本研究主要探討管理當局盈餘預測是否於上、下游關聯產業間存在資訊移轉之現象。以民國八十六年至九十三年國內上市公司進行研究，相較於之前的研究發現資訊移轉僅侷限於相同產業，本研究之實證結果顯示，公司宣告盈餘預測時，確實會對其關聯產業形成資訊移轉現象。此外，本研究亦發現產業關聯程度與消息型態會影響資訊移轉程度。整體而言，不論是好消息或壞消息，均產生資訊移轉現象；而壞消息宣告的資訊移轉程度大於好消息。若從產業關聯程度高低分析，不論是在好消息或壞消息的組別，資訊移轉的強度皆與產業關聯程度呈正相關。因此，本文彌補相關文獻之不足，提供影響跨產業資訊移轉之因素的研究證據，可供相關學術與實務參考。

Using Data Bank of Taiwan Economic Journal for the eight-year period January 1997 through December 2004, we empirically evaluate information transfers conveyed by the management earnings forecast to the related industries. Contrary to earlier findings in the literature, we find information transfers across industries with input-output relationships during the release of earnings forecasts. We find the strength of information transfers are impacted by the news type (good news v.s. bad news) and that greater information transfers are conveyed in the bad news group. Our results also indicate that the higher the degree of relatedness between industries, the more information transfers are conveyed, whether the news type is good or bad. Thus, we contribute to the information transfer literature by identifying the characteristics that affect information transfers across related industries.

資訊移轉; 管理當局盈餘預測; 關聯產業

information transfers; management earnings forecasts; related industries