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    Please use this identifier to cite or link to this item: http://ccur.lib.ccu.edu.tw/handle/A095B0000Q/692

    Title: 法人說明會影音資訊與未來盈餘反應係數之關係;The Relationship of Conference Call Video Information and Future Earnings Response Coefficient
    Authors: 葉依函;YEH, YI-HAN
    Contributors: 會計與資訊科技研究所
    Keywords: 法人說明會;法人說明會影音資訊;未來盈餘反應係數;Conference Call;Conference Call Video Information;Future earnings response coefficient(FERC)
    Date: 2017
    Issue Date: 2019-07-17
    Publisher: 會計與資訊科技研究所
    Abstract: 由於法人說明會成為近年來公司與外部投資人之重要的溝通媒介,為了提升資訊透明度,減緩公司與投資人間資訊不對稱之問題,證交所於2013年6月1日起強制國內自辦法人說明會公司應將法人說明會影音資訊檔案上傳公佈予市場投資人做為參考。本研究主要探討法人說明會影音資訊與未來盈餘反應係數之關係,實證結果證明,透過自辦召開法人說明會之影音資訊之語調特性,可以改變投之人對於未來盈餘之期望,進而反應在股價上。本研究發現自辦法人說明會上陳述階段正面用詞的比率、自辦法人說明會上董事長、CFO 於陳述階段正面用詞的比率,其未來盈餘反應係數(future earnings response coefficients, FERCs)會比較高。此外,本研究之實證結果也證實了證交所透過新法規強制上市櫃公司提供法人說明會影音資訊檔案,提升公司之資訊揭露透明度及強化資訊公開,進而降低市場投資人與企業間之資訊不對稱,能夠做出對市場投資人更有利的投資決策。關鍵詞:法人說明會、法人說明會影音資訊、未來盈餘反應係數
    Conference call has become an important method of communication for companies and external investors in recent years. In order to enhance the transparency of the information and reduce the information asymmetry between the company and the investors, Taiwan Stock Exchange (TWSE) required that company need to upload audiovisual records to the platform for public when the company hold the conference call after June 2013 as a reference. This study mainly researches on the relationship of conference call video information and future earnings response coefficient (FERCs). The empirical results show that through the characteristics of the audiovisual records’ tone, the investors can change the expectations of the future earnings response coefficients, and then reaction on the stock price. In the condition of the conference call was held by company its own, the more positive ratio of tone on presentation time of conference call, the higher the future earnings response coefficient (FERCs), as well as the ratio of tone on presentation time of director or CFO. In addition, in this study we provide evidence that TWSE required that company need to provide conference call video information to the platform for public. Indeed, the information transparency was enhenced and strengthen the disclosure of information, thereby reducing the information asymmetry between the market investors and enterprises and provide general investors more information to make better investment decision.Keywords:Conference Call, Conference Call Video Information, Future earnings response coefficient(FERC)
    Appears in Collections:[會計與資訊科技研究所] 學位論文

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