王明昌
研究領域
1. 金融科技 2. 巨量投資 3. 投資組合 4. 公司治理 5. 市場微結構
教授科目
大學部：初級會計學（一）、初級會計學（二）
碩士班：財務管理、國際財管、金融市場與機構、金融科技
博士班：計量經濟學（一）、計量經濟學（二）、公司理財專討、財務與投資專討
EMBA專班：財務自由與慢慢致富、企業評價與選股戰略、國際財管與外匯操作、技術分析與量化投資、行為財務與紀律交易、公司治理與永續發展
| 項目 |
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| 國立中山大學財務管理博士 |
| 項目 |
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| 王明昌、丁裕家、方景霖、李永全，2026，台灣證券市場假新聞與澄清新聞影響散戶交易活動和股票定價之研究，電子商務學報(TSSCI). Forthcoming. |
| Tsai, C.-F., Wang, M.-C., Lin, W.-C.*, and Zheng, X.-Y. (2025) Predicting High Increases in Stock Prices Using Text Mining and Data Resampling Techniques. Applied Soft Computing, volume 176. (SCI; IF=7.2) |
| Wang, M.-C., Hsu, Y.-F. and Chien, H.-Y. (2025), "Are private placements associated with more active media management than public offerings? Evidence from Taiwan", Journal of Accounting Literature, 47(3), 628-649. |
| 王明昌、丁裕家，2025, 台灣上市企業於當地證券分公司發生異常交易量之決定因素：交易距離、當地偏誤、社群網絡與地區特徵，中山管理評論, 33(3), 381-424. (TSSCI) |
| Fang, C.-L., Wang, M.-C., Tsai, C.-F., Lin, W.-C.*, and Liao, P.-Q. (2023) Instance selection using one-versus-all and one-versus-one decomposition approaches. Expert Systems, 40(6), e13217. (SCI) |
| 王明昌、許育峯、黃振益, 2025, 分析資訊不對稱對K線圖形預測股票投資組合報酬率之影響，電子商務學報, 27(2), 199-241. (TSSCI) |
| 王明昌、丁裕家、陳詩婷, 2023, 應用卷積神經網路辨識股票K線影像改善投資組合策略之研究, 管理與系統, 30卷2期, P229-262 (TSSCI) |
| Wang, Ming-Chang, Fei-Han Lee, 2022, Expertise Backgrounds of Director Members and IPO Firms’ Performance, Advances in Investment Analysis and Portfolio Management, Volume 11, pp.1-34. |
| Wang, Ming-Chang, Fei-Han Lee, Chien-Chuan Ko, 2022, The Impact of Market Panic Sentiment on the Stock Price Reaction from News Events, Journal of Management & Systems, Vol. 29 Issue 2, p147-186. (TSSCI) |
| Wang, Ming-Chang, Wei-Chao, Lin and Chih-Fong Tsai, 2021, Towards Missing Electric Power Data Imputation for Energy Management Systems, Expert Systems With Applications, Volume 174. (SCI) |
| Wang, Ming-Chang and Yu-Jia Ding, 2021, Does the Quarterly Accrual Anomaly Exist in Taiwan’s Stock Market? Managerial and Decision Economics, volume 42, 688-701. (SSCI) |
| Wang, Ming-Chang and Yu-Jia Ding, 2019, Improving the Market Quality of Underlying Securities: Single Stock Derivatives, Journal of Financial Studies, Vol. 27, 121-142. (TSSCI) |
| Tsai, C.F., Hu, Y.H., Wang, M.C., Liu, K.E., 2019, Bag-of-Words and Region-Based Feature Representations in Object Categorization. Journal of Computers, 14(2): 93-100. |
| Tsai, C.F., Hu, Y.H., Wang, M.C., Liu, K., 2019, On Fusing Multiple Instance Selection Results. IEEM, 1546-1549. |
| 王明昌、丁裕家、蔡安琦，2019，企業融資限制為後續財務危機發生因素, 證券市場發展季刊, 31:2, 1-3 (TSSCI) |
| Wang, M.C., Cheng, L.Y., Ko, C.C., Chou, P.Y., 2018, Does Public Latency Influence Market Quality? Quarterly Review of Economics & Finance, vol. 70, 227-240. |
