法人說明會對國際化績效與創新的影響

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葉駿霈(Chun-Pei Yeh) 查詢紙本館藏

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企業管理學系在職專班

論文名稱

法人說明會對國際化績效與創新的影響
(The impact of conference call effect to internationalization on performance and company innovation)

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摘要(中)

法人說明會是近年公司管理當局常用與投資人溝通的方式，期能降低投資人與公司管理當局之間的資訊不對稱，並縮小公司市場價值與真實價值間的落差。公司在積極國際化與創新布局之際，同時也會提高資訊揭露程度，以期獲得投資人認同。本文研究法人說明會即管理當局自願性揭露資訊對於公司與投資人之意涵，並探討公司召開法說會是否能提升國際化績效以及創新活動。以2009-2012台灣上市上櫃公司為樣本。實證結果發現隨(1)法人說明會的召開與(2)召開法說會次數之增加會提升國際化績效與創新活動。

摘要(英)

In recent years, firms tend to hold conference call to have more communication with market investors so that to reduce the information asymmetry and the difference between firm’s actual value and market value. Multinational and innovational firms would also tend to have higher information transparency to gain market investor’s recognition. The primary objective of this paper is to study the effect of conference call, self information disclosure, to firm and investors. This study examines the association among conference calls, internationalization on performance and level of innovation. Using a sample of publicly traded firms listed on the Taiwan Stock Exchange from 2009 to 2012, we find that to hold and number of conference calls would positively moderate effect on the relationship of internationalization on performance and company innovation.

關鍵字(中)

★ 法人說明會
★ 國際化績效
★ 創新活動
★ 資訊不對稱

關鍵字(英)

★ conference call
★ internationalization on performance
★ innovation
★ information asymmetry

論文目次

摘要………………………………………………………………………………………….....i
ABSTRACT……………………………………………………………………………………ii
誌謝…………………………………………………………………………………………....iii
目錄……………………………………………………………………………………………iv
表目錄………………………………………………………………………………………….v

壹、緒論 1
1-1研究背景 1
1-2 研究動機與目的 3
1-3 問題探討 5
貳、文獻回顧與假說建立 6
2-1法人說明會相關文獻 6
2-2國際化績效與創新活動 7
2-3法人說明會、國際化績效與創新活動之關聯 8
參、研究方法 11
3-1主要變數定義及衡量方式 11
(一)　應變數 11
(二)　自變數 12
(三)　控制變數 14
3-2實證模式 15
肆、選樣及敘述統計分析 17
4-1 研究期間與資料來源 17
4-2 敘述統計與相關分析 18
伍、實證結果分析 21
5-1召開法人說明會對國際化績效 21
5-2召開法人說明會對創新活動 21
5-3召開法人說明會次數對國際化績效與創新活動 23
5-4相較與不常開公司，經常開法說會公司，國際化績效與創新活動較好…………26
陸、研究結論與建議 28
參考文獻……………………………………………...………………………………………29

表一 INT國際化主成分分析(因素分析)…………………………………………………14
表二各變數與定義……………………………………………………………………….. 15
表三樣本分配表………………………………………………………………………….. 17
表四樣本敘述統計……………………………………………………………………… 18
表五 Pearson相關係數矩陣……………………………………………………………….20

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指導教授

曹壽民(Shou-min Tsao)

審核日期

2014-7-17

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