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| Title: | 法人說明會舉辦方式的動機
Motivation for the method of holding an earnings call |
| Authors: | 嚴家妤
Yen, Jia-Yu |
| Contributors: | 黃嘉威
Huang, Chia-Wei
嚴家妤
Yen, Jia-Yu |
| Keywords: | 法人說明會
累積異常報酬率 (CAR)
Probit 迴歸模型
多元迴歸分析
證券商知名度
Institutional Investor Conference
Cumulative Abnormal Return (CAR)
Probit Regression Model
Multiple Regression Analysis
Securities Firm Visibility |
| Date: | 2024 |
| Issue Date: | 2024-07-01 12:39:35 (UTC+8) |
| Abstract: | 本研究探討國內上市公司舉辦法人說明會的動機，特別關注於公司自行辦理和由證券商協助辦理之間的差異。研究中使用Probit迴歸模型和多元迴歸分析來探討法人說明會的辦理方式及其對累積異常報酬率 (CAR) 的影響。結果顯示，經營績效較佳、董監持股比、外資持股比集中以及市價淨值比較高公司，更傾向由證券商邀請辦理法人說明會。此外電子業公司更容易受到證券商的邀請。此類型公司總部多位於中、南部地區，推論投資人及分析師大多位於北部地區無法自行前往，反而大多由券商邀請公司協助於北部地區辦理。研究亦發現，由證券商邀請辦理的法人說明會在某些控制變數固定下，會產生較高的累積異常報酬率 (CAR)。但當證券商具有較高的知名度時，並無法解釋證券商是否是造成公司產生較高累積異常報酬率的原因。本研究為企業在選擇法人說明會辦理方式及投資者理解市場反應提供了實證依據。
This study investigates the motivations behind domestic listed companies holding an earnings call, with a particular focus on the differences between self-organized conferences and those assisted by securities firms. Using Probit regression models and multiple regression analysis, the study examines the impact of the organization method of institutional investor conferences on cumulative abnormal returns (CAR).
The results indicate that companies with better operating performance, higher director and supervisor shareholding ratios, higher foreign ownership concentration, and higher market-to-book ratios are more likely to have their institutional investor conferences organized by securities firms. Additionally, electronics companies are more frequently invited by securities firms. These companies are often headquartered in the central and southern regions, while most investors and analysts are located in the northern regions, making it difficult for them to attend without the assistance of securities firms. Consequently, securities firms often invite these companies to hold conferences in the northern regions.
The study also finds that institutional investor conferences organized by securities firms generate higher CAR under certain fixed control variables. However, it does not explain whether the broker is the cause of the higher CAR for the company. This research provides empirical evidence for companies in choosing the method of organizing institutional investor conferences and for investors in understanding market reactions. |
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蔡幸儒，「法人說明會資訊內涵及影響當局召開行為動機之研究」，國立臺北大學碩士論文，民國91年6月
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| Description: | 碩士
國立政治大學
財務管理學系
111357017 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111357017 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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