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題名 法人說明會資訊對供應鏈上下游公司間股價之影響-以我國半導體產業為例
The effect from up-stream company’s conference call information on down-stream’s company’s stock price-an example from semi-conductor industry in Taiwan
作者 汪戊安
Wang, Wu An
貢獻者 金成隆
汪戊安
Wang, Wu An
關鍵詞 法人說明會
半導體供應鏈
事件研究法
累積異常報酬
資訊移轉
文字探勘
Conference call
Semi-conductor Supply Chain
Event Study
Cumulative Abnormal Return (CAR)
Information Transfer
Data Mining
日期 2011
上傳時間 30-Oct-2012 11:43:20 (UTC+8)
摘要 本研究主要探討台灣半導體產業供應鏈上游公司召開法人說明會是否會影響中下游公司之股價。本研究將法人說明會公布之資訊區分為財務資訊及非財務資訊，除探討財務資訊對供應鏈中、下游公司股價是否具影響效果外，亦探討財務及非財務的法人說明會資訊是否具有增額效果。實證結果顯示財務資訊在法人說明會召開前後一天與累積異常報酬呈現顯著正向關係，但非財務資訊卻呈現顯著反向關係，顯示非財務資訊會修正財務資訊所造成之效果。另外，資訊於供應鏈中移轉之距離越長，則移轉效果會越小，但若單純為好消息或壞消息，則移轉效果將增強。
This research examines the influence of conference call information on the stock price of supply chain partners. The semi-conductor industries in Taiwan were used in this paper to examine the issue. I examined two kinds of information disclosed from conference calls: financial information and non-financial information.
I first examined the information contained in conference calls for any effects on supply chain partners. Furthermore, I also examined to see if the non-financial information contains any additional effects to the supply chain partners. The empirical results show that the accumulated abnormal return of the supply chain partners is significantly positive related to the financial information around the conference call date. The accumulated abnormal return of the supply chain partners is significantly negative related to the non-financial information around the conference call date.
The results show that both financial and non-financial information would influence the accumulated abnormal return of supply chain partners. The non-financial information contains additional information that revises the influence of the financial information.
參考文獻 王品文，2003，法人說明會與會計性資訊不對稱關係之研究，國立中正大學會計與資訊科技研究所碩士論文
吳晉誠，2005，法人說明會與公司治理變數對分析師盈餘預測影響之研究，淡江大學會計學系碩士班碩士論文
沈中華與李建然，2000，事件研究法：財務與會計實證研究必備，華泰文化事業公司。
李淑華，1993，公司規模對異常報酬及盈餘反應係數之影響，國立台灣大學會計學系碩士論文。
李蕙帆，2009，物種個數的估計與寫作風格的探討，國立政治大學統計研究所碩士論文。
吳博翀，投資人情緒與法人說明會關聯性之研究，2010，國立政治大學會計研究所所碩士論文。
金成隆，紀信義，林裕凱，2005。強制性財務預測與法人說明會關聯性之研究，管理學報，第二十二卷第五期，629-651。
金成隆，林美鳳，梁嘉紋，2008。公司治理結構和法人說明會之關聯性研究，管理學報，第二十五卷第二期，221-243。
林毓亭，管理階層召開法人說明會因素之探究，2009，臺灣大學會計學研究所碩士論文。
林裕凱，2004，強制性財務預測與法人說明會關聯性之研究，國立中正大學會計學研究所碩士論文。
徐新花，2003，子公司增額盈餘與台灣上市櫃公司股價報酬相關性之研究，中原大學會計研究所碩士論文。
黃湘媛，2010，投資機會、資訊揭露對股價影響之研究-以台灣上市上櫃公司為例，元智大學會計學系碩士論文。
陳振家，2005，公司特性與法人說明會資訊內涵關聯性之研究，元智大學管理研究所碩士論文。
陳彥綺，2009，法人說明會、自願性資訊揭露與資訊不對稱之關聯，中原大學會計研究所碩士論文。
陳俊逸，2009，法人說明會與自願性盈餘預測對減緩資訊不對稱之探討，淡江大學會計學系碩士班碩士論文
陳言熙，2007，運用文字探勘技術協助建構公司治理本體知識國立政治大學會計研究所碩士論文。
游靚怡，初次上市(櫃)公司召開法人說明會動機之研究，2004，國立台北大學會計研究所所碩士論文。
