法人說明會內容對未來盈餘反應係數的影響

The Effect of Conference Calls’ Contents on Future Earnings Response Coefficient

李怡葶(Yi-Ting Lee)

指導教授 ： 黃劭彥

國立中正大學/管理學院/會計與資訊科技學系/碩士(2013年)

摘要

本研究提供書面證據證明法說會所揭露的資訊，可以改變投資人對未來盈餘的期望，進而反應在股價上。本研究發現有召開法人說明會的公司，其未來盈餘反應係數(FERC)會比較高。法人說明會召開頻率越高的公司、受券商等機構邀請而召開法人說明會頻率較高的公司，其未來盈餘反應係數(FERC)會比較高。每年召開法人說明會的公司，其未來盈餘反應係數(FERC)會比較高。然而，法說會內容對於未來盈餘反應係數並無顯著關聯性。

本研究的實證結果也證實了台灣的投資人對法人說明會的重視，對管理當局而言，法人說明會是公司傳達重大訊息的管道之一，其具有讓管理當局與投資人進行雙向互動的功能，對投資大眾的影響不容小覷，故我們希望未來公司能更重視法人說明會之召開，尤其以持續每年都召開為佳，以便讓投資人取得更完善的資訊，有助於其預測未來之盈餘。

最後，根據本研究的實證結果，我們建議公司管理階層對於法人說明會之召開除了應抱持積極的態度外，更應該著重於揭露真正有助於投資人做投資決策的未來資訊。

關鍵字

未來盈餘反應係數 ； 法人說明會 ； 財務預測

並列摘要

In this study, we provide evidence whether the information disclosed during conference call can change investors’ expectations to reflect on the stock price. We find that the future earnings response coefficients (FERCs) are greater for conference call firms. In addition, when firms host conference calls more frequent or invited by other brokerages or institutions will have greater FERCs. We also find that the firms hosting conference calls continuously will have greater FERCs. However, the contents of conference calls are not significantly correlated with FERCs.

The empirical results also confirm that investors in Taiwan pay attention to the content of conference calls. For managers, conference call is one of the channels to convey important information to investors. Therefore, conference call become a to-way interact channel for managers and investors. The impact of conference calls for investors can’t be underestimated; so we hope that company can provide hosting conference calls in the future. Especially, holding conference calls continuously to allow investors to obtain more comprehensive information, and help them to predict the future earnings.

Finally, from the empirical results of this study, we suggest that managers should not only have positive attitudes toward hosting conference calls but also providing more future information which is really helpful for investors to make investment decisions.

並列關鍵字

Management Financial Forecast ； Future Earnings Response Coefficient (FERC) ； Conference Call

參考文獻

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