| Wang, M.C., Ding, Y.J., Hsin, P.H., 2018, Order Aggressiveness and the Heating and Cooling-off Effects of Price Limits, Journal of Economics and Management, Vol. 14, 191-216. |
| Wang, M.C., Ding, Y.J., Chiang, H.C., 2018, Do enterprise bank relationships improve market quality? The Quarterly Review of Economics and Finance, vol. 67, 79-91. |
| 王明昌、周明賢, 2018, 撮合時間的縮短對證券市場交易品質的影響, 證券市場發展季刊, 30:1, 1-48. (TSSCI) |
| Wang, M.C., Chen, S.S., Chiang, J.M., 2017, Rationality of the personal loan interest-rate markups of banks, 交大管理學報, Vol. 37, No. 1, 115-163. (TSSCI) |
| Lee, Y.C., Wang, M.C., 2017, How Does Corporate Control Affect the Appointment and Auditing Expertise of Independent Directors? Quarterly Review of Economics & Finance 64, 130-140. |
| Tsai, C.F., Hu, Y.H., Wang, M.C., Liu, K.E., 2017, Early versus Late Dimensionality Reduction of Bag-of-Words, Bioinformatics Research and Applications 2017, 42-45. |
| Wang, M.C., Cheng, L.Y., Chou, P.Y., 2016, Effects of individual margin requirement and risk preference on individual margin trading, 交大管理學報, Vol. 36, 69-96. (TSSCI) |
| Wang, M.C., Ding, Y.J., 2016, Anatomy of the Bid-ask Spread in an Order-driven Market, Advances in Investment Analysis, Vol 7, 161-183. |
| Wang, M.C., Liu, Y.A., Wang, H.C., 2016, The Causes of Short-term Momentum and Investing Strategies, Advances in Investment Analysis, Vol 7, 121-141. |
| Wang, M.C., Ding, Y.J., 2016, A Study of the Dynamic Relationship between Single Stock Futures and Underlying Securities, Advances in Investment Analysis, Vol 7, 43-63. |
| Wang, M.C., Cheng, M.Y., 2016, Evidence of Earnings Management Induced by Educational Subsidies, 中華管理評論, Vol. 19, No. 1, 1-17. |
| 王明昌、鄭揚耀、柯建全，2015，企業財務危機前之媒體管理，會計評論, V. 61, 77-119. (TSSCI) |
| 王明昌、鄭揚耀、丁裕家，2015，股票期貨與股票選擇權對個股信用交易之替代與互補效果，證券市場發展季刊, Vol. 27:1, 33-70. (TSSCI) |
| Wang, M.C., Chou, P.Y., 2014, Securities Market Quality and Analysts Earnings Forecast Errors, Information Technology Journal, 13(17): 2645-2657. (EI) |
| Cheng, M.Y., Wang, M.C., 2014, A Study of Value Investing: Profit, Dividend, and Free Cash Flow, International Review of Management and Business Research, Vol. 3, 1889-1904. |
| 王明昌、周邦營, 2014, 公司治理與分析師盈餘預測誤差, 建國科大社會人文期刊, 33 (2), 19-38. |
| 王明昌、丁裕家、 盧建宏, 2014, 企業除權息事件對證券市場交易品質之影響, 人文暨社會科學期刊, Vol. 10, No. 2, 65-75. |
| 王明昌、周邦營, 2014, 健全財務報表品質與分析師盈餘預測之相關性研究, 弘光學報, 74期, 14-38. |
| 王明昌，丁裕家，2014，證券首次公開發行與市場交易品質之探討，修平學報，VOL. 28, 67-84. |
| Wang, M.C., Cheng, M.Y., 2014, Performance Synergies between Science/Engineering and Management Backgrounds, International Review of Economics and Finance, Vol. 34, 211-229. (SSCI) |
| Wang, M.C., Cheng, L.Y., Chen, Y.J., 2014, Adjusting Minimal Maintenance Margin Requirement When Price Limits Widening, 交大管理學報, Vol. 34, 1-55. (TSSCI) |
