| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 105 === Conference call has become an important method of communication for companies and external investors in recent years. In order to enhance the transparency of the information and reduce the information asymmetry between the company and the investors, Taiwan Stock Exchange (TWSE) required that company need to upload audiovisual records to the platform for public when the company hold the conference call after June 2013 as a reference. This study mainly researches on the relationship of conference call video information and future earnings response coefficient (FERCs). The empirical results show that through the characteristics of the audiovisual records’ tone, the investors can change the expectations of the future earnings response coefficients, and then reaction on the stock price. In the condition of the conference call was held by company its own, the more positive ratio of tone on presentation time of conference call, the higher the future earnings response coefficient (FERCs), as well as the ratio of tone on presentation time of director or CFO. In addition, in this study we provide evidence that TWSE required that company need to provide conference call video information to the platform for public. Indeed, the information transparency was enhenced and strengthen the disclosure of information, thereby reducing the information asymmetry between the market investors and enterprises and provide general investors more information to make better investment decision.
Keywords：Conference Call, Conference Call Video Information, Future earnings response coefficient(FERC)
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