本研究主要探討了 Google 搜尋量指標（Google SVI）作為中介變數，對於台灣高科技產業和非高科技產業的月營收公告對股價反應的影響。研究使用了 2018 年至 2023年台灣上市公司的數據，通過 Google Trends 收集相關的搜尋量資料，並結合月營收數據進行實證分析。研究結果顯示：（1）在高科技產業下，月營收公告期前的異常搜尋量（Google SVI）越高，會使未預期營收（RS）對月營收公告期的累積異常報酬的反應變小；（2）在非高科技產業下，月營收公告期前和公告期的異常搜尋量（Google SVI）越高，會使未預期營收（RS）對月營收公告後飄移的反應變小。整體而言，投資人在面對不同產業時，會有不同的行為模式，進而發現 Google 異常搜尋量會對月營收公告期和公告後的累積異常報酬有不同的影響。;This study mainly explores the impact of Google Search Volume Index (Google SVI) as an intermediary variable on the stock price reactions to monthly revenue announcements in Taiwan′s high-tech and non-high-tech industries. The research uses data from listed companies in Taiwan from 2018 to 2023, collecting related search volume data through Google Trends, and combines it with monthly revenue data for empirical analysis. The results show that: (1) In the high-tech industry, the higher the abnormal search volume (Google SVI) before the monthly revenue announcement period, the smaller the response of unexpected revenue (RS) to the cumulative abnormal returns during the monthly revenue announcement period; (2) In the non-high-tech industry, the higher the abnormal search volume (Google SVI) before and during the monthly revenue announcement period, the smaller the response of unexpected revenue (RS) to post-announcement drift. Overall, investors exhibit different behavior patterns when facing different industries, leading to the finding that abnormal Google search volume has different impacts on cumulative abnormal returns during and after the monthly revenue announcement period.