楊謦瑜，2008，年度盈餘宣告法人說明會之資訊內涵，東吳大學會計學系碩士論文。
蔡幸儒，法人說明會資訊內涵及影響管理當局召開行為動機之研究，2002，國立台北大學會計研究所所碩士論文。
賴柏錚，2003，不同型態法人說明會資訊內涵之差異及法人說明會之資訊公平性研究，國立臺北大學會計學系碩士論文。
謝淑敏，2007，法人說明會與股價關聯性之研究-以我國上市電子公司為例，國立高雄第一科技大學金融營運所碩士論文。
戴文琦，2008，法人說明會資訊內涵之探討，長庚大學企業管理研究所碩士論文。
廖益興、陳彥綺，王貞靜，2011。年報資訊揭露與資訊不對稱：來自私有資訊交易之證據，經濟研究，第四十七卷第一期，45-96。
蘇淑慧，家族企業暨代理問題於財務報表重編及法人說明會之研究，2008，國立政治大學會計研究所所碩士論文。
Beyer, A., D. A. Cohen, T. Z. Lys, and B. R. Walther, 2010. The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics,50, 296-343.
Bushee, J. B., D. A. Matsumoto, and G. S. Miller, 2003. Open versus closed conference alls: the determinants and effects of broadening access to disclosure, Journal of ccounting and Economics, 34, 149-180.
Bushee, J. B., D. A. Matsumoto, and G. S. Miller, 2004. Managerial and investor responses o disclosure regulation: the case of Reg FD and conference calls, The Accounting Review, 79(3), 617-643.
Bowen, R.M., Davis, A. K., Matsumoto, D.A., 2002, Do Conference calls affect analysts’ forecasts, The Accounting Review, 77(2),285-316.
Bushee, J. B., D. A. Matsumoto, and G. S. Miller, 2003. Open versus closed conference calls: the determinants and effects of broadening access to disclosure, Journal of Accounting and Economics, 34, 149-180.
Bowen, R. M., A. K. Davis, and D. A. Matsumoto, 2002. Do conference calls affect analysts` forecasts? The Accounting Review, 77, 285-316.
Brown, S.; S. Hillegeist, and K. Lo, 2004. Conference calls and information asymmetry,Journal of Accounting and Economics, 47, 208-225.
Chin, C. L., P. Lee, P. W. Wang, and G. Kleinman, 2007. Does innovation matter to conference calls? IEEE Transactions on Engineering Management, 54, 1-18.
Diamond, D. W. and R. E. Verrecchia, 1991. Disclosure, liquidity and the cost of capital,The Journal of Finance, 46(4), 1325-1360.
Dell’Acqua, A., F. Perrini and S. Caselli, 2010. Conference calls and stock price volatility in the Post-Reg FD era, European Financial Management, 16(2), 256-270.
Easley, D. and M. O’Hara, 2004. Information and the cost of capital, The Journal of Finance, 59(4), 1553-1583.
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Francis, J. R., I. K. Khurana, and R. Pereira, 2005. Disclosure incentives and effect on cost of capital around the world, The Accounting Review, 80 (4), 1125-1162.
Francis, J., D. Nanda, and P. Olsson, 2008. Voluntary disclosure, earnings quality, and cost of capital, Journal of Accounting Research, 46(1), 53-99.
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Matsumoto, D., M. Pronkz and E. Roelofsen, 2011. What makes conference calls useful?The information content of managers’ presentations and analysts’ discussion sessions,The Accounting Review, 86(4), 1383-1414.
