社會網絡是重要的訊息傳播媒介，而其中的供應鏈網絡關係在過去資本市場訊息研究傳遞的研究中較少被觸及。然而，供應鏈網絡卻是企業間更重要的經濟連結關係，本研究以企業宣告財務報表重編為研究情境，探討訊息外部性是否存在於此種經濟連結中。我們做出假說：當企業財務報表宣告重編時，不僅會為該公司帶來負面影響，亦會透過供應鏈網絡波及到供應鏈關係之公司。本研究以2003至2013年台灣宣告財務報表重編之公司為樣本，並據以找出與其具有供應鏈關係之公司。除負向外部效果的探討外，研究中並考慮幾項調節因子(轉換成本、資訊不對稱、財務限制)對負向效應的惡化作用。
Social networks are the most valuable resource to business and play the role of information transmitting. The supplier and customer relationship is one of the valuable social networks and have been considered as an advantageous link to investigate. We explore the information externality of corporation’s announcement of financial restatement and its impact of the business partner firm in the supply chain. We use the data of firms engaging in financial restatements during the period 2003-2013 from TEJ database and then compile their principal suppliers or customers from several database (including TEJ, MOPS, SFI), those that account for at least 5% of sales from the year financial statement. Then test how firm’s financial restatements affected their corresponding firms.
To summarize, borrowing from the theoretical concepts of social network, the information externality through the supply chain network, and the impact of announcing financial restatement, we examine how the information transfer through the supplier-customer relationship as the event of firms announcing financial restatement and affect the market reaction. Moreover, we suggest several financial characteristics of corresponding firm that may cause severe negative effect on market reactions as the restating firm announcing financial restating, such as switching costs, information asymmetry and financial constraints.
