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| Title | 法人說明會逐字稿內容對股價異常報酬之影響因素-以台積電為例 The affecting factors on abnormal return of stock price from the transcript content of Conference Call- An example from TSMC |
| Creator | 何文揚 Ho, Wen-Yang |
| Contributor | 陳聖賢 Chen, Sheng-Syan 何文揚 Ho, Wen-Yang |
| Key Words | 法人說明會 盈餘宣告後股價持續反應 異常報酬 內容分析 Conference Call Post-earnings Announcement Drift Abnormal return Content analysis |
| Date | 2019 |
| Date Issued | 1-Jul-2019 10:45:35 (UTC+8) |
| Summary | 法人說明會為企業向市場傳遞訊息的重要管道之一。透過法人說明會的內容，能夠讓市場上的機構投資者或其他投資大眾了解更多關於公司營運及財務狀況，甚至是公司未來的前景。本研究將藉由透過研讀法說會的內容，進而找出別於過往對於盈餘宣告拖曳效果(Post-earnings Announcement Drift，以下簡稱PEAD)的幾項重要關鍵因素。以台積電2017年所公布之法說會為例，我們發現在歸納並觀察每一季法說會之財務資訊、產品及製程營收分布變動、奈米製程演進、分析師重要的提問、及執行長對產業概況前景描述幾大面向後，可以更深度的去找到在公司公布的逐字稿內容中的重要意涵，進而觀察並分析影響PEAD的因素。 Conference call is one of the important channels for companies to deliver information to the market. Through the contents of conference call, institutional investors and other investors in financial market can learn more about the company`s operations, financial situation, and even the company`s future prospects. This paper will identify several key factors for the Post-earnings Announcement Drift (PEAD) by studying the content of the conference call. For example, we used the conference calls which were announced by TSMC in 2017. We summarized and observed that the financial information, product and semiconductor process revenue distribution of each season, the evolution of nanometer process, important questions from analysts, and the managers’ prospective description to the future can be more in-depth to find out the important meanings in the company`s public conference call transcript, and then to observe and analyze the factors affecting PEAD. |
| 參考文獻 | 台灣積體電路製造股份有限公司官方網站: https://www.tsmc.com/chinese/aboutTSMC/company_profile.htm 台灣積體電路製造股份有限公司2016年報 https://www.tsmc.com/download/ir/annualReports/2016/chinese/pdf/c_11.pdf 陳竫詒著，2018，【3大逆風，台積電大跌】，天下雜誌 https://www.cw.com.tw/article/article.action?id=5089420 國內上市公司自107年起每年應辦理一次法人說明會 https://cgc.twse.com.tw/pressReleases/promoteNewsArticleCh/1624 中文文獻: 黃瑞鴻 (2014). "企業競爭優勢之研究-以台積電及聯電為例." 國立中山大學企業管理學系碩士論文. 鍾宇軒，黃劭彥，戚務君 (2013). "法人說明會對企業資訊不對稱的影響." 管理學報 30(4): 295 - 322 英文文獻: A Dell`Acqua, F. P., S Caselli (2010). "Conference Calls and Stock Price Volatility in the Post‐Reg FD Era." European Financial 16(2): 256-270. AK Davis, W. G., D Matsumoto, JL Zhang (2012). "The Effect of Managerial “Style” on the Tone of Earnings Conference Calls." Contemporary Accounting Research 29(3): 804–837. BJ Bushee, D. M., GS Miller (2003). "Open versus closed conference calls: the determinants and effects of broadening access to disclosure." Journal of Accounting and Economics 34(1-3): 149-180. BM Blau, J. D., SMK Price (2015). "Journal of Corporate Finance." Do sophisticated investors interpret earnings conference call tone differently than investors at large? Evidence from short sales 31: 203-219. Dawn Matsumoto, M. P., and Erik Roelofsen (2011). "What Makes Conference Calls Useful? The Information Content of Managers` Presentations and Analysts` Discussion Sessions." The Accounting Review 86(4): 1383-1414. Elaine Henry, A. J. L. (2009). "Measuring Qualitative Information in Capital Markets Research." Working paper, University of Miami. G Foster, C. O., T Shevlin (1984). "Earnings Releases, Anomalies, and the Behavior of Security Returns." Accounting Review 59(4): 574-603. Gus De Franco, O.