment. The market volatility index (VIXTWN) will be used to quantify Taiwanese investors’ sentiment, models are established to observe how local industrial news and global stock market news affect market volatility.

The empirical result of this study proves the relationship between local industrial and global stock market news and market volatility. Wordings and tone of news affect investors’ sentiment and their perspective on future market return. Therefore, changes in investors’ sentiment affect their investment decision and further affect market volatility. Moreover, the study proves that market volatility reaction consist of two parts, immediate reaction and delayed reaction.

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