投資支出是公司重要的決策，金額龐大且關係到公司未來發展，而有些文獻指出投資人情緒除影響投資人之行為外，專業經理人之決策過程亦受投資人情緒影響。本研究以台灣上市櫃公司為樣本，探討投資人情緒與公司投資支出決策之關聯性。實證結果顯示投資人情緒正向影響公司投資支出，且達顯著水準，而投資人情緒亦為顯著正向影響公司異常投資，這表示經理人投資決策受投資人情緒影響，當投資人情緒樂觀時，經理人增加投資支出以迎合投資人期待，造成公司過度投資，然而公司治理機制提升對經理人之監督力，有助於減緩投資人情緒對經理人投資決策的影響。

Corporate investment is an important decision. This study investigates the relation between investor sentiment and corporate investment of companies listed in Taiwan Stock Exchange. The empirical results show that a positive relation between corporate investment and investor sentiment; over-investment is also significantly positive with investor sentiment. It means that the corporate investment decisions is affected by investor sentiment. When sentiment is optimistic, managers increase investment expenditures in order to cater investor sentiment, resulting companies over-investment. However, corporate governance can decline the impact of investor sentiment and reduce the agency problem.

目錄
中文摘要	I
英文摘要	III
目錄	IV
表目錄	V
圖目錄	VI
第一章	緒論	1
第一節	研究背景與動機	1
第二節	研究目的	4
第三節	研究流程	5
第二章	文獻探討	7
第一節	投資人情緒	7
第二節	公司治理	13
第三節	投資人情緒、公司治理與公司投資行為相關實證文獻	24
第三章	研究方法	31
第一節	研究假說	31
第二節	資料來源	34
第三節	實證模型	34
第四節	變數定義	39
第四章	實證分析	47
第一節	投資人情緒主成分分析	47
第二節	敘述統計與相關分析	48
第三節	實證結果與分析	51
第五章	結論與建議	66
參考文獻	69
附錄 敏感性分析	81

 
表目錄
表2-1　　上市上櫃公司治理制度評量六大構面	21
表2-2　　葉銀華公司治理五大構面評等	23
表3-1　　公司治理與投資支出相關文獻	29
表4-1　　相關係數特徵值	47
表4-2　　投資人情緒變數主成分分析結果	47
表4-3　　敘述統計	49
表4-4　　相關係數	50
表4-5　　投資人情緒與實際新增投資支出	52
表4-6　　投資人情緒與資本支出	54
表4-7　　投資人情緒與研發支出	55
表4-8　　投資人情緒與異常投資支出	57
表4-9　　投資人情緒、公司治理-董事會組成與投資決策	60
表4-10　　投資人情緒、公司治理-股權結構與投資決策	62
表4-11　　投資人情緒、公司治理與投資決策	64
表4-12　　實證結果彙整表	65
附表一　　投資人情緒與公司投資決策	81
附表二　　投資人情緒、公司治理與公司投資決策	82
附表三　　投資人情緒與實際新增投資支出	83
附表四　　投資人情緒與資本支出	84
附表五　　投資人情緒與研發支出	85
附表六　　投資人情緒與異常投資支出	86
附表七　　投資人情緒、公司治理-董事會組成與投資決策	87
附表八　　投資人情緒、公司治理-股權結構與投資決策	88
附表十　　投資人情緒、公司治理與投資決策	89






圖目錄
圖1-1　　研究流程圖	6
圖2-1　　世界銀行公司治理架構	16
圖2-2　　中華公司治理協會評量系統	22

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