-K. H. (2011). "Do Analysts’ Notes Provide New Information?" Journal of Accounting, Auditing & Finance 26(2): 229-254. Hales, J., X. Kuang, and S. Venkataraman (2011). "Who Believes the Hype? An Experimental Examination of How Language Affects Investor Judgments." Journal of Accounting Research 49(1): 223-255. Henry, E. (2006). "Market reaction to verbal components of earnings press releases." Journal of Emerging Technologies in Accounting 3(1): 1-19. Irani, A. (2004). "The effect of regulation fair disclosure on the relevance of conference calls to financial analysts." Review of Quantitative Finance and Accounting 22(1): 15-28. JA Milian, A. S. (2017). "An investigation of analysts` praise of management during earnings conference calls." Journal of Behavioral Finance 18(1): 65-77. Kimbrough, M. D. (2005). "The Effect of Conference Calls on Analyst and Market Underreaction to Earnings Announcements." The Accounting Review 80(1): 189-219. Kothari, S. (2001). "Capital markets research in accounting." Journal of Accounting and Economics 31(1-3): 105-231. M Druz, A. W., RJ Zeckhauser (2015). "Tips and tells from managers: How analysts and the market read between the lines of conference calls." National Bureau of Economic Research Working Paper. Narasimhan Jegadeesh, J. L. (2006). "Post-Earnings-Announcement Drift: The Role of Revenue Surprises." Financial Analysts Journal 62(2): 22-34. P Brockman, X. L., SMK Price (2015). "Differences in conference call tones: Managers vs. analysts." Financial Analysts Journal 71(4): 24-42. R Ball, P. B. (1968). "An empirical evaluation of accounting income numbers." Journal of Accounting Research 6(2): 159-178. R Frankel, M. J., DJ Skinner (1999). "An empirical examination of conference calls as a voluntary disclosure medium." Journal of Accounting Research 37: 133-150. R Frankel, M. J., DJ Skinner (1999). "An empirical examination of conference calls as a voluntary disclosure medium." Journal of Accounting Research 37(1): 133-150. ROELOFSEN, S. H. M. P. E. (2010). "Does Silence Speak? An Empirical Analysis of Disclosure Choices During Conference Calls." Journal of Accounting 48(3): 531-563. SMK Price, J. D., DR Peterson, BA Bliss (2012). "Earnings conference calls and stock returns: The incremental informativeness of textual tone." Journal of Banking & Finance 36(4): 992-1011. Sunder, S. (2002). "Investor Access to Conference Call Disclosures: Impact of Regulation Fair Disclosure on Information Asymmetry." Working Paper, Northwestern University. T Loughran, B. M. (2011). "When is a liability not a liability? Textual analysis, dictionaries, and 10‐Ks." The Journal of Finance 66(1): 35-65. TASKER (1998). "Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary Disclosure." Review of Accounting Studies 3(1–2): 137–167. WJ Mayew, M. V. (2012). "The Power of Voice: Managerial Affective States and Future Firm Performance." The Journal of Finance 67(1): 1-43. |
| Description | 碩士 國立政治大學 財務管理學系 106357033 |
| 資料來源 | http://thesis.lib.nccu.edu.tw/record/#G0106357033 |
| Type | thesis |
| dc.contributor.advisor | 陳聖賢 | zh_TW |
| dc.contributor.advisor | Chen, Sheng-Syan | en_US |
| dc.contributor.author (Authors) | 何文揚 | zh_TW |
| dc.contributor.author (Authors) | Ho, Wen-Yang | en_US |
| dc.creator (作者) | 何文揚 | zh_TW |
| dc.creator (作者) | Ho, Wen-Yang | en_US |
| dc.date (日期) | 2019 | en_US |
| dc.date.accessioned | 1-Jul-2019 10:45:35 (UTC+8) | - |
| dc.date.available | 1-Jul-2019 10:45:35 (UTC+8) | - |
| dc.date.issued (上傳時間) | 1-Jul-2019 10:45:35 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0106357033 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/124131 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理學系 | zh_TW |
| dc.description (描述) | 106357033 | zh_TW |
