- 學位論文
台灣上市(櫃)公司法說會前後股價行為之研究
Price Behavior of Stocks around Conference Calls for Taiwan Listed Companies
摘要
本研究以2005年至2017年曾舉辦法說會的台灣上市(櫃)公司為研究樣本，使用事件研究法探討法說會前後10日普通股股價行為。本研究除針對全部樣本進行分析外，並進一步探討前述結果對樣本特性或研究期間之敏感度。 結果顯示台灣上市(櫃)公司舉辦法說會對普通股股價存在正向的影響效果，且股價提前反應，其後持續反應至舉辦法說會日。上市或上櫃公司都顯示股價對舉辦法說會存在顯著正向反應，且股價提前反應，以及上櫃公司反應程度明顯高於上市公司。結果也發現除了金融保險類股股價不存在顯著反應之外，其餘電子、化學生技醫療和其他等三群類股都顯示股價對舉辦法說會存在顯著正向反應，這結果似乎顯示不同產業類別公司會影響股價對舉辦法說會之反應效果。同時，股價對舉辦法說會提前持續正向反應之效果，並不會受到不同研究期間或季節別之影響，以及股價對發生在第二季之法說會的反應程度相對較高。
並列摘要
This article uses the event study method to analyze the price changes of common stocks during ten trading days before and after holding conference calls of Taiwan listed companies during the period 2005 to 2017. In addition to analyzing all samples, this study further explores the sensitivity of results to characteristics or periods of the sample. The results show that conference calls of Taiwan listed companies have positive effects on common stock prices. The stock prices react in advance and continue to react until event dates. Conference calls of companies listed on the Taiwan Stock Exchange (TWSE) or listed on the Taipei Exchange (TPEX) have significant positive effects on stock prices, and stock prices react in advance. Degrees of reaction of companies listed on the TPEX are significantly higher than that of companies listed on the TWSE. The results also find that stocks of electronic, chemical/biotechnology and other sectors except stocks of financial and insurance sector show stock prices significant positive effects to hold conference calls. These results seem to indicate that companies in different sectors have different effects of stock prices on holding conference calls. Furthermore, effects of stock prices on holding conference calls are not affected by different research periods or seasons, and there are relatively high degrees of reaction of stock prices to hold conference calls in the second quarter.