法人說明會是公司傳遞內部訊息給外部使用者方法之一，透過法人說明會宣佈財務及非財務資訊，藉以消弭因資訊不對稱所產生之代理問題，亦為分析師作出盈餘預測參考依據之一。在半導體供應鏈中，其上、下游產業間關聯緊密，資訊具有垂直移轉效果，因此，本研究欲探討半導體供應鏈中，下游公司分析師參考上游關聯公司法人說明會資訊並作出盈餘預測調整之程度。 本研究針對國內2005年至2011年半導體上市、櫃公司，進行法人說明會資訊與分析師盈餘預測修正之關聯性。實證結果發現，下游公司財務分析師會參考上游關聯公司召開法人說明會所宣佈之預測財務及非財務資料，並修正對公司之盈餘預測；且供應鏈中，上、下游關係越遠及國籍為外國之分析師，對上游關聯公司法人說明會資訊依賴程度越高，作出的盈餘預測調整幅度越大。

本篇研究試圖探討半導體產業供應鏈上游的IC設計業者召開法人說明會後，基於我國半導體產業供應鏈緊密連結之特性，同屬半導體供應鏈的其他中、下游製造和封測廠之機構投資人的交易行為是否將受到IC設計業者宣告之法人說明會資訊影響，亦即證明法人說明會資訊在半導體供應鏈中是否具有垂直資訊移轉效果。實證結果發現在法人說明會召開訊息首次見報日時，供應鏈上游公司之法人說明會訊息確實會影響其中、下游公司之機構投資人的持股變化，於宣告好(壞)消息時買進(賣出)，顯示機構投資人藉由其專業團隊和私有資訊能早一般大眾提前調整其交易策略，而此資訊移轉效果也會隨著公司在供應鏈上之距離而逐漸稀釋。此外，結果亦顯示外資由於地緣限制，相較於投信和自營商更會倚賴法人說明會宣告之資訊調整其持股策略，於宣告好(壞)消息時買進(賣出)。 / This research examine the conference call which hold by the IC design companies will transfer useful information to the institutional investors of IC manufacturing and packaging companies in the supply chain downstream. I am interested in if there is a vertical information transfer in the semi-conduct industry. The empirical results show that the conference call information is significantly influence the holding percentage of the institutional investors of the downstream supply chain companies after the information of conference call first reported in the newspapers. The institutional investors will increase the holding percentage after the good news released and vice versa. It is showed that the institutional investors can gather more information before the conference call and adjust their invest strategy in advance. Furthermore, this vertical information transfer effect will dilute by degrees as distance increases. Lastly, the result also shows that the foreign institutional investors more rely on the information released from the conference call to adjust their invest strategy than native institutional investors.

本研究主要探討台灣半導體產業供應鏈上游公司召開法人說明會是否會影響中下游公司之股價。本研究將法人說明會公布之資訊區分為財務資訊及非財務資訊，除探討財務資訊對供應鏈中、下游公司股價是否具影響效果外，亦探討財務及非財務的法人說明會資訊是否具有增額效果。實證結果顯示財務資訊在法人說明會召開前後一天與累積異常報酬呈現顯著正向關係，但非財務資訊卻呈現顯著反向關係，顯示非財務資訊會修正財務資訊所造成之效果。另外，資訊於供應鏈中移轉之距離越長，則移轉效果會越小，但若單純為好消息或壞消息，則移轉效果將增強。 / This research examines the influence of conference call information on the stock price of supply chain partners. The semi-conductor industries in Taiwan were used in this paper to examine the issue. I examined two kinds of information disclosed from conference calls: financial information and non-financial information. I first examined the information contained in conference calls for any effects on supply chain partners. Furthermore, I also examined to see if the non-financial information contains any additional effects to the supply chain partners. The empirical results show that the accumulated abnormal return of the supply chain partners is significantly positive related to the financial information around the conference call date. The accumulated abnormal return of the supply chain partners is significantly negative related to the non-financial information around the conference call date. The results show that both financial and non-financial information would influence the accumulated abnormal return of supply chain partners. The non-financial information contains additional information that revises the influence of the financial information.