| dc.description.abstract (摘要) | 法人說明會為企業向市場傳遞訊息的重要管道之一。透過法人說明會的內容，能夠讓市場上的機構投資者或其他投資大眾了解更多關於公司營運及財務狀況，甚至是公司未來的前景。本研究將藉由透過研讀法說會的內容，進而找出別於過往對於盈餘宣告拖曳效果(Post-earnings Announcement Drift，以下簡稱PEAD)的幾項重要關鍵因素。以台積電2017年所公布之法說會為例，我們發現在歸納並觀察每一季法說會之財務資訊、產品及製程營收分布變動、奈米製程演進、分析師重要的提問、及執行長對產業概況前景描述幾大面向後，可以更深度的去找到在公司公布的逐字稿內容中的重要意涵，進而觀察並分析影響PEAD的因素。 | zh_TW |
| dc.description.abstract (摘要) | Conference call is one of the important channels for companies to deliver information to the market. Through the contents of conference call, institutional investors and other investors in financial market can learn more about the company`s operations, financial situation, and even the company`s future prospects. This paper will identify several key factors for the Post-earnings Announcement Drift (PEAD) by studying the content of the conference call. For example, we used the conference calls which were announced by TSMC in 2017. We summarized and observed that the financial information, product and semiconductor process revenue distribution of each season, the evolution of nanometer process, important questions from analysts, and the managers’ prospective description to the future can be more in-depth to find out the important meanings in the company`s public conference call transcript, and then to observe and analyze the factors affecting PEAD. | en_US |
| dc.description.tableofcontents | 中文摘要 I 英文摘要 II 第一章 緒論: 1 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 研究步驟與流程 2 第二章 文獻探討 4 第一節 法人說明會 4 第二節 詞語、語調的內容分析 6 第三節 盈餘宣告拖曳效果Post-earnings Announcement Drift 10 第三章 研究設計: 12 研究方法 12 第一節 法說會內容分析意涵與應用 12 第二節 異常報酬觀察: 13 第四章 個案分析 16 第一節 個案公司沿革與產業分析 16 4.1.1台積電公司沿革: 16 4.1.2財務狀況: 20 4.1.3產業分析: 21 第二節 個案公司該年法說會逐字稿與影音檔內容分析 25 4.2.1完整內容性分析 27 4.2.2台積電法人說明會主要影響因素 31 4.2.3逐字搞內容之正負面詞語比重: 34 第三節 法人說明會後之後續股價拖曳效應 35 4.3.1 2017Q1台積電法人說明會: 35 4.3.2 2017Q2台積電法人說明會: 36 4.3.3 2017Q3台積電法人說明會: 37 4.3.4 2017Q4台積電法人說明會: 38 第五章 結論與建議 41 個案結論: 41 研究建議與延伸 41 參考文獻: 42 | zh_TW |
| dc.format.extent | 1643282 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0106357033 | en_US |
| dc.subject (關鍵詞) | 法人說明會 | zh_TW |
| dc.subject (關鍵詞) | 盈餘宣告後股價持續反應 | zh_TW |
| dc.subject (關鍵詞) | 異常報酬 | zh_TW |
| dc.subject (關鍵詞) | 內容分析 | zh_TW |
| dc.subject (關鍵詞) | Conference Call | en_US |
| dc.subject (關鍵詞) | Post-earnings Announcement Drift | en_US |
| dc.subject (關鍵詞) | Abnormal return | en_US |
| dc.subject (關鍵詞) | Content analysis | en_US |
| dc.title (題名) | 法人說明會逐字稿內容對股價異常報酬之影響因素-以台積電為例 | zh_TW |
| dc.title (題名) | The affecting factors on abnormal return of stock price from the transcript content of Conference Call- An example from TSMC | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | 台灣積體電路製造股份有限公司官方網站: https://www.tsmc.com/chinese/aboutTSMC/company_profile.htm 台灣積體電路製造股份有限公司2016年報 https://www.tsmc.com/download/ir/annualReports/2016/chinese/pdf/c_11.pdf 陳竫詒著，2018，【3大逆風，台積電大跌】，天下雜誌 https://www.cw.com.tw/article/article.action?id=5089420 國內上市公司自107年起每年應辦理一次法人說明會 https://cgc.twse.com.tw/pressReleases/promoteNewsArticleCh/1624 中文文獻: 黃瑞鴻 (2014). "企業競爭優勢之研究-以台積電及聯電為例." 國立中山大學企業管理學系碩士論文. 鍾宇軒，黃劭彥，戚務君 (2013). "法人說明會對企業資訊不對稱的影響." 管理學報 30(4): 295 - 322 英文文獻: A Dell`Acqua, F. P., S Caselli (2010). "Conference Calls and Stock Price Volatility in the Post‐Reg FD Era." European Financial 16(2): 256-270. AK Davis, W. G., D Matsumoto, JL Zhang (2012). "The Effect of Managerial “Style” on the Tone of Earnings Conference Calls." Contemporary Accounting Research 29(3): 804–837. BJ Bushee, D. M., GS Miller (2003). "Open versus closed conference calls: the determinants and effects of broadening access to disclosure." Journal of Accounting and Economics 34(1-3): 149-180. BM Blau, J. D., SMK Price (2015). "Journal of Corporate