| Lee, Y.C., Wang, M.C., 2014, Does the Appointment of Independent Directors Drive Multiple Effects? International Journal of Business and Finance Research, Vol. 8, 69-88. |
| Cheng, L.Y., Wang, M.C., Chen, K.C., 2014, Institutional Investment Horizons and Stock Performance of Private Equity Placements, Review of Pacific Basin Financial Markets and Policies, Vol. 17. |
| 張眾卓、鄭揚耀、王明昌、蔡宜靜，2014，放空價格限制對市場品質之影響，證券市場發展季刊, Vol 26:1, 147-182. (TSSCI) |
| 王明昌、丁裕家, 2013, 台灣與東協國家匯率及總體經濟動態關聯性分析, 健行學報, Vol.33, No. 4, 59-78. |
| Wang, M.C., Zu, L.P., 2013, Trade Timing, Price Volatility and Serial Correlation, European Financial Management, Vol. 19 Issue 5, 911-934. (SSCI) |
| Tenqchen, S., Chen, S.S., Wang, M.C., 2013, Feasibility Study of Traveling Time Estimation with VD, CVP, GVP, and EVP, Journal of Communication and Computer 7, 984-1006. |
| Tenqchen, S., Chen, S.S., Wang, M.C., 2013, Design of a Rotary Ring APP Information Capturer for Sun-Moon Lake, Journal of Communication and Computer 5, 603-619. |
| Wang, M.C., Lee, Y.C., 2012, The signaling effect of independent director appointments, Emerging Market Trade and Finance, 48(5), 25-47. (SSCI) |
| 陳松山，劉振家，王明昌，黃德舜，2011, 電子資訊業人力資本、管理者品質與經濟附加價值, 評價學報, No 5, 35-56. |
| Wang, M.C., Zu, L.P., Kuo, C.J., 2010, Risk aversion, order strategy, and price formation, Applied Economics (SSCI) 42, 627–640. |
| 王明昌、朱榕屏、王弘志，2010，台灣股市不存在中期動能效應?，東吳經濟商學學報 68, 91-120. |
| Zu, L.P., Lee, J.J., Wang, M.C., Kuo, C.J., 2009, Competitive Investors, Trading Timing, and Price Discovery, Applied Financial Economics, Vol. 19, 1661-1674. |
| Wang, M.C., Zu, L.P., Kuo, C.J., 2008, The state of the electronic limit order book, order aggressiveness and price formation, Asia-Pacific Journal of Financial Studies (SSCI) 37, 247-298. |
| Zu, L.P., Wang, M.C., Kuo, C.J., 2008, Order strategy of informed trader in an order-driven market, 財務金融學刊 (TSSCI) V.16, N.2, 127-173. |
| 國際研討會項目 |
|---|
| Wang, Ming-Chang, 2024, The Predictability of Stock Returns based on Prince and Volume Relationship capturing by Candlestick Chart Image: Using Convolutional Neural Network to Analyze Image Recognition, International Conference on Economics, Finance and Business, Prague, Czech Republic. |
| Chih-Fong Tsai, Ya-Han Hu, Ming-Chang Wang, Kang Ernest Liu, 2024, Hybrid Technical-Visual Features for Stock Prediction, 38th International Conference on Advanced Information Networking and Applications, City of Kitakyushu, Japan |
| Chih-Fong Tsai, Ming-Chang Wang, Wei-Chao Lin, A Novel Prediction Approach for Effective Medical Data Mining, 2023 the International Conference on Medical and Health Informatics, Kyoto, Japan. |
