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    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/110236
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/110236

    Title: 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
    Other Titles: The Vertical Information Transfer of Conference Calls along the Supply Chain: An Example from the Semiconductor Industry in Taiwan
    Authors: 粘凱婷;金成隆;周濟群;汪戊安
    Nien, Kai-Ting;Chn, Chen-Lung;Chou, Chi-Chun;Wang, Wu-An
    Contributors: 會計系
    Keywords: 法人說明會;供應鏈;累積異常報酬;垂直資訊移轉;conference call;supply chain;accumulated abnormal return;vertical information transfer
    Date: 2016
    Issue Date: 2017-06-12 17:45:19 (UTC+8)
    Abstract: 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。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.
    Relation: 台大管理論叢, Vol.26, No.3, 1-34
    Data Type: article
    DOI 連結: http://dx.doi.org/ 10.6226/NTUMR.2016.MAY.R.13002
    DOI: 10.6226/NTUMR.2016.MAY.R.13002
    Appears in Collections:[會計學系] 期刊論文

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