本研究欲探討投資人情緒是否會影響企業外部融資程度，並考量在不同資訊不對稱程度下投資人情緒對於企業外部融資程度是否有不同的影響。
   本研究同時選取直接與間接情緒指標衡量投資人情緒，並以2005年至2010年間於台灣上市、櫃之公司為研究對象，透過Panel Data實證發現，投資人情緒正向影響企業權益融資程度與負債融資程度；資訊不對稱程度較高時會減緩投資人情緒對企業權益融資程度之影響，資訊不對稱程度較高時會增強投資人情緒對企業負債融資程度之影響。這樣的結果顯示投資人情緒確實會影響公司經理人的融資行為，而較差的公司治理機制其資訊不對稱程度較高，進而減緩(增強)投資人情緒對經理人權益(負債)融資行為之影響。

The main purpose of this study was to investigate whether investor sentiment will affect the level of external financing, and consider whether the investment sentiment in the different degree of information asymmetry will have different effects on the level of external financing.
  In this study, direct and indirect sentiment indicators were selected to measure investor sentiment, and the cabinet of the companies listed in Taiwan from 2005 to 2010 are taken as the research object. Through the evidence from panel data, it is found that investor positive sentiment effect corporate equity financing and debt financing; the higher degree of information asymmetry will slow down investor sentiment on the degree of corporate equity financing, and the higher degree of information asymmetry will enhance investors' sentiment on the degree of corporate debt financing. Such results show that investor sentiment will affect the company's manager behavior on financing, and poor corporate management system tend to have higher degree of information asymmetry, and thus mitigate(enhance) the impact of investor sentiment on the equity(debt) issues to the behavior of the managers.

目錄
表目錄	V
圖目錄	VI
第壹章　緒論	1
第一節　研究背景與動機	1
第二節　研究目的	5
第三節　研究架構	5
第貳章　文獻探討	7
第一節　投資人情緒	8
第二節　企業融資理論	14
第三節　資訊揭露與公司治理	17
第四節　相關實證	29
第五節　研究假說	33
第參章　研究方法	35
第一節　資料說明	35
第二節　統計方法與實證模型	36
第三節　變數定義	38
第肆章　實證結果	41
第一節　敘述性統計	41
第二節　相關分析	43
第三節　投資人情緒指標	44
第四節　投資人情緒與外部融資	46
第五節　投資人情緒、資訊不對稱程度對外部融資之影響	51
第伍章　結論	55
第一節　研究結論	55
第二節　研究限制與建議	57
第三節　研究貢獻	58
參考文獻	59
中文文獻	59
英文文獻	61
附錄1	67
附錄2	76
附錄3	80


表目錄
表1-1　國際重要股市規模及週轉率比較表	3
表1-2　台灣股市投資人類別成交值比重統計表	4
表2-1　標準普爾公司之公司治理評分標準	19
表2-2　里昂證券之公司治理評分標準	22
表2-3　台灣公司治理評等系統	25
表2-4　上市上櫃公司治理制度評量六大構面	26
表3-1　樣本篩選	35
表4-1　樣本敘述統計量	42
表4-2　投資人情緒指標之Pearson相關係數	43
表4-3　投人情緒總指標	44
表4-4　外部融資程度以投資人情緒高低區分之分析	46
表4-5　投資人情緒與權益融資	48
表4-6　投資人情緒與負債融資	50
表4-7　投資人情緒、資訊不對稱程度與權益融資	52
表4-8　投資人情緒、資訊不對稱程度與負債融資	54
附表1-1　2008年與其他年度投資人情緒與外部融資程度比較表	67
附表1-2　無2008年之固定效果檢測(假說1、2)	68
附表1-3　無2008年之固定效果檢測(假說3、4)	69
附表1-4　無2008年之隨機效果檢測(假說1、2)	70
附表1-5　無2008年之隨機效果檢測(假說3、4)	71
附表1-6　考慮年度之檢測(假說1、2)	72
附表1-7　考慮年度之檢測(假說3、4)	73
附表1-8　考慮年度與產業之檢測(假說1、2)	74
附表1-9　考慮年度與產業之檢測(假說3、4)75
附表2-1　投資人情緒與權益融資76
附表2-2　投資人情緒與負債融資77
附表2-3　投資人情緒、資訊不對稱程度與權益融資78
附表2-4　投資人情緒、資訊不對稱程度與負債融資79


圖目錄
圖1-1　論文架構6
圖2-1　公司治理制度評量體系架構27

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