法人說明會為近年來企業最常使用的自願性揭露方式之一，已逐漸成為企業管理當局與投資人溝通的重要管道，然而法人說明會之參加人員通常僅限於法人股東與財務分析師，因此財務分析師在企業管理當局與投資人之間扮演了一個重要的資訊傳遞角色。本研究以台灣高科技產業上市（櫃）公司為研究對象，探討法人說明會資訊揭露之豐富度，對分析師盈餘預測之樂觀程度、預測準確度以及預測離散性之影響，以及不同國籍券商獲取法人說明會資訊對其預測之影響。研究結果發現，分析師在資訊豐富性高的法人說明會後所做的盈餘預測會偏向樂觀預測，亦容易出現樂觀偏誤的現象，且資訊越豐富，分析師盈餘預測之離散性越低。若進一步分析券商國籍對盈餘預測之影響，可以發現本國券商在資訊豐富性高的法人說明會後所做的盈餘預測會偏向樂觀預測，外國券商則無此現象，表示相較於外國券商，本國券商獲取法人說明會資訊對其盈餘預測之影響較大。 / Nowadays,conference calls are one of the most often used voluntary disclosures by firms, and have become an important way of communication between management and investors.However,participants of conference calls are often institutional shareholders and financial analysts.As a result,financial analysts play an important role as an information communicator between management and investors.Based on a sample of publicly listed firms in Taiwan,this study explores whether the extent to which the richness of the content of conference calls affect the optimism,bias and dispersion of financial analysts' earnings forecasts,and whether the nationality of brokers causes different effects when they acquire the information of conference calls.We find that analysts' earnings forecasts become more optimistic and biased if conference calls contain richer information,and the dispersion of forecasts also becomes lower.Furthermore,domestic brokers' forecasts are more optimistic after conference calls which contained rich information,while there is no such phenomenon for foreign brokers.This indicates that conference calls have a greater impact on domestic than foreign brokers in making earnings forecasts.