台灣電子產業與國際品牌廠的供應鏈經濟關聯緊密，過去研究指出兩者存在垂直資訊移轉效果，本研究針對台灣電子業公司與國際品牌廠之供應鏈進行討論，探討台灣券商分析師在發佈上游供應商的投資評等修正時，是否會參考下游國外品牌廠先前宣告的盈餘資訊，即探討國外品牌廠資訊是否會影響分析師對供應商的投資評等修正。
研究結果發現品牌廠未預期盈餘對於外資券商分析師發佈的供應商投資評等修正方向有同向影響，對本國券商則無顯著影響。進一步測試指出當供應商與品牌廠在供應網絡中的層級較低時，外資券商分析師對其發佈評等修正的時間亦較晚。

Prior research has examined the vertical information transfers between Taiwan’s electronics contract manufacturing companies and their foreign brand-name customers. However, the extent to which analysts exploit earnings information along the global supply chain has been largely overlooked in the literature. In this study, I investigate whether analysts revise the stock recommendation of a Taiwan supplier using the prior earnings surprises announced by its foreign brand-name customers.
I find that foreign brokers indeed use earnings information contained in the earnings surprises of foreign brand-name customers to revise stock recommendations of Taiwan suppliers, but can’t find evidence that local brokers exploit the earnings information in the global supply chain. I further find that the analysts provide more timely revision when the participants are closer to each other along the global supply chain.

一、中文部分
王耀輝，2008，臺灣資訊電子業供應網絡之垂直資訊移轉，國立台灣大學會計學研究所未出版碩士論文。
池祥萱、蕭君怡，2005，券商投資評等報告的資訊內涵－本國券商與外資券商的比較，金融風險管理季刊，第一卷第三期，27−45。
利浩廷，2001，月營收宣告資訊移轉效果之研究−以資訊電子業為例，國立政治大學會計學研究所未出版碩士論文。
李文源，1995，財務分析師盈餘預測修正之資訊內涵及影響預測因素研究，國立成功大學會計學研究所未出版碩士論文。
徐雅君，1999，電子業代工關係之股價反應研究，國立中正大學財務金融研究所未出版碩士論文。
曹登閎，2008，比較本國券商與外資券商對分級股票績效之評估，國立中山大學財務管理學系研究所未出版碩士論文。
黃月娥，1995，季盈餘宣告之產業內資訊移轉，國立台灣大學會計學研究所未出版碩士論文。
蕭君怡，2004，國內券商與外資券商投資評等績效之比較，國立東華大學國際經濟研究所未出版碩士論文。
 
二、英文部分

Baber, William R., Jong-Dae Kim, and Krishna R. Kumar, 1999, On the use of intra-industry information to improve earnings forecasts, Journal of Business Finance and Accounting 26 (9-10), 1177–1198.
Ball, R., and P. Brown, 1968, An empirical evaluation of accounting income numbers, Journal of Accounting Research (Autumn), 159−178.
Basu, Sanjoy, 1977, Investment performance of common stocks in relation to their price earnings ratios: A test of the efficient market hypothesis, Journal of Finance 32, 663−682.
Beneish, D. M., C. M. C. Lee, and R. Tarpley, 2001, Contextual fundamental analysis through the prediction of extreme returns, Review of Accounting Studies 6, 165−189.
Chandy, P.R., J. W. Peavy , W. Reichenstein, 1993, A note on the Value Line stock highlights, The Journal of Financial Research 16 (2), 171−179.
Chang, C., 2003, Information footholds: expatriate analysts in an emerging market, Unpublished working paper, Hass School of Business, U.C. Berkeley.
Cohen, L., and A. Frazzini, 2008, Economics links and predictable returns, The Journal of Finance 63, 1977 – 2011.
Ely, K. and Mande, V., 1996, The interdependent use of earnings and dividends in financial analysts' earnings forecasts, Contemporary Accounting Research 13, 435−456.
Fama, E. F. and K. R. French, 1992, The cross-section of expected stock returns, Journal of Finance 47, 427−465.
Firth, M., 1996, The transmission of corporate financial information across national borders and equity market linkages, Review of Accounting Studies 1 (4), 309–337.
Foster, G., 1981, Intra-industry information transfers associated with earnings releases, Journal of Accounting and Economics 3, 201−232.
Freeman, Robert and Sanyo Tse, 1992, An earnings prediction approach to examining intercompany information transfers, Journal of Accounting and Economics (December), 509−23.
Gramham, R. C., and R. D. King, 1996, Industry information transfers: The effect of information environment, Journal of Business Finance and Accounting 2, 1289−1306.
Han, Jerry C., and John J. Wild, 1990, Unexpected earnings and intra-industry information transfers: Further evidence, Journal of Accounting Research 28, 211−219.
Hertzel, Michael G., Zhi Li, Micah S. Officer, and Kimberly J. Rodgers, 2008, Inter-firm linkages and the wealth effects of financial distress along the supply chain, Journal of Financial Economics 87 (2), 374−387.
Huth, William L. , B. A. Maris , 1992, Large and small firm stock price response to ‘Heard On The Street’recommendation, Journal of Accounting, Auditing＆Finance 7 (1), 27−47.
Jegadeesh, N., J. Kim, S. D. Krische, and C. M. C. Lee, 2004, Analyzing the Analysts: When do Recommendations Add Value?, The Journal of Finance 59, 1083−1124.
Kasznik, R., and Lev, B., 1995, To warn or not to warn: Management disclosures in the face of an earnings surprise. The Accounting Review 70, 113−134.
Lakonishok, Josef, Andrei Shleifer, and Robert W. Vishny, 1994, Contrarian investment, extrapolation, and risk, Journal of Finance 49, 1541−1578.
Lees, F.A., 1981, Public disclosure of corporate earnings forecasts, The Conference Board, New York.
Olsen, Chris, and J. Richard Dietrich, 1985, Vertical information transfers: The association between retailers’ sales announcements and suppliers’ security returns, Journal of Accounting Research 23, 144−166.
Previts, G., Bricker, R., Robinson, T., and Young, S., 1994, A content analysis of sell-side financial analyst company reports. Accounting Horizons 8, 55−70.
Ramnath, Sundaresh, 2002, Investor and analyst reactions to earnings announcements of related firms: An empiri