本研究旨在探討IFRS 4第一階段公報草案修訂期間及第二階段政策反覆期間，對企業與投資人情緒的影響，以報酬率、週轉率與淨個人交易分析在草案修訂期間和政策反覆期間對企業及投資人情緒之影響。並應用標準化橫剖面法與符號檢定法，觀察企業與投資人情緒是否有受到影響。 實證結果顯示，不論使用報酬率、週轉率和淨個人交易衡量投資人情緒，在草案修訂期間或政策反覆期間對投資人情緒都有顯著影響。本研究推論，以報酬率而言，在草案修訂期間，事件發生越到後期反應越顯著；而在政策反覆期間反應均很顯著，表示公報的修訂越到後期，對企業影響越顯著。 在草案修訂期間，以週轉率所反映之專業投資人情緒，其結果多為正向反應。而以淨個人交易所反映之散戶投資人情緒，則多為負向反應。 在政策反覆期間，以週轉率衡量時，其結果多為正向反應。而以淨個人交易衡量時，則多為負向反應。 由以上結果可得知，在草案修訂與政策反覆期會對企業產生影響，對專業投資人與散戶投資人產生反應不一之影響，故政府應更謹慎制訂政策並做好宣導工作，以確保證券市場穩定發展，保障投資人權益。 This study aims at exploring the impact of IFRS 4 on the enterprise and investor sentiment during the first stage of public drafting revision and the second stage of policy fluctuation, which is analyzed via the rate of return, turnover rate and net individual trading. Moreover, the Standardized-Residual Cross-Sectional Method and Sign Test Method are adopted to observe whether they are affected. The empirical results show that the enterprise and investor sentiment are affected significantly during the draft revision period and the policy fluctuation period regardless of measuring by rate of return, turnover rate and net individual trding . This study figures out that during the draft revision period, the reaction reflected by the rate of return is more significant in the latter period. However, during the policy fluctuation period, the reactions are all significant. It indicates the latter period of draft revision affects the enterprises more significantly. During the draft revision period, the professional investor sentiment reflected by the turnover rate are mostly positive, while the individual investor sentiment reflected by the net individual trading is mostly negative. During the policy fluctuation period, the results measured by the turnover rate are mostly positive reaction, while the results measured by the net individual trading are mostly negative reaction. It can be concluded that both draft revision period and policy fluctuation period will influence the enterprise, professional investor, and individual investor. Therefore, the government should make policy more cautiously, so as to develop the securities market steadily and ensure the rights and benefits of the investors.