本研究以民國80年至83年的臺灣上市公司為對象，探討下列有關經理人員自願性盈餘預測之產業內資訊移轉的課題： 1.資訊移轉現象之觀察：除了檢視預測與未預測公司之異常報酬的關聯性外，還以預測公司之未預期盈餘，來測試與未預測公司之異常報酬的關聯性。 2.嘗試探討揭露消息的好壞，是否會影響資訊移轉的強度？ 3.嘗試探討同產業公司與公司間的盈餘互動關係，是否會影響資訊移轉的方向及強度？ 本研究資訊移轉現象之觀察，採公司對公司配對的方式，而非如鄭如孜與林嬋娟（民83）以公司對產業平均組合的配對方式。研究樣本必須為公司當年度第一筆經理人員盈餘預測，且由高級人員、董事會、或股東會所主動揭露，共包括了148個預測樣本及2406組配對樣本。研究中以迴歸分析檢驗各項假說。 實證結果顯示：產業內具有顯著的正向資訊移轉；好壞訊息有產業內差別資訊移轉的現象；又同產業公司與公司的盈餘互動關係，會影響資訊移轉的方向及強度。 本研究再度證實臺灣上市公司經理人員自願性盈餘預測之資訊移轉現象，除了提醒投資人於做投資決策時須考慮產業因素外，也期能提供主管機關規範預測發佈的參考。

This paper documents intraindustry information transfers associated with managers’ voluntary earnings forecasts. The following three main issues are empirically investigated: (1) The associations between nonforecast firms’ price reactions and both the changes in earnings expectations and forecast firms’ price reactions; (2) The impacts of the nature (good or bad) of earnings forecasts on the magnitude of information transfers; (3) The effects of firm-by-firm earnings comovement on the direction and the magnitude of information transfers. The data examined contain 148 management forecasts by firms listed in Taiwan Stock Exchange between 1991 to 1994. The firm-to-firm sample design is adopted in order to investigate the more precise effect of information transfers. For firms with multiple management earnings forecasts in a given year, only the first forecast was examined. Regression analysis is used to test the related hypotheses. The empirical results provide evidence of positive information transfers associated with managers’ earnings forecasts. In addition, the differential patterns of information transfers are conditional on the nature of the forecast information. The firm-by-firm earnings comovement determines the direction and magnitude of information transfers.