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。;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.
