在資本市場中，資訊揭露品質與資訊環境對投資人決策與市場效率具有重要影響。隨著科技發展，資訊揭露已由傳統靜態形式逐漸轉向數位化平台，透過資訊整合、視覺化呈現與搜尋功能優化，有助於提升資訊之可讀性與可得性，進而改善投資人對資訊之理解與使用效率。因此，資訊呈現方式與資訊取得效率，已成為影響投資人反應之重要因素。 本研究以臺灣上市櫃公司為研究對象，並以櫃買中心網站升級作為研究背景，探討資訊揭露平台改善是否影響投資人反應效率，並以價格漂移（price drift）作為衡量指標。研究方法採用差異中之差異法（Difference-in-Differences， DID），以財報發布日、法說會及重大訊息公告三類資訊事件作為分析基礎，研究期間涵蓋網站升級前後之樣本。 實證結果顯示，在整體效果方面，櫃買中心網站升級能有效降低財報發布日之價格漂移，顯示投資人反應效率顯著提升；惟在法說會與重大訊息公告事件中，效果未達顯著水準。進一步之橫斷面分析發現，在公司規模方面，網站升級對小型公司之影響主要體現在法說會事件；在投資人結構方面，網站升級能降低非專業投資人占比較高公司於財報發布日與法說會事件之價格漂移，顯示資訊揭露平台之改善有助於提升資訊處理能力較弱投資人之反應效率。 整體而言，本研究發現資訊揭露平台之優化有助於提升投資人反應效率，惟其效果因資訊類型、公司特性與投資人結構而異。本研究從資訊「呈現方式」與「取得效率」之角度切入，並提供資訊平台設計對市場效率影響之實證證據。;In capital markets， the quality of information disclosure and the information environment play a crucial role in investors’ decision-making and overall market efficiency. With the advancement of technology， information disclosure has gradually shifted from traditional static formats to digital platforms. Through information integration， visualization， and enhanced search functionality， such platforms improve the readability and accessibility of information， thereby enhancing investors’ ability to understand and utilize information. Consequently， the manner of information presentation and the efficiency of information access have become key factors influencing investor reactions. This study examines Taiwanese listed and over-the-counter firms， using the website upgrade of the Taipei Exchange as the research context to investigate whether improvements in information disclosure platforms affect investor reaction efficiency. Price drift is employed as a proxy for investor reaction efficiency. The empirical analysis adopts a Difference-in-Differences (DID) approach， focusing on three types of information events: financial statement announcements， investor conferences， and material information disclosures. The sample period covers observations before and after the website upgrade. The empirical results show that， in terms of overall effects， the website upgrade significantly reduces price drift for financial statement announcement events， indicating an improvement in investor reaction efficiency. However， no significant effects are observed for investor conferences and material information disclosures. Further cross-sectional analyses reveal that， with respect to firm size， the impact of the website upgrade on smaller firms is primarily evident in investor conference events. Regarding investor structure， the upgrade reduces price drift for firms with a higher proportion of non-professional investors in both financial statement announcements and investor conferences， suggesting that improvements in information disclosure platforms help enhance the reaction efficiency of investors with relatively limited information processing capabilities. Overall， this study finds that enhancements in information disclosure platforms contribute to improving investor reaction efficiency， although the effects vary across information types， firm characteristics， and investor structures. By focusing on the “presentation” and “accessibility” of information， this study provides empirical evidence on how information platform design affects market efficiency.
