過去研究顯示資訊不對稱程度會影響公司之投資和現金流量間之敏感性，但由於一間公司的資訊揭露行為也會影響同產業中其他公司，因此本研究旨在探討資訊不對稱問題存在下，下游公司召開法人說明會的自願性揭露行為對供應鏈上游公司投資現金流量敏感度的影響為何。本研究以2006年至2011年我國半導體產業公司為樣本，研究結果發現:若下游公司召開法人說明會，則供應鏈上游公司有較低的投資現金流量敏感度，且召開法人說明會的頻率與投資現金流量敏感度呈現負相關。另外，也透過模型建立分析若下游公司法人說明會召開日於自結盈餘公告日前後時，則供應鏈上游公司有較低的投資現金流量敏感度。 A great deal of literature discussed the relationship between firm’s information asymmetry and its investment-cash flow sensitivity. However, one firm’s disclosure would also affect other firms in the same industry. Using semi-conduct supply chain in Taiwan from 2006 to 2011 as sample, this paper aimed to explore, under the information asymmetry problems, the effect of downstream firm’s disclosure activity on the sensitivity between investment and cash flow of upstream firms. The first result showed that investment-cash flow sensitivities of upstream firms would be decreasing if downstream firms hosted conference calls. Next, the frequency of conference calls had negative effect to investment-cash flow sensitivities of upstream firms. Besides, this paper developed model to observe if conference calls occurred within a nine-day window surrounding the earnings announcement date, the upstream firms would have lower investment-cash flow sensitivities.
