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.