台灣上市櫃公司選擇參加法人說明會之因素 與影響：以半導體產業為例

Abstract

本研究旨在探討公司是否會因當季度財務績效以及重要機構法人持股比重而影響其召開法人說明會之型式以及召開後之後續影響。本文利用台灣經濟新報資料庫（TEJ）中2012年至2018年上市上櫃的財務及籌碼資料進行研究，迴歸結果顯示公司當季每股盈餘打敗去年同期則傾向自行召開法說會，而外資持股比例較高之公司則傾向參加券商邀請舉辦之法說會。若公司帶有財務績效之好消息參加法說會則會提高其機構法人持股比例。

This paper mainly examines if the financial performance and institutional ownership will have effect on the decision of attending conference call and the subsequent effects. The sample consisted of firms that had listed in Taiwanese Securities Exchange and Taipei Exchange from TEJ database during 2012 to 2018. The empirical results suggest that firms that have higher EPS than previous quarter tend to hold conference call, and firms with higher foreign investors holding tend to attend conference calls holding by brokers. Moreover, the empirical result also show that if firms attend conference call with good news, the institutional ownership will increase.