經理人過度自信對影音法人說明會特徵之影響;The Impact of Managers’ Overconfidence on the Feature of Conference Call

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Title:	經理人過度自信對影音法人說明會特徵之影響;The Impact of Managers’ Overconfidence on the Feature of Conference Call
Authors:	韓為華;HAN, WEI-HUA
Contributors:	會計與資訊科技研究所
Keywords:	法說會;過度自信;資訊揭露;conference call;overconfident;information disclosure
Date:	2017
Issue Date:	2019-07-17
Publisher:	會計與資訊科技研究所
Abstract:	近年來法說會在國內越來越受重視，我國主管機關在102年強制公司上傳法說會的影音檔案，讓投資人可以更即時的觀看內容，迅速的從法說會中獲取資訊，更精準的預測市場未來走向。本研究以過度自信經理人的角度探討其是否會對法說會的特徵造成影響，實證結果發現過度自信的經理人會更願意且更頻繁的召開法說會，並會對法說會中的正面用詞比例產生正向的影響，說明過度自信的經理人會更願意揭露資訊，主動降低企業與投資人間的資訊不對稱，並會使自己以及其經營團隊傳遞更正面的訊息給投資人。 Recently, Investors pay more attention to conference call information. In 2013, our competent authority mandatory require companies to upload their conference call content to company website. This enables investors to get more up-to-date information to predict the stock price more precisely.The purpose of this study is to discuss whether overconfident CEOs affect the features of conference calls. We find that overconfident CEOs are more willing and more frequent to hold conference calls. They also use more positive language during the conference calls. Results of this studies revealed that overconfident CEOs are willing to reduce the information asymmetry between companies and investors. In addition, overconfident CEOs and their management team tend to convey more positive information to investors.
Appears in Collections:	[會計與資訊科技研究所] 學位論文

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