過去不乏以投資者情緒來探討對於公司融資決策之影響。本文主要研究投資者情緒對於公司舉債決策、與債務期限之關係，研究樣本為2000年至2019年美國上市公司，並以 Baker and Wurlger (2006) 所建構之情緒指標作為投資者情緒變數進行探討。實證結果發現，投資者情緒將降低公司發行公司債之意願。而投資者情緒將縮短公司債務期限之選擇。另外，考量投資者情緒與公司特徵之交互項，發現投資者情緒與公司特徵之交互作用，分別對於舉債決策、債務期限有不同之影響。綜上所述，由本研究可證實投資者情緒對於公司融資決策存在一定程度的影響力。

Past literature has examined the impact of investor sentiment on corporate financing decision. In this paper, we focus on the impact of investor sentiment on corporate debt decision and debt maturity with sample of U.S. listed companies from 2000 to 2019. This study uses the investor sentiment indicator constructed by Baker and Wurlger (2006). The empirical results indicate that investor sentiment will reduce the corporate willingness to issue debt. In addition, investor sentiment has negative effect on corporate debt maturity. Considering the interaction effects between firm characteristics and investor sentiment, we find that there have different effects on debt issuance willingness and debt maturity respectively. In sum, this study confirms that investor sentiment has a certain degree of influence on corporate financing decisions.

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