本研究聚焦於臺灣資本市場之除息事件，探討在數位通訊技術推移下，企業選擇線上與實體並行之「混合形式法人說明會（Hybrid）」作為自願性訊息揭露載體，對個股除息後跨期股價回補進程之實質影響。過去文獻多聚焦於法說會宣告當下之短期市場波動。本研究跳脫短期視角，將完全填息天數作為長效性跨期指標，藉此釐清數位載體轉型所帶來之訊息流動效率紅利，與大眾散戶行為偏誤所引發之干擾效果，兩者衝突下之淨衝擊。本研究採集2020年至2024年臺灣證券交易所（TWSE）與櫃檯買賣中心（TPEx）之上市櫃公司除息事件為觀測對象，在審閱公開資訊觀測站申報之法說會互動形式並排除金融保險業後，納入普通最小平方法（OLS）迴歸模型之有效樣本共計2,110筆。全樣本實證結果顯示，核心自變數混合型法說會（Hybrid）之估計係數在控制相關股利政策、營運基本面與流動性特徵後，於10%統計水準下對填息速度呈現顯著負向影響。此發現證實數位渠道之低門檻便利性雖有利於提升資訊之流動性，但在台灣高散戶參與度之微觀結構下，極易將雜訊交易者引入市場，引發資訊超載、認知分歧與過度自信偏誤、延緩填息速度，且散戶交易占比、公司規模、市帳值比等公司特徵差異對於其效果會進一步產生影響。綜上所述，本研究跳脫傳統短期異常報酬視角，勾勒出法人說明會轉型對於個股除息事件後股價表現之影響，對於臺灣廣大投資人防範非理性追價及高股息陷阱具備關鍵之實務決策參考價值。

This study examines the impact of hybrid earnings conference calls (integrating online and physical channels) on the stock price recovery speed after ex-dividend dates in the Taiwan market. Departing from the traditional focus on short-term abnormal returns, this study adopts an perspective to clarify the net impact arising from the conflict between digital information dissemination and retail investors' behavioral biases. Based on an OLS regression analysis of 2,110 ex-dividend observations from listed companies on the TWSE and TPEx from 2020 to 2024 (excluding financial and insurance industries), the empirical results show that hybrid conference calls (Hybrid) exert a statistically significant negative impact on price recovery speed at the 10% level, systematically prolonging the filling process. This finding confirms that while low-barrier digital channels enhance information liquidity, they introduce noise traders under Taiwan’s high-retail-participation market structure, triggering information overload, cognitive disagreement, and overconfidence biases that delay dividend recovery. Furthermore, cross-sectional characteristics, including retail trading proportions, firm size, and market-to-book ratios, further moderate this effect.In summary, this study outlines how the structural transformation of conference calls affects post-event stock dynamics, offering critical practical value for investors to avoid irrational chasing behavior and high-dividend traps.

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