| Chih-Fong Tsai, Ya-Han Hu, Ming-Chang Wang, Kang Ernest Liu, 2019, On Fusing Multiple Instance Selection Results, IEEE International Conference on Industrial Engineering and Engineering Management, Macau. (科技部人文司管理二學門生管領域推薦之國際學術會議) |
| Wang, Ming-Chang, Chien-Chuan and Ko Fei-Han Lee, 2019, Asymmetric Responses of News Coverage to the Stock Prices of Domestic and Offshore Companies Listed on the Taiwan Stock Exchange, International Symposium on Social Sciences and Management ISSSM, Hokkiado, Japan. |
| Chih-Fong Tsai, Ya-Han Hu, Ming-Chang Wang, Kang Ernest Liu, 2018, Bag-of-Words and Region-Based Feature Representations in Object Categorization: A Comparative Study, 11th International Conference on Computer and Electrical Engineering, Tokyo, Japan. |
| Wang, Ming-Chang and Chien Chuan Ko, 2018, Do Private Placements Have Active Media Management than Public Offerings? Evidence from Taiwan, Western Economic Association International The 93rd Annual Conference, Vancouver, Canada(科技部人文司管理二學門生管領域推薦之國際學術會議) |
| Wang, Ming-Chang, Yu-Jia Ding, Chia-Chi Hsieh, 2018, "Do Auditor Audit Quality Improve Market Quality of Clientele Firms? Evidence from Taiwan, International Conference on Innovation and Management, Fukuoka, Japan. |
| Wang, Ming-Chang, Ming-Sen Chou and Hung-Chih Wang, 2017, Does The Quarterly Accrual Anomaly Exist In Taiwan’s Stock Market?” 2017 International Academic Conference on Business Stockholm, Sweden. |
| Wang, Ming-Chang, Lee-Young Cheng and Bang-Ying Chou, 2016, Does Public Latency Influence Market Quality? An Analysis of Pre-trade Transparency at the Taiwan Futures Exchange, 2016 EFMA Annual Conference, Universität Basel, Switzerland (獲得國科會出席國際研討會經費補助)(科技部列名第二級研討會) |
| Wang, Ming-Chang, Hong-Tin Chen and Ming-Yuan Cheng 2015, Labor Residual and Stock Return, International Symposium on Social Sciences and Management, Tokyo, Japan. (獲得國科會出席國際研討會經費補助) |
| Wang, Ming-Chang and Yu-Jia Ding, 2014, Improving the Market Quality of Underlying Securities: Alternative Issuing Choices of Single Stock Derivatives, World Academy of Science, Engineering and Technology, Barcelona, Spain. (獲得國科會出席國際研討會經費補助) |
| Wang, Ming-Chang and Bang-Ying Chou, 2012, The Determinants of Individual Investors’ Order Strategy, Financial Management Association (FMA) 2012 Annual Meeting, Atlanta, USA. (獲得國科會出席國際研討會經費補助)(科技部列名第二級研討會) |
| Wang, Ming-Chang, Bang-Ying Chou and Chun-Hao Chang, 2011, Low-Latency Trading and Refresh of Limit Order Book: Evidence from Taiwan Futures Market. 8th Asia-Pacific Association of Derivatives, Busan, Korea (獲得國科會出國經費補助) |
| Wang, Ming-Chang, 2010, The trade-off between adverse selection costs and non-execution costs in an order-driven market, FMA 2010 Annual Meeting, New York, USA. (獲得國科會出席國際研討會經費補助)(科技部列名第二級研討會) |
