本文旨在探討下游企業歷史性及前瞻性財務資訊，對供應鏈夥伴投資效率之
影響。本研究以 2010 年至 2019 年台灣半導體業上市（櫃）公司為樣本資料，手動收集企業之上下游合作夥伴，以會計穩健性作為歷史性財務資訊，以分析師盈餘預測準確度代表前瞻性財務資訊。根據過去文獻，本研究認為下游企業會計穩健性愈好，能避免管理階層進行盈餘操弄，並阻止其投資高風險之項目；下游企業分析師盈餘預測準確度愈高，代表分析師擁有許多企業之資訊，收集資訊的同時也監督著管理階層。因此，本研究預期下游企業兩種財務資訊皆能降低供應鏈間資訊不對稱及代理問題，使上游企業管理階層能制定出最適合公司之投資決策，進而提升投資效率。
本研究結果如下：（1）相較下游企業歷史性財務資訊，上游企業較關注下游企業前瞻性財務資訊。（2）下游企業分析師盈餘預測準確度愈高，愈能提升上游企業之投資效率。（3）當下游企業擁有較好的會計穩健性，下游分析師盈餘預測準確度對上游企業投資效率之正向影響更為顯著。

This essay aims to investigate the impact of historical and forward-looking financial information of downstream companies on the investment efficiency of supply chain partners. This study has samples from 2010 to 2019 in the semiconductor industry and collects the upstream and downstream partners of the company manually. Using accounting conservatism as historical financial information, and analyst earnings forecast accuracy as forward-looking one to investigate. According to the past literature, we believe that downstream companies have better accounting conservatism not only can avoid the management of earnings manipulation but also prevent them from investing in high-risk projects. In addition, to reach higher analysts’ earnings forecasts accuracy of the downstream company, analysts need to get a lot of information about companies and supervise the management simultaneously. Therefore, we expect that both types of financial information for downstream companies can reduce information asymmetry and agency problems in the supply chain, so that upstream management can make investment decisions that are most suitable for the company, thereby improving investment efficiency.
The results of this study are as follows: (1) Compared with the historical financial information of downstream companies, upstream companies pay more attention to the forward-looking financial information of downstream companies. (2) The higher the accuracy of analysts' earnings forecasts in the downstream companies, the better the investment efficiency of upstream companies. (3) When downstream companies have better accounting conservatism, the accuracy of downstream analysts’ earnings forecasts has a more significant impact on the investment efficiency of upstream companies.

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