本研究透過2011至2019之年資料，以台灣上市公司為基礎，總計共3028筆資料，並利用橫斷面分析針對投資人情緒指標對公司盈餘管理之影響及其延伸議題作探討。
台灣上市櫃公司盈餘管理的案例不少，加上過去文獻較少探討關於投資人情緒與盈餘管理間關係的議題，故本研究希望透過實證研究探討此議題，以探究會造成台灣上市公司採取盈餘管理的時機與契機並以投資人情緒指標的高低當做促發的關鍵指標；透過本研究，希望能幫助公司董事會、審計單位、相關管理機構依據投資人情緒指標的高低，加強把關公司管理者可能會採取盈餘操縱的可能性，以間接限縮公司管理者可以透過盈餘操縱影響公司內外部之財報使用者及資本市場的機會。
研究結果顯示，間接投資人情緒指標對公司之盈餘管理的影響為顯著正相關，符合假說推論；本研究亦發現sentiment beta對間接投資人情緒與盈餘管理間之關係有正向影響，符合假說推論。

This study bases on the annual data of Taiwan listed companies from 2011 to 2019. With a total of 3,028 data, the study uses cross-sectional analysis to discuss the impact of investor sentiment indicators on company earnings management and its extended issues.
There were many cases of earnings management of listed companies in Taiwan. In addition, there was little research on the relationship between investor sentiment and earnings management in the past. Therefore, this study hopes to explore this issue through empirical research, aiming to explore the timing and opportunity causing Taiwan listed companies to conduct earnings manipulation using investor sentiment as a key indicator. The study hopes to help the company’s board of directors, audit units, and related management agencies be able to keep close tabs on the possibility of earnings management conducted by the company director based on the fluctuation of investor sentiment indicators and indirectly limit the opportunities for managers to influence the internal and external financial report users and the capital market through earnings management.
The study results show that the impact of indirect investor sentiment indicators on earnings management is significantly positively correlated and sentiment beta has a positive impact on the relationship between indirect investor sentiment and earnings management.

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