企業法說會內容分析與異常報酬之研究──以半導體業為例

Analysis of Corporate Earnings Calls and Abnormal Returns: A Case Study of the Semiconductor Industry

本研究主要探討公司召開法人說明會時，經由媒體報導後的新聞內容與股價異常報酬之關聯性探討。近年來，法人說明會已逐漸成為公司傳達資訊的重要管道，藉由法人說明會企業可以完整說明公司資訊，投資人、分析師等也可直接與管理階層互動，文獻指出公司召開法人說明會可以減少管理階層與投資人之資訊不對稱，進而影響投資人於股票市場之交易之決策。因此，本研究透過事件研究法探討當法人說明會對台灣50指數(0050)中半導體類股的影響，並利用統計方法觀察到台灣50指數內的半導體類股有正的異常報酬產生。

This study examines the relationship between news content reported by the media and abnormal stock price remuneration when companies hold conference calls. In recent years, conference calls have gradually become an important channel for companies to convey information, through which companies can fully explain company information, investors, analysts, etc. can also directly interact with management, the literature points out that the company's holding of conference calls can reduce the information asymmetry between management and investors, and then affect investors' decision-making in the stock market. Therefore, this study explores the impact of corporate information on semiconductor stocks in the Taiwan 50 Index (0050) through the event research and uses statistical methods to observe that semiconductor stocks in the Taiwan 50 Index have positive abnormal return generation.