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描述 碩士
國立政治大學
會計研究所
99353033
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353033
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.author (Authors) 汪戊安zh_TW
dc.contributor.author (Authors) Wang, Wu Anen_US
dc.creator (作者) 汪戊安zh_TW
dc.creator (作者) Wang, Wu Anen_US
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 11:43:20 (UTC+8)-
dc.date.available 30-Oct-2012 11:43:20 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 11:43:20 (UTC+8)-
dc.identifier (Other Identifiers) G0099353033en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54755-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 99353033zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 本研究主要探討台灣半導體產業供應鏈上游公司召開法人說明會是否會影響中下游公司之股價。本研究將法人說明會公布之資訊區分為財務資訊及非財務資訊，除探討財務資訊對供應鏈中、下游公司股價是否具影響效果外，亦探討財務及非財務的法人說明會資訊是否具有增額效果。實證結果顯示財務資訊在法人說明會召開前後一天與累積異常報酬呈現顯著正向關係，但非財務資訊卻呈現顯著反向關係，顯示非財務資訊會修正財務資訊所造成之效果。另外，資訊於供應鏈中移轉之距離越長，則移轉效果會越小，但若單純為好消息或壞消息，則移轉效果將增強。zh_TW
dc.description.abstract (摘要) This research examines the influence of conference call information on the stock price of supply chain partners. The semi-conductor industries in Taiwan were used in this paper to examine the issue. I examined two kinds of information disclosed from conference calls: financial information and non-financial information.
I first examined the information contained in conference calls for any effects on supply chain partners. Furthermore, I also examined to see if the non-financial information contains any additional effects to the supply chain partners. The empirical results show that the accumulated abnormal return of the supply chain partners is significantly positive related to the financial information around the conference call date. The accumulated abnormal return of the supply chain partners is significantly negative related to the non-financial information around the conference call date.
The results show that both financial and non-financial information would influence the accumulated abnormal return of supply chain partners. The non-financial information contains additional information that revises the influence of the financial information.		en_US
dc.description.tableofcontents 壹、緒論 1
一、研究動機與目的 1
二、研究問題 3
三、預期研究貢獻 4
四、研究架構 5
貳、文獻探討 7
一、半導體產業供應鏈之文獻探討 7
二、法人說明會之文獻探討 10
三、文字探勘技術之文獻探討 13
四、資訊移轉之文獻探討 20
參、研究設計 22
一、建立研究假說 22
二、變數定義及迴歸模型 23
三、樣本蒐集及處理 33
肆、實證結果 49
一、敘述性統計 49
二、多變量迴歸結果與分析 52
三、敏感性分析 57
伍、結論與建議 85
一、研究結論 85
二、研究限制 85
三、研究建議 86
參考文獻 87		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353033en_US
dc.subject (關鍵詞) 法人說明會zh_TW
