在資訊更迭快速的現代，法人說明會漸漸成為臺灣上市櫃公司重要的自願性揭露管道，對於投資人及分析師而言更是取得公司資訊的重要管道，政府亦規定自2018年起上市公司每年須召開至少一場法人說明會。由此可見，法人說明會已然成為企業與投資人及分析師進行即時交流的重要平台，不僅提供財務報表以外的深入資訊，更讓投資人了解企業現況及未來發展。
目前國外研究也指出法人說明會具重要資訊內涵，然而國內關於法人說明會本身資訊內涵的討論及研究較少，故本研究以臺灣六大產業之上市公司為研究對象，聚焦於法人說明會中影音揭露及問答環節資訊內涵，透過觀察2020年至2023年間法人說明會影音資料，並建置多種機器學習模型進行預測以找出最適股價漲跌預測模型，結合可解釋性人工智慧（XAI）工具來揭示各特徵在模型中的影響力，從而分析除了強制性揭露之財務報表資訊外，法人說明會內容對於股價漲跌之影響，經分析得到以下結論：
一、法人說明會本身辦理形式及影音揭露方式對股價漲跌的影響有限。
二、法人說明會中問答環節資訊可有效增強模型準確度，且提升股價漲跌預測力，其中詢問熱度及公司提供問答環節時長均為影響股價漲跌的主要特徵。
三、結合法人說明會資訊可比單憑財務報表數據更準確預測股價漲跌。
本研究貢獻在於提出針對國內法人說明會內涵資訊等即時性特徵的股價預測模型，透過法人說明會資訊揭露增強投資判斷的可能性，進一步支持我國法人說明會與國外研究表示法人說明會所透露的資訊對股價有相關性且使預測準確率有所提升之結果一致，即法人說明會為具有資訊內涵的資訊揭露管道。

In recent years, earning calls have gradually become an important voluntary disclosure channel for companies. For investors and analysts, these conferences are also served as a vital method to obtain company information. Since 2018, Taiwan listed companies must hold at least one earning call annually. As public attention is focus on the impact of Taiwan earning calls’ mechanism, external information and background, the internal information of earning calls such as “presentation section” and “question and answer section” may be informative as well.
In order to find out whether earning calls of Taiwan listed companies have information content, we use video disclosures and Q&A sessions as database to analyze the impact on stock price. This study also constructs multiple machine learning models to find the best predict model and operate XAI to explain the influence of each feature.
Through machine learning model, it reveals that
1.The impact of earning calls on stock price volatility is limited by the format of earning calls and the method of disclosure of video.
2.The information of Q&A sessions in earning calls can effectively enhance the accuracy of the model and improve the prediction of stock price fluctuation.
3.Combined with the internal information of earning calls, it can be more predictable than based on only financial statement data.

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