投資支出是公司重要的決策,金額龐大且關係到公司未來發展,而有些文獻指出投資人情緒除影響投資人之行為外,專業經理人之決策過程亦受投資人情緒影響。本研究以台灣上市櫃公司為樣本,探討投資人情緒與公司投資支出決策之關聯性。實證結果顯示投資人情緒正向影響公司投資支出,且達顯著水準,而投資人情緒亦為顯著正向影響公司異常投資,這表示經理人投資決策受投資人情緒影響,當投資人情緒樂觀時,經理人增加投資支出以迎合投資人期待,造成公司過度投資,然而公司治理機制提升對經理人之監督力,有助於減緩投資人情緒對經理人投資決策的影響。 Corporate investment is an important decision. This study investigates the relation between investor sentiment and corporate investment of companies listed in Taiwan Stock Exchange. The empirical results show that a positive relation between corporate investment and investor sentiment; over-investment is also significantly positive with investor sentiment. It means that the corporate investment decisions is affected by investor sentiment. When sentiment is optimistic, managers increase investment expenditures in order to cater investor sentiment, resulting companies over-investment. However, corporate governance can decline the impact of investor sentiment and reduce the agency problem.