本文欲想得知，投資者情緒是否影響至借款成本，與債務借款成本呈現負相關或正相關。本研究提出主要兩個論點，其一為債務資金供給者會受到高漲的投資者情緒影響，對於公司未來的現金流量評估產生更樂觀地期待，使投資者情緒與債務資金成本呈現負相關；另一則為債務資金提供者考慮管理階層可能會操弄財務資訊來維持高漲的投資者情緒，導致資訊風險增加，使投資者情緒與債務資金成本呈正相關。實證結果顯示投資者情緒與債務資金成本呈現負相關。橫斷面分析進一步發現，競爭力愈高之企業能於投資者情緒的促使之下，取得更大幅度之優惠借款降幅。穩健性測試採用不同的分組，並重覆證實投資者情緒對於債務資金成本的負向效果。

關鍵詞: 投資者情緒、債務資金成本、借款成本

This paper aims to find out whether investor sentiment affects the cost of borrowing, and whether it is negatively or positively correlated with the cost of debt. One argument is that debtors are affected by high investor sentiment and have more optimistic expectations about the company's future cash flow assessment, making investor sentiment negatively correlated with the cost of debt funding. The other argument is that debt funders consider that management may manipulate financial information to maintain high investor sentiment, resulting in increased information risk and making investor sentiment positively correlated with the cost of debt funding. The empirical results show that investor sentiment is negatively correlated with the cost of debt capital. Cross-sectional analysis further reveals that the firms with higher competitive power are able to achieve larger reductions in concessional borrowing as a result of investor sentiment. Robustness tests are conducted using different subgroups and repeated to confirm the negative effect of investor sentiment on the cost of debt capital.

Keywords: Investor Sentiment, Cost of Debts

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