現今社會商業競爭日益激烈，為了保持優勢的地位，企業除了必須擁有獨特的技術及產品外，在供應鏈中企業也需要建立穩定合作的夥伴關係，而如何進行更精確且有效的訊息傳遞來提升供應鏈中企業之競爭力，並幫助企業高階經理人制定更有利的決策，對提升供應鏈而言是一項重大議題。本研究以臺灣半導體產業作為研究對象，研究期間為2010到2018年，以會計穩健性（accounting conservatism）作為財務品質之代理變數，並利用Khan and Watts (2009) 修改Basu (1997) 之C_Score模型計算會計穩健性探討企業會計穩健性愈高的財務品質資訊，是否會影響企業之高階經理人對於投資決策的制定，進而造成投資效率（investment efficiency）之提升，本研究採用Biddle et al. (2009) 模型計算投資效率，為實際與預期投資之偏離程度，並探討在供應鏈當中是否會影響供應商之高階經理人對其企業投資決策之影響，做出有利的投資決策，同時驗證在供應鏈當中垂直資訊移轉之現象。
本研究結論如下：（1）在半導體產業中，會計穩健性愈高的企業，愈能夠提升其投資效率；（2）在半導體產業之供應鏈當中，企業的會計穩健性愈高會提升其供應商的投資效率，證實資訊移轉之現象。本研究證實當供應商的高階經理人在決定未來投資方向及投資決策時，不單單只考慮下游客戶財務報表的會計盈餘來做決策，更會將下游客戶之整體財務品質是否符合會計穩健性納入考量，使得高階經理人做出對企業有利的投資決策，提升其投資效率。

Recently, business competition is becoming increasingly drastic. In order to maintain its advantageous position, corporates should hold unique technologies and products; besides, corporates also need to establish stable and cooperative partnerships in the supply chain. For the supply chain, it’s an important issue that how corporates carry out more accurate and effective message transmission to enhance their competitiveness and to help executives to make better decisions simultaneously.
Focusing on the semiconductor industry in Taiwan, this paper investigates Accounting Conservatism effect on supplies’ investment efficiency from 2010 to 2018. As to accounting conservatism, we adopt C_Score which Khan and Watts (2009) developed on the basis of Basu (1997) model. We investigate when executives make investment decisions, whether they would consider higher accounting conservatism, then improving firm’s investment efficiency. Regarding investment efficiency, we use a measurement from Biddle et al. (2009) model about the residuals for deviations from expected investment. We also investigate whether it would affect suppliers’ executives make better decisions of investment. Simultaneously, we verify the phenomenon of vertical information transfer in the supply chain
To summarize, first, we find that using accounting conservatism can improve investment efficiency. Second, we find that downstream firms’ accounting conservatism is significantly related to investment efficiency of suppliers, with the phenomenon of vertical information transfer. This paper suggests that when executives make the decisions of investment, they will not only consider the figures financial statement of downstream firms, but also take downstream firms’ quality of financial statement into consideration. These enable executives to make better investment decisions and improved investment efficiency of firms.

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1.王貞靜、潘虹華與戚務君，2012，以 C-Score 衡量會計穩健性在臺灣的適用性，會計審計論叢，2卷（2期）：頁1-31。
2.汪瑞芝，2013，中國反資本弱化條款對臺商融資決策之影響，會計審計論叢，3卷（2期）：頁81-125。
3.陳育晟，2016，張忠謀才離開半年 台積電就迎來史上第三高營收衰退，遠見雜誌，
（https://www.gvm.com.tw/article.html?id=55683; 2019/7/4）
4.粘凱婷、金成隆、周濟群與汪戍安，2016，法人說明會資訊在供應鏈中之垂直資訊移轉效果：以台灣之半導體產業供應鏈為例，臺大管理論叢，26卷（3期）：頁 1-34。
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