本研究主要探討台灣半導體產業供應鏈上游公司召開法人說明會是否會影響中下游公司之股價。本研究將法人說明會公布之資訊區分為財務資訊及非財務資訊，除探討財務資訊對供應鏈中、下游公司股價是否具影響效果外，亦探討財務及非財務的法人說明會資訊是否具有增額效果。實證結果顯示財務資訊在法人說明會召開前後一天與累積異常報酬呈現顯著正向關係，但非財務資訊卻呈現顯著反向關係，顯示非財務資訊會修正財務資訊所造成之效果。另外，資訊於供應鏈中移轉之距離越長，則移轉效果會越小，但若單純為好消息或壞消息，則移轉效果將增強。

This research examines the influence of conference call information on the stock price of supply chain partners. The semi-conductor industries in Taiwan were used in this paper to examine the issue. I examined two kinds of information disclosed from conference calls: financial information and non-financial information.
I first examined the information contained in conference calls for any effects on supply chain partners. Furthermore, I also examined to see if the non-financial information contains any additional effects to the supply chain partners. The empirical results show that the accumulated abnormal return of the supply chain partners is significantly positive related to the financial information around the conference call date. The accumulated abnormal return of the supply chain partners is significantly negative related to the non-financial information around the conference call date.
The results show that both financial and non-financial information would influence the accumulated abnormal return of supply chain partners. The non-financial information contains additional information that revises the influence of the financial information.

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