公司財務績效與投資人情緒對處分效果之影響

The Impact of Corporate Financial Performance and Investor Sentiment on the Disposition Effect

This paper aims to discuss the impact of the corporate financial performance and investor sentiment on the disposition effect. The financial performance of the corporate is measured by the combined financial ratios of the ''Taiwan TOP 5000'' ranking by CRIF, the investor sentiment is measured by the sum of turