本文探討台灣市場之投資人情緒是否會影響公司股利政策，檢驗台灣市場是否存在迎合效果，並檢視迎合效果是否會因經理人股權結構不同而有不一樣的結果。本文以主成分分析，將消費者信心指數、股票周轉率、新股發行家數、融資融券比、裁決性應計項目五種指標構成複合型指數，代表投資人情緒，進而檢驗其與股利支付之關係。研究結果顯示台灣市場整體不存在迎合效果，然而非經理人主導之公司中，發現迎合效果之現象，而經理人主導公司則為塹壕效應會削弱迎合效果。因此本研究支持假說：迎合效果會隨經理人握有權力越大而減弱。

This paper examines whether investor sentiment in the Taiwan market affects corporate dividend policy, examines whether there is a catering effect in the Taiwan market, and examines whether the catering effect has different results depending on managerial ownership structure. In this paper, five indicators, which are stock turnover, the number of IPOs, securities lending to borrowing ratio, discretionary accruals, and consumer confidence index, are combined to form a composite index using principal component analysis. The results show that there was no catering effect in the overall Taiwan market; however, the catering effect was found in non-manager-led companies, and entrenchment effect would diminish catering effect in manager-led companies. Therefore, this study supports the hypothesis that the catering effect decreases with the more power the manager holds.

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