本篇研究主要在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。此外，本研究亦將台灣公司區分為上市與下市公司、上櫃與下櫃公司及所有上市、 下市、上櫃、下櫃公司這三種樣本來做討論，結果發現股價之錯估的確會改變公司之投資率。

本研究之研究期間為1986年至2009年，排除負資產帳面價值的公司，並且僅考慮資本支出為正值的資料樣本，在討論股價錯估是否令公司經理人產生討好行為之後，將樣本分為各個不同的子樣本分開討論，例如以公司之研發費用率做為資訊透明度之代理變數，探討在不同樣本下，資訊透明度的高低是否影響公司經理人討好投資人情緒之行為，除此之外，本研究亦區分不同股票週轉率之公司，討論在不同股票週轉率之下，投資人的股價錯估行為對公司投資率之影響是否也會有所不同。

在發現股價錯估將改變公司之投資率後，本研究更進一步將公司之可能的獲利因子控制住，發現異常的投資率，對於公司的股價報酬率則會產生負向之影響，亦即推論當公司經理人為討好因投資人情緒所產生的股價錯估情況時，對於公司之股價報酬可能將因此產生不良之影響。

以投資人之角度而言，當發現市場情緒過於熱絡，許多公司開始建廠投資之時，投資者應謹慎審視各公司或工廠所做之投資行為是否具有效率，抑或只是因應市場情緒所做的過度投資，以避免投資人自身在股市中受到傷害。

This study focuses on whether the mispricing of investor has relevance for firm’s investment decision. In other words, it tries to test the relation between mispricing of investor and managers’ catering behavior. In addition, this study divides Taiwan’s companies into three cases: Listed and following listed companies, OTC companies and companies under the counter.

The period of this study from 1986 to 2009, it excludes firms with negative book value of assets, and only uses the positive capital expenditure data. This paper divides the sample into various subsamples discussed separately. For example, it uses the R&D ratio as the proxy for information transparency and explores that information transparency may affect manager’s catering behavior in the different subsamples. Besides, this study also separates the companies from different stock turnover rate to discuss whether the impact of mispricing to the rate of investment will be different.

The results showed that indeed mispricing change the rate of investment of companies. After that, this paper controls the independent variables which may affect the company’s profitability to figure out the abnormal rate of investment. Finally, this study finds that abnormal rate of investment result in a poor return of companies. That is to say, when a manager caters the mispricing of investor in stock market, afterwards, may lead to a poor return of companies. In the view of investors, when the market’s sentiment that is too warm, many companies begin to invest in plant. At this time, investors shall examine whether the investment of companies is efficient.

論文審定書 i
謝辭 ii
中文摘要 iii
英文摘要 iv
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的及貢獻 3
第三節 研究架構 4
第二章 文獻回顧 6
第一節 國外文獻探討 6
第二節 國內文獻探討 8
第三章 研究方法 11
第一節 資料來源 11
第二節 變數設定及探討 12
第四章 實證結果與分析 18
第一節 敘述統計量 18
第二節 實證結果分析 21
第三節 投資是否為效率之投資 26
第五章 結論與建議 31
第一節 結論 31
第二節 後續研究建議與研究限制 32
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