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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/22096


    Title: 法人說明會與公司治理變數對分析師盈餘預測影響之研究
    Other Titles: The Effect of Conference Call and Corporate Governance on Analysts’ Earnings Forecast
    Authors: 顏信輝;Yen, Hsin-hui;吳晉誠
    Contributors: 淡江大學會計學系
    Keywords: 法人說明會;公司治理;分析師;Conference Call;Corporate governance;Analysts’ forecast
    Date: 2005-05-28
    Issue Date: 2009-11-30 13:53:00 (UTC+8)
    Abstract: 近年來越來越多企業利用法人說明會,作為與投資人溝通的管道,本研究首先探
    討法人說明會對於降低外部資訊使用者資訊不對稱上是否有其助益。另外在公司治理議
    題的研究中,過去多由經營績效與企業價值方面分析,但本研究從公司治理內部與外部
    機制對於降低資訊不對稱上進行探討。本研究利用分析師盈餘預測之角度,以瞭解法人
    說明會與相關公司治理變數在降低外部使用者資訊不對稱上之關連,以台灣上市(櫃)
    公司 2000 至 2003 年分析師盈餘預測為樣本,主要發現如下:首先,在不考慮公司本身
    治理特性的情況下,公司在第一季季報發佈後伴隨法人說明會的召開,相較於無召開
    的,的確更有助於分析師降低預測誤差,但在考慮公司治理變數後,法人說明會之影響
    便呈現不顯著。其次,公司治理之內部機制對於降低分析師預測誤差上並無顯著影響,
    但在外部治理機制上,公司資訊透明度的高低將影響到分析師預測誤差。當公司沒有召
    開法人說明會時,資訊透明度愈高的公司,確實更能降低分析師預測誤差。若公司有召
    開法人說明會,則資訊透明度對於分析師預測誤差無顯著影響。本研究亦說明研究發現
    之啟示與後續研究建議。
    More and more enterprises use the conference calls to communicate with investors
    in recent years. We investigate whether conference calls can help external information users
    to reduce information asymmetry. Most of the previous corporate governance researches
    concerned about the effects on operating performance and firm value. But we concerned
    whether corporate governance could reduce information asymmetry. This study also
    examined the relationship between conference calls, corporate governance variables and
    analysts’ judgment. According to the analysts’ forecasted data from year 2000 to 2003 in
    Taiwan security market, the main results of this study are as follows: First, when we do not
    consider the corporate governance variables, the use of earnings related conference calls
    could reduces analysts’ forecast error. But when we consider the corporate governance
    variables the influence is not significant. Secondly, the internal governance could not reduce
    analysts’ forecast error, but on the external governance, the quality of the transparency of
    company's information will influence analysts’ forecast error. As company does not use of
    earnings related conference calls, the company has higher quality in transparency of
    information, can reduce analysts’ forecast error. If company use of earnings related
    conference calls, information transparency quality could not influence analysts’ forecast error.
    The implications and suggestions are provided
    Relation: 當前會計理論與實務研討會論文集,23頁
    Appears in Collections:[會計學系暨研究所] 會議論文

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