本研究旨在探討投資者情緒與成本僵固性之間的關係。依據Baker and Wurgler（2006，2007）建構的投資者情緒指數，其實證結果顯示，投資者情緒與成本僵固性之間呈現顯著負向關係，為當投資者情緒愈高漲時，公司成本僵固性愈低；此結果反映當整體資本市場之投資情緒較為高漲時，公司管理者即使對需求市場持有樂觀態度，但在面對維持投資者情緒與期待的考量下，會有意進行資源之調整，削減未使用之資源，以避免損失之產生或盈餘之下降，進而緩和了成本僵固性之發生。接著，本研究進一步檢測市場競爭環境是否會調節投資者情緒對公司成本僵固性之負向影響，實證結果發現，在低競爭環境下，其之間的關係更加明顯。對於低競爭環境的公司來說，當管理階層在為了達到特定盈餘目標來維持高漲的投資者情緒時，因為削減成本的代價較低，因此在收入下降時，管理階層愈會因應高漲的投資者情緒去刪減未使用的資源。

This study aims to explore the relationship between investor sentiment and cost stickiness. According to the investor sentiment index constructed by Baker and Wurgler (2006, 2007), the empirical results show that there is a significant negative relationship between investor sentiment and cost stickiness. The result shows that when the investment sentiment in the overall capital market is relatively high, even if the company managers are optimistic about the demand market, they will intentionally adjust resources in the face of maintaining investor sentiment and expectations, reducing unused resources to avoid losses or decrease in earnings, thereby mitigating cost stickiness. Next, this study further examines whether the market competition environment can moderate the negative impact of investor sentiment on firm cost stickiness. The empirical results show that the relationship between them is more obvious in a low competition environment. For companies in a low competitive environment, when management maintains high investor sentiment in order to achieve a specific earnings target, because it is less costly to cut costs, management is more likely to trim unused resources in response to high investor sentiment when revenue decrease.

周賓凰、張宇志、林美珍，2007，投資者情緒與股票報酬互動關係，證券市場發展季刊，第十九卷第二期，頁153-190。
林美鳳、金成隆、張淑慧，2011， 投資者情緒與分析師行為之關聯性研究，管理學報第二十八卷第五期，頁447-474。
許溪南、郭玟秀、鄭乃誠，2005，投資者情緒與股價報酬波動之互動關係：台灣股市之實證，台灣金融財務季刊，第六卷第三期，頁107-121。
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