| Wang, Ming-Chang and Pei-Han Hsin, 2009, Order Aggressiveness and Heating and Cooling-off Effect of Price Limits, FMA 2009 Annual Meeting, USA Reno. (獲得國科會出席國際研討會經費補助)(科技部列名第二級研討會) |
| Wang, Ming-Chang and Lon-Ping Zu, 2008, Evolution of liquidity: An integrated order strategy model of uninformed and informed traders The 21st AFBC, Sydney. (獲得國科會出席國際研討會經費補助) |
| Wang, Ming-Chang and Pei-Han Hsin, 2008, The Effects of Removing Price Limits and Term Structure upon Order-Submission Behaviors of IPOs, 21st AFBC, Sydney. (獲得國科會出席國際研討會經費補助) |
| Wang, Ming-Chang and Pei-Han Hsin, 2008, Order Aggressiveness, Price Distance and the Heating and Cooling-off Effects of Price Limits, 16th Conference on SFM, Kaohsiung. |
| Hsin, Pei-Han, Ming-Chang Wang and Chin-Shun Wu, 2008, Limit order book information, order aggressiveness, and price limits, 3rd CAFM held by KSA in Seoul, Korea. |
| Wang, Ming-Chang and Yung-Chuan Lee, 2008, Signaling effect of corporate governance policy: independent director appointments, 2008 International Conference on CG and Financial Integration, Taipei. |
| Lee, Jung-Juei, Lon-Ping Zu, Ming-Chang Wang and Chau-Jung Kuo, 2007, The timing of informed trades when all traders are risk averse, 15th Conference on SFM, Kaohsiung. |
| Zu, Lon-Ping, Jung-juei Lee, Ming-Chang Wang, and Chau-Jung Kuo, 2007, Informed trading timing and market behavior, 2nd CAFM held by KSA in Seoul, Korea. |
| Wang, Ming-Chang and Yung-Chuan Lee, 2007, Monitoring effects and signaling effects of independent director appointments, EFMA Symposium, Bocconi University, Italy. (獲得國科會出席國際研討會經費補助) |
| Hsin, Pei-Han, Ming-Chang Wang and Chin-Shun Wu, 2007, Information indicators of limit order book and optimal dynamic order submission strategy, ICICIC2007, Kumamoto, Japan. |
| Lee, Jung-Juei, Lon-Ping Zu, Ming-Chang Wang and Chau-Jung Kuo, 2007, Trade timing, price volatility, and autocorrelation of returns, 2007 NTU International Finance Conference, Taipei. (Best Paper Award) |
| Zu, Lon-Ping, Jung-juei Lee, Ming-Chang Wang, and Chau-Jung Kuo, 2006, Strategic informed trading and risk aversion market makers, 14th Conference on SFM, Kaohsiung. (Best Paper Award) |
| Wang, Ming-Chang, Lon-Ping Zu, and Chau-Jung Kuo, 2006, Anatomy of bid-ask spread empirical evidence from an order-driven market, University of York, British. |
| Wang, Ming-Chang, Lon-Ping Zu, and Chau-Jung Kuo, 2006, The state of the electronic limit, order strategy and price formation, Banque de France, Paris. (獲得國科會出席國際研討會經費補助) |
| Wang, Ming-Chang, Lon-Ping Zu, and Chau-Jung Kuo, 2005, 台灣股票市場中期股價行為之研究, 東アジア地域經營學會國際研討會, Kaohsiung. |
| Wang, Ming-Chang, Lon-Ping Zu, and Chau-Jung Kuo, 2004, Order strategy and price formation, 12th Conference on SFM, National Sun Yat-Sen University, Kaohsiung. |
| 國內研討會項目 |
|---|
