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| Title: | 法人說明會逐字稿內容對股價異常報酬之影響因素-以台積電為例
The affecting factors on abnormal return of stock price from the transcript content of Conference Call- An example from TSMC |
| Authors: | 何文揚
Ho, Wen-Yang |
| Contributors: | 陳聖賢
Chen, Sheng-Syan
何文揚
Ho, Wen-Yang |
| Keywords: | 法人說明會
盈餘宣告後股價持續反應
異常報酬
內容分析
Conference Call
Post-earnings Announcement Drift
Abnormal return
Content analysis |
| Date: | 2019 |
| Issue Date: | 2019-07-01 10:45:35 (UTC+8) |
| Abstract: | 法人說明會為企業向市場傳遞訊息的重要管道之一。透過法人說明會的內容，能夠讓市場上的機構投資者或其他投資大眾了解更多關於公司營運及財務狀況，甚至是公司未來的前景。本研究將藉由透過研讀法說會的內容，進而找出別於過往對於盈餘宣告拖曳效果(Post-earnings Announcement Drift，以下簡稱PEAD)的幾項重要關鍵因素。以台積電2017年所公布之法說會為例，我們發現在歸納並觀察每一季法說會之財務資訊、產品及製程營收分布變動、奈米製程演進、分析師重要的提問、及執行長對產業概況前景描述幾大面向後，可以更深度的去找到在公司公布的逐字稿內容中的重要意涵，進而觀察並分析影響PEAD的因素。
Conference call is one of the important channels for companies to deliver information to the market. Through the contents of conference call, institutional investors and other investors in financial market can learn more about the company`s operations, financial situation, and even the company`s future prospects. This paper will identify several key factors for the Post-earnings Announcement Drift (PEAD) by studying the content of the conference call. For example, we used the conference calls which were announced by TSMC in 2017. We summarized and observed that the financial information, product and semiconductor process revenue distribution of each season, the evolution of nanometer process, important questions from analysts, and the managers’ prospective description to the future can be more in-depth to find out the important meanings in the company`s public conference call transcript, and then to observe and analyze the factors affecting PEAD. |
| Reference: | 台灣積體電路製造股份有限公司官方網站:
https://www.tsmc.com/chinese/aboutTSMC/company_profile.htm
台灣積體電路製造股份有限公司2016年報
https://www.tsmc.com/download/ir/annualReports/2016/chinese/pdf/c_11.pdf
陳竫詒著，2018，【3大逆風，台積電大跌】，天下雜誌
https://www.cw.com.tw/article/article.action?id=5089420
國內上市公司自107年起每年應辦理一次法人說明會
https://cgc.twse.com.tw/pressReleases/promoteNewsArticleCh/1624
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| Description: | 碩士
國立政治大學
財務管理學系
106357033 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0106357033 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900109 |
| Appears in Collections: | [財務管理學系] 學位論文
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