Finance." Do sophisticated investors interpret earnings conference call tone differently than investors at large? Evidence from short sales 31: 203-219. Dawn Matsumoto, M. P., and Erik Roelofsen (2011). "What Makes Conference Calls Useful? The Information Content of Managers` Presentations and Analysts` Discussion Sessions." The Accounting Review 86(4): 1383-1414. Elaine Henry, A. J. L. (2009). "Measuring Qualitative Information in Capital Markets Research." Working paper, University of Miami. G Foster, C. O., T Shevlin (1984). "Earnings Releases, Anomalies, and the Behavior of Security Returns." Accounting Review 59(4): 574-603. Gus De Franco, O.-K. H. (2011). "Do Analysts’ Notes Provide New Information?" Journal of Accounting, Auditing & Finance 26(2): 229-254. Hales, J., X. Kuang, and S. Venkataraman (2011). "Who Believes the Hype? An Experimental Examination of How Language Affects Investor Judgments." Journal of Accounting Research 49(1): 223-255. Henry, E. (2006). "Market reaction to verbal components of earnings press releases." Journal of Emerging Technologies in Accounting 3(1): 1-19. Irani, A. (2004). "The effect of regulation fair disclosure on the relevance of conference calls to financial analysts." Review of Quantitative Finance and Accounting 22(1): 15-28. JA Milian, A. S. (2017). "An investigation of analysts` praise of management during earnings conference calls." Journal of Behavioral Finance 18(1): 65-77. Kimbrough, M. D. (2005). "The Effect of Conference Calls on Analyst and Market Underreaction to Earnings Announcements." The Accounting Review 80(1): 189-219. Kothari, S. (2001). "Capital markets research in accounting." Journal of Accounting and Economics 31(1-3): 105-231. M Druz, A. W., RJ Zeckhauser (2015). "Tips and tells from managers: How analysts and the market read between the lines of conference calls." National Bureau of Economic Research Working Paper. Narasimhan Jegadeesh, J. L. (2006). "Post-Earnings-Announcement Drift: The Role of Revenue Surprises." Financial Analysts Journal 62(2): 22-34. P Brockman, X. L., SMK Price (2015). "Differences in conference call tones: Managers vs. analysts." Financial Analysts Journal 71(4): 24-42. R Ball, P. B. (1968). "An empirical evaluation of accounting income numbers." Journal of Accounting Research 6(2): 159-178. R Frankel, M. J., DJ Skinner (1999). "An empirical examination of conference calls as a voluntary disclosure medium." Journal of Accounting Research 37: 133-150. R Frankel, M. J., DJ Skinner (1999). "An empirical examination of conference calls as a voluntary disclosure medium." Journal of Accounting Research 37(1): 133-150. ROELOFSEN, S. H. M. P. E. (2010). "Does Silence Speak? An Empirical Analysis of Disclosure Choices During Conference Calls." Journal of Accounting 48(3): 531-563. SMK Price, J. D., DR Peterson, BA Bliss (2012). "Earnings conference calls and stock returns: The incremental informativeness of textual tone." Journal of Banking & Finance 36(4): 992-1011. Sunder, S. (2002). "Investor Access to Conference Call Disclosures: Impact of Regulation Fair Disclosure on Information Asymmetry." Working Paper, Northwestern University. T Loughran, B. M. (2011). "When is a liability not a liability? Textual analysis, dictionaries, and 10‐Ks." The Journal of Finance 66(1): 35-65. TASKER (1998). "Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary Disclosure." Review of Accounting Studies 3(1–2): 137–167. WJ Mayew, M. V. (2012). "The Power of Voice: Managerial Affective States and Future Firm Performance." The Journal of Finance 67(1): 1-43. | zh_TW |
| dc.identifier.doi (DOI) | 10.6814/NCCU201900109 | en_US |