自願性法人說明會影音資訊與負債資金成本之關聯性

The Association between Voluntary Video Conference Call and the Cost of Debt

近年來由於資本市場越趨複雜多變，過往著重經營績效的歷史性財務資訊無法滿足利害關係人，許多上市公司藉由自願召開法人說明會（以下簡稱法說會）揭露增額資訊，提供利害關係人瞭解企業未來營運展望及投資計劃等重要的溝通平台。金管會進而修訂法規，自2013年6月起上市公司於國內自辦法說會時須上傳影音檔案至網路，使得法說會資訊更為公開且即時，以利銀行做為評估授信參考之依據。本研究以2013年6月至2015年年底上市公司自辦法說會影音資訊為研究對象，探討其法說會的時間長度、用詞、公司參與人數及問題數等特徵，是否會對負債資金成本造成影響。實證結果發現當法說會中問答階段用詞越正面及問題數越多，負債資金成本則越低，顯示資訊揭露程度確實將造成影響，可供主管機關及利害關係人作為往後決策參考。

In recent years, due to the capital market environment has become more complex and changeable, the historical financial information focusing on business performance has been unable to meet the needs of investors and creditors. Many listed companies hold conference calls to disclose the increment information and provide important communication platforms for stakeholders to understand the future business prospects and investment plans of the enterprise. The Financial Regulatory Commission of Taiwan's competent authority further am- ended the regulations. Since June 2013, listed companies have been required to upload audio and video files to the internet for domestic measures, making the information more public and real-time, and taking the benefit of creditors as the reference for credit evaluation. In this study, we make the voluntary video conference call of listed companies from June 2013 to the end of 2015 be the subjects. The purpose of this study is to explore whether the features of conference call affect cost of debt capital. We find that companies with the more positive tone in the conference call are associated with higher costs of debt capital.