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1
臺大管理論叢
2016/9
第
26
卷 第
3
期
1-34
DOI: 10.6226/NTUMR.2016.MAY.R.13002
法人說明會資訊在供應鏈中之垂直資訊移轉效
果：以台灣之半導體產業供應鏈為例
The Vertical Information Transfer of Conference Calls along the
Supply Chain: An Example from the Semiconductor Industry in
Taiwan
摘 要
本研究分別探討台灣半導體產業法人說明會（法說會）中的財務資訊和非財務資訊在供
應鏈中資訊傳遞的效果。實證發現，法說會所揭露之財務資訊與非財務資訊在供應鏈中
皆存在垂直資訊移轉效果；且法說會同時揭露財務資訊與非財務資訊時，具有資訊加乘
效果，具有更多資訊內涵。而供應鏈層級越遠，則該法說會之資訊愈具有資訊內涵；實
證結果更進一步發現，財務資訊與非財務資訊皆因層級距離愈遠而愈具有資訊內涵，但
相較於財務資訊而言，非財務資訊則需要較多的時間消化分析才能顯著反應於層級距離
較遠的供應鏈公司之累積異常報酬。
【關鍵字】
法人說明會、供應鏈、累積異常報酬、垂直資訊移轉
Abstract
Focusing on the semiconductor industry in Taiwan, we hypothesize that the market gives a
premium for firms whose upstream firms disclose favorable news through conference calls,
regardless of whether it is financial or nonfinancial information. We find that firms’
accumulative abnormal returns (thereafter CAR) are positively associated with both
unexpected earnings forecasts and nonfinancial information contained in conference calls
held by upstream firms. We further find that the CAR is positively related to the echelon
distance of the firms. Finally, we also find that firms need more time to digest the
information contained in conference calls held by their upstream firms as the echelon
distance between the two firms along the supply chain becomes greater.
【
Keywords
】
conference call, supply chain, accumulated abnormal return, vertical
information transfer
粘凱婷
/
元智大學管理學院助理教授
Kai-Ting Nien
, Assistant Professor, College of Management, Yuan Ze University
金成隆
/
國立政治大學會計學系教授
Chen-Lung Chin
, Professor, Department of Accounting, National Chengchi University
周濟群
/
加州州立大學蒙特利灣分校商學院副教授
Chi-Chun Chou
, Associate Professor, College of Business, California State University-Monterey Bay
汪戊安
/
資誠聯合會計師事務所查帳員
Wu-An Wang
, Auditor, PricewaterhouseCoopers Taiwan
Received 2013/1, Final revision received 2014/5