本文是以興櫃市場移轉至櫃檯買賣中心（以後簡稱興轉櫃）與興櫃市場移轉至台灣證券交易所（以後簡稱興轉市）間之媒體能見度變化與其差異，來瞭解上市（櫃）與轉上市是否能增加公司媒體能見度。我們利用2002、2003、2004、2005及2006年興轉櫃及興轉市公司，以公司名稱被刊於平面媒體之次數做為公司媒體能見度指標，進行公司媒體能見度提升之相關分析，研究發現興櫃公司提出上市（櫃）申請後，媒體能見度確實能顯著提升。同時，在正式移轉交易所後，能見度效果將會持續，市場存在上市（櫃）之媒體能見度效果，此確認Pagano, Panetta and Zingales（1998）, Maksimovic and Pichler（2001）, Stoughton, Wong and Zechner（2001）, Mayur and Kumar（2013）公開發行能增加能見度之主張。另外，研究亦獲得興轉市公司之媒體能見度提升幅度顯著高於興轉櫃公司之結果，此應證了先前Baker and Spitzfaden（1982）, Kadlec and McConnel（1994）, Baker, Powell and Weaver（1999b）, Tse and Devos （2004）, Jain and Kim（2006）, Papaioannou, Travlos and Viswanathan（2009）及洪榮耀和馬黛（2006）指出轉上市能提升媒體能見度之發現。

This study investigate the effect of media visibility on the firms switching trading location from the Emerging market to GreTai Securities Market (OTC) and the Taiwan Stock Exchange Corporation (TSEC). This paper analyzes the visibility improvement of the firms conducting exchange changing from 2002 to 2006, using media exposure as the indicator of a firm’s visibility. The empirical study has three main findings: (1) listing and Over-the-Counter trading can improve media visibility. (2) After exchange changing, the visibility effect of Taiwan’s exchange listed and Over-the-Counter trading firms will persist. (3) Listing enhance media visibility was significantly higher than the Over-the-Counter trading companies, this result should be evidence that Exchange listing can improve media visibility.