| 王明昌、李飛涵、游珉宜，董事會成員專業背景與IPO公司績效，2017台灣財務金融學會年會, 花蓮。 |
| 王明昌、柯健全，企業財務危機前的媒體管理, 2012台灣財務金融學會年會, 台北。 |
| 王明昌、王弘志，台灣股市散戶追漲殺跌短線進出是錯的？, 2010台灣財務金融學會年會, 南投。 |
| Wang, Ming-Chang, Lon-Ping Zu, and Hung-Chih Wang, 2009, Stock Price Behavior under Arbitrage Risks, 2009台灣財務金融學會年會, 桃園。 |
| Wang, Ming-Chang, Pei-Han Hsin, and Chin-Shun Wu, 2008, Order-Submission Behaviors, Price Limits and Pricing Anomalies in IPOs Market, 2008台灣財務金融學會年會, 花蓮。 |
| Lee, Jung-Juei, Lon-Ping Zu, Ming-Chang Wang and Chau-Jung Kuo, 2007, Informed trading, risk aversion, and market performance, 2007台灣財務金融學會年會, 台中。 |
| Wang, Ming-Chang, Lon-Ping Zu, and Chau-Jung Kuo, 2007, Order strategy of informed trader in an order-driven market, 2007台灣財務金融學會年會, 台中。 (Best Paper Award) |
| Hsin, Pei-Han, Ming-Chang Wang and Chin-Shun Wu, 2007, Information indicators and optimal dynamic order submission strategy, 2007台灣財務金融學會年會, 台中。 |
| Wu, Chin-shun, Pei-Han Hsin, and Ming-Chang Wang, 2007, Optimizing dynamic order submission strategy by rolling ordered probit model, 2007中華決策科學年會, 台中。 |
| Wang, Ming-Chang, Lon-Ping Zu, and Chau-Jung Kuo, 2006, Measuring information indicators from a limit order book, 2006台灣財務工程學會年會, 台北。 |
| Wang, Ming-Chang, Lon-Ping Zu, and Chau-Jung Kuo, 2006, A continuous model of the optimal order strategy: A risk aversion view, 2006台灣財務金融學會, 台北。 |
| Wang, Ming-Chang, Lon-Ping Zu, and Chau-Jung Kuo, 2006, A continuous model of the optimal order strategy: A risk aversion view, 2006現代財務論壇學術研討會, 台中。 |
| 王明昌, 朱融屏, 郭照榮, 2003, 台灣股市動能與反向策略, 行為財務學暨法與財務學研討會, 世新大學, 台北。 |
| 項目 |
|---|
| 112年度：董事會,控制權結構和財務策略的媒體管理 (NT$ 1,341,000) |
| 110年度：新冠疫情對企業與銀行關係的衝擊 (NT$ 809,000) |
| 109年度：人力資本策略、智慧科技投資和資產定價 (NT$ 809,000) |
| 107年度：台灣股市當地偏誤之成因探討 (NT$ 962,000) |
| 106年度：錯誤定價和所有權與控制權差異動機之媒體管理 (NT$ 661,000) |
| 105年度：財金新聞與K線影像巨量資料對股價行為預測 (NT$ 701,000) |
| 104年度：財務限制與私募 (共同主持人) (NT$ 557,000) |
| 104年度：媒體報導與新聞動能 (NT$ 614,000) |
| 103年度：證券市場品質與分析師盈餘預測誤差 (NT$ 339,000) |
| 103年度：財務限制與併購支付工具之選擇 (共同主持人) (NT$ 695,000) |
| 102年度：新聞報導與台灣證券市場品質 (NT$ 488,000) |
| 101年度：低延遲交易與委託單積極度 (NT$ 522,000) |
| 100年度：實質盈餘管理、非財務衡量與應計異象 (NT$ 238,000) |
| 099年度：台股短期動能策略之應用 (NT$ 296,000) |
| 099年度：盈餘管理與價格動能 (NT$ 472,000) |
| 099年度：獨立董事對實質盈餘管理的影響 (NT$ 304,000) |
| 099年度：策略性交易與價格異常現象 (NT$ 338,000) |
| 產學：110年「受疫情影響企業融資協處計畫」(經濟部) (NT$ 738,000) |
| 產學：99年 平盤以下不得放空機制標的研究 (證交所) (NT$ 203,000) |
| 產學：99年 股市漲跌幅放寛對擔保維持率調整研究 (證交所) (NT$ 167,000) |
| 項目 |
|---|
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BZNK 必可票貼-企業應收帳款P2P 媒合平台（台灣聯合金融科技股份有限公司）指導顧問 |
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106年金融科技創新基地（FinTechBase）專家 |
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105年國立中正大學青年學者獎 |
| 項目 |
|---|
| 《國際財務管理》；2016年第七版；編譯作者：王明昌；出版社：華泰文化 [cite: 88] |
| 《財務管理》；2020年第十二版；編譯作者：王明昌；出版社：華泰文化 [cite: 88] |
