由於過去文獻發現投資者情緒為股票錯誤定價的非理性因素之一,因此本文將以此角度來切入,探討投資者情緒對公司投資與外部融資決策之影響,同時觀察公司的財務決策是否會因公司成長機會與內部資金充裕程度而有所差別。而為完整呈現公司經營的真實環境,本文亦將融資限制程度納入考量,同時並利用台灣的投資者情緒指標來檢測其是否能有效解釋投資與外部融資決策之未來股票報酬。本文之實證結果顯示,投資者情緒傾向分別對公司研發支出與權益融資決策呈現正向影響,而成長機會分別對投資決策與外部融資之敏感度隨著投資者情緒增加而降低,現金流量則分別對投資決策與外部融資之敏感度隨著投資者情緒增加而提高。此外,於高投資者情緒期間,研發支出與權益融資之未來股票持有期間報酬均為負向關係,且長期股票報酬會伴隨著股價修正與投資者情緒的影響力量消退,使得負異常報酬減少或是出現反轉之現象。因此,投資者情緒可能為造成公司實質資源與財務資源分配無效率之因素。
As previous studies find that investor sentiment is one of the irrational factors for mispricing, we intend to examine how investor sentiment influences corporate investment decisions and external finance decisions in the perspective of mispricing caused by investor sentiment. Moreover, we examine the effects of the sample companies’ growth opportunities and cash flows on investment and external financing decisions. Furthermore, our study employs investor sentiment index in Taiwan to examine how the index interpret the future stock returns for both investment and external finance. We find that both R&D expenditures and share issuance increase with sentiment. Also, there is negative relationship of growth opportunities on investment and external finance as sentiment increases; positive relationship of cash flows on investment and external finance as sentiment increases. Our results, too, show that R&D expenditures and share issuance in high sentiment situation has worse subsequent stock returns and there is long-term reversal phenomenon or the effect of sentiment becomes weaker. The findings suggest that investor sentiment leads to inefficiencies in the allocations of both real and financial resources.