研究限制與建議

本研究以台灣上市櫃公司為樣本，並手動一筆筆蒐集新聞量化指標網中各公 司 2015 年逐日之財經新聞危機指標，因人力與時間之限制，僅使用 2015 年之危 機指標，且與台灣經濟新報資料庫之財務資料整合並刪除缺漏部分後，可供使用 樣本數僅 982 家，各產業中數量分布不均，部分產業公司家數過少，其迴歸結果 於該產業恐難具代表性。再者，此情緒指標網為銘傳大學與時報資訊及聯合線上 共同研發，並未涵蓋所有媒體的財經新聞報導，難以全面地計算各公司的危機指 標。此外，公司內部控制的狀況亦會影響審計公費及盈餘管理的程度，但國內缺 乏關於公司內部控制之完整資料，故無法將內部控制缺失等因素納入本研究之實 證模型。

對於後續研究發展，本研究建議，若人力與時間等資源許可，可嘗試蒐集更 多年度的危機指標資料，並將其他新聞媒體的資料納入，藉以獲得更大且具代表 性的樣本，並可依公司特性進行配對，設立危機指數較低或是較樂觀之對照組樣 本，讓模型更完整。

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