dc.subject (關鍵詞) 半導體供應鏈zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 累積異常報酬zh_TW
dc.subject (關鍵詞) 資訊移轉zh_TW
dc.subject (關鍵詞) 文字探勘zh_TW
dc.subject (關鍵詞) Conference callen_US
dc.subject (關鍵詞) Semi-conductor Supply Chainen_US
dc.subject (關鍵詞) Event Studyen_US
dc.subject (關鍵詞) Cumulative Abnormal Return (CAR)en_US
dc.subject (關鍵詞) Information Transferen_US
dc.subject (關鍵詞) Data Miningen_US
dc.title (題名) 法人說明會資訊對供應鏈上下游公司間股價之影響-以我國半導體產業為例zh_TW
dc.title (題名) The effect from up-stream company’s conference call information on down-stream’s company’s stock price-an example from semi-conductor industry in Taiwanen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 王品文，2003，法人說明會與會計性資訊不對稱關係之研究，國立中正大學會計與資訊科技研究所碩士論文
吳晉誠，2005，法人說明會與公司治理變數對分析師盈餘預測影響之研究，淡江大學會計學系碩士班碩士論文
沈中華與李建然，2000，事件研究法：財務與會計實證研究必備，華泰文化事業公司。
李淑華，1993，公司規模對異常報酬及盈餘反應係數之影響，國立台灣大學會計學系碩士論文。
李蕙帆，2009，物種個數的估計與寫作風格的探討，國立政治大學統計研究所碩士論文。
吳博翀，投資人情緒與法人說明會關聯性之研究，2010，國立政治大學會計研究所所碩士論文。
金成隆，紀信義，林裕凱，2005。強制性財務預測與法人說明會關聯性之研究，管理學報，第二十二卷第五期，629-651。
金成隆，林美鳳，梁嘉紋，2008。公司治理結構和法人說明會之關聯性研究，管理學報，第二十五卷第二期，221-243。
林毓亭，管理階層召開法人說明會因素之探究，2009，臺灣大學會計學研究所碩士論文。
林裕凱，2004，強制性財務預測與法人說明會關聯性之研究，國立中正大學會計學研究所碩士論文。
徐新花，2003，子公司增額盈餘與台灣上市櫃公司股價報酬相關性之研究，中原大學會計研究所碩士論文。
黃湘媛，2010，投資機會、資訊揭露對股價影響之研究-以台灣上市上櫃公司為例，元智大學會計學系碩士論文。
陳振家，2005，公司特性與法人說明會資訊內涵關聯性之研究，元智大學管理研究所碩士論文。
陳彥綺，2009，法人說明會、自願性資訊揭露與資訊不對稱之關聯，中原大學會計研究所碩士論文。
陳俊逸，2009，法人說明會與自願性盈餘預測對減緩資訊不對稱之探討，淡江大學會計學系碩士班碩士論文
陳言熙，2007，運用文字探勘技術協助建構公司治理本體知識國立政治大學會計研究所碩士論文。
游靚怡，初次上市(櫃)公司召開法人說明會動機之研究，2004，國立台北大學會計研究所所碩士論文。
楊謦瑜，2008，年度盈餘宣告法人說明會之資訊內涵，東吳大學會計學系碩士論文。
蔡幸儒，法人說明會資訊內涵及影響管理當局召開行為動機之研究，2002，國立台北大學會計研究所所碩士論文。
賴柏錚，2003，不同型態法人說明會資訊內涵之差異及法人說明會之資訊公平性研究，國立臺北大學會計學系碩士論文。
謝淑敏，2007，法人說明會與股價關聯性之研究-以我國上市電子公司為例，國立高雄第一科技大學金融營運所碩士論文。
戴文琦，2008，法人說明會資訊內涵之探討，長庚大學企業管理研究所碩士論文。
廖益興、陳彥綺，王貞靜，2011。年報資訊揭露與資訊不對稱：來自私有資訊交易之證據，經濟研究，第四十七卷第一期，45-96。
蘇淑慧，家族企業暨代理問題於財務報表重編及法人說明會之研究，2008，國立政治大學會計研究所所碩士論文。
Beyer, A., D. A. Cohen, T. Z. Lys, and B. R. Walther, 2010. The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics,50, 296-343.
Bushee, J. B., D. A. Matsumoto, and G. S. Miller, 2003. Open versus closed conference alls: the determinants and effects of broadening access to disclosure, Journal of ccounting and Economics, 34, 149-180.
Bushee, J. B., D. A. Matsumoto, and G. S. Miller, 2004. Managerial and investor responses o disclosure regulation: the case of Reg FD and conference calls, The Accounting Review, 79(3), 617-643.
Bowen, R.M., Davis, A. K., Matsumoto, D.A., 2002, Do Conference calls affect analysts’ forecasts, The Accounting Review, 77(2),285-316.
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