資本投資對於企業營運是重要及不可或缺的因素，公司經理人的投資決策可以提供投資人未來公司前景的資訊，因此投資決策會影響公司股價在市場的表現
；股價是否反映市場所有資訊亦或價格偏離基本面價值一直是財務學門討論的議題，本研究以討好理論為出發點，探討當股票市場上投資人對公司之股價產生錯估情況時，經理人是否可能因此想討好投資人之情緒，進而改變公司之投資率。經理人應以極大化公司價值為目標，但經理人的短視與討好行為可能進行過度投資或忽略投資的決策而影響公司價值。投資人在評價的過程盈餘的平穩度為極重要的角色，因此，經理人是否同時會進行盈餘管理藉以平滑現金流量或盈餘來改變投資人對於公司未來前景的看法，經理人的行為與決策對於公司價值具有傳遞訊息的效果，本研究試圖檢驗迎合理論、市場錯價、現金流量波動度對投資決策及公司價值的影響。
本實證結果顯示，投資人的錯誤訂價，則經理人會為了迎合投資人進而增加資本投資。在台灣、香港和大陸的資本投資迎合行為，會視不同國家而受到影響。在台灣的公司，資本投資的增加會降低公司的未來股票報酬。
本研究也顯示在台灣的公司，其現金流量波動度、盈餘波動度愈高將會降低公司價值，尤其是低負債比率的公司更會使這負面影響更為嚴重。但是在香港、大陸的公司，其現金流量波動度、盈餘波動度愈高反而會提升公司價值；此正向效果會因為在中國大陸的公司擁有較小規模、高負債比率或是愈低的現金流而導致此效果更加明顯。

Capital investments play essential and material role in firms’ business operations and investment decisions of firm managers would convey information of future prospects to public investors, thereby influencing the price performance. Behavior finance provides the catering theory to explain how rational managers change their decisions of capital spending when they perceive the mispricing of public investors. The aim of firm managers should be maximize the shareholders’ wealth and firm value, but manager who are myopia and behave catering may over-invest or under-invest to affect price stock. Variability of earnings and cash flows might deem as key indicators of risk, thereby altering their valuations. Thus, managers may attempt to smooth firms’ earnings and cash flows. This study aims to broadly investigate the influence of catering, mispricing, and cash flow volatility on decisions of capital investment, stock returns, and firm value.
This study presents empirical evidence that due to the increase of mispricing, the manager may cater to the investor by raising capital investment. Capital investment involved in the catering decision has different effects in Taiwan, Hong Kong and China.
The study also shows empirical evidence that volatility of cash flows and earnings are negatively valued by investors and the negative impact might be worsened for firms with low level of debt ratio in Taiwan. But volatility of cash flows and earnings is positively valued by investors in Hong Kong and China and the positive impact might be significantly stronger for firms with small size, high debt ratios or low level of cash flows in China.

Contents
摘要 i
Abstract ii
Contents iii
Table v
I. INTRODUCTION 1
1.1 Background 1
1.2 Purpose 3
II. LITERATURE REVIEW 5
2.1 The Catering Theory on Corporate Finance 5
2.2 The Relationship between Mispricing and Investment decisions 6
2.3 The Relationship between Capital Expenditures and Degree of Cash Flows 8
2.4 The Relationship between the Volatility of Cash Flow and Firm Valuation 11
2.5 The Relationship between Earnings Management and Firm Valuation 13
III. DATA AND METHODOLOGY 16
3.1 Data Sources and Sample Selection 16
3.2 Methodology and Model 16
3.3 Measure of Mispricing 18
3.4 Hypothesis 19
3.5 Model Design 23
IV. EMPIRICAL RESULTS 30
4.1 Summary and Descriptive Statistics 30
4.2 Correlation Coefficient Analysis 30
4.3 The Results of Discretionary Accruals and Capital Investment 30
4.4 The Results of Capital Investment and Stock Returns 31
4.5 The Results of Cash Flow Volatility and Earnings Volatility on Firm Valuation 32
4.6 The Results of Earnings Management on Firm Value 33
4.7 The Results of Cash Flow Volatility on Firm Value According to Company Characteristics 34
V. CONCLUTIONS AND SUGGESTIONS 35
5.1 Conclusions 35
5.2 Suggestions 38
References 65

 
Table
Table 1 40
Table 2 42
Table 3 43
Table 4 44
Table 5 45
Table 6 46
Table 7 47
Table 8 48
Table 9 49
Table 10 50
Table 11 51
Table 12 52
Table 13 53
Table 14 54
Table 15 55
Table 16 56
Table 17 57
Table 18 58
Table 19 59
Table 20 60
Table 21 61
Table 22 62
Table 23 63
Table 24 64

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