摘要
本研究以財務分析師進行盈餘預測之角度，探討2006年自2012年在現行 「自結損益制度」下，我國上市櫃半導體產業廠商自結盈餘資訊宣告對分析師預測與外部資訊使用者之影響效果。實證結果顯示，自結盈餘宣告與否對於降低分析師預測誤差與離散程度皆具有顯著效果；而較頻繁的自結盈餘揭露次數同樣能顯著降低分析師預測誤差；然而對於降低預測離散程度上並不顯著。此外，本研究更進一步依據資訊垂直移轉理論建立敏感性測試，結果再次支持研究穩健度，並發現自結盈餘資訊在供應鏈傳遞的距離越長，越加減弱其移轉效果。結論台灣半導體業上市上櫃公司所發布的自結盈餘預測資訊具實質資訊內涵，能有效降低資訊不對稱現象，足供分析師進行財務預測時參考。
並列摘要
The study based on the perspective of analyst’s earnings forecast by examining the effects of unaudited earnings announcements of Taiwan’s semiconductor industry samples under current regulation. The result shows that voluntary unaudited earnings’ disclosure can efficiently lower analyst forecast error and dispersion degree; meanwhile, a higher voluntary disclosure frequency can as well reduce analyst forecast error but it’s not manifest on dispersion degree. Furthermore, our sensitivity test stands on the theory of vertical information transfers again supports the robustness of the study, and discovers the fact that the influence of unaudited earnings announcement will be reduced as the distance of the supply chain extends. In brief, the study reassured the informativeness of Taiwan’s semiconductor industry’s unaudited earnings announcements which can lower the degree on the impact of information asymmetry, and it’s also a valuable source to analysts.