依據過去文獻的研究發現，資訊不對稱性的問題會影響公司IPO，造成折價。而在文獻上已經證明會計穩健性可以降低公司管理當局與外部股東之間的資訊不對稱性與代理問題。本文主要目的在探討會計穩健性對於IPO折價之影響。另外，過去的國內外文獻已驗證投資人情緒對IPO折價之影響呈正向關係，本文亦進一步探討會計穩健性對於投資人情緒對IPO折價之影響是否具有調節效果。而IPO公司財務會計的穩健性，分別採用市場面的指標與應計項目面的指標加以衡量。實證結果支持本文的假說，即IPO公司會計穩健性愈高，IPO折價愈低，另外，公司採取穩健會計，可以減緩投資人情緒對IPO折價之影響。

Based on the literature from previous studies, it was found that the issue of information asymmetry can affect the IPO of a company and cause a underpricing. In the literature, it has been proved that accounting conservatism can reduce theinformation asymmetry and agency problemsbetween the company management and outside investors. The main purpose of this paper is to explore the impact of accounting conservatism on the IPO uuderpricing. In addition, in the past domestic and foreign literature, it has been verified that the investor sentiment has a positive correlation with the IPO underpricing. This article also further explores whether accounting conservatism has a moderating effect on the investor sentiment and the IPO underpricing. The conservatism of the IPOcompany's financial accounting measured by both market and accrual based methods in this research. The empirical results support the assertion of this article that the higher the accounting conservatism of an IPO company, the lower the IPO underpricing. In addition,the company adopts accounting conservatism can mitigate the impact of investor sentiment on the IPO underpricing.

目錄
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、研究架構	4
第二章、文獻探討	6
第一節、投資人情緒相關文獻	6
第二節、IPO折價相關文獻	10
第三節、會計穩健性之定義與相關文獻	13
第三章、研究方法	17
第一節、研究假說	17
第二節、樣本選取與資料來源	19
第三節、變數定義	20
第四節、實證模型	28
第四章、實證結果	32
第一節、投資人情緒主成分分析	32
第二節、敘述性統計分析	33
第三節、相關性分析	34
第四節、實證結果與分析	38
第五章、結論與建議	49
第一節、研究結論	49
第二節、研究限制與建議	51
參考文獻	52
中英文文獻	52

圖1-1  研究流程	5
表4-1  相關係數特徵值	33
表4-2  投資人情緒變數主成分分析結果	33
表4-3  樣本產業分佈表	35
表4-4  敘述統計	36
表4-5  相關係數	37
表4-6  投資人情緒對IPO折價之影響	40
表4-7 會計穩健性(CONS)對IPO折價之影響	43
表4-8  會計穩健性(C_SCORE)對IPO折價之影響	44
表4-9  投資人情緒、會計穩健性與IPO折價	47
表4-10 實證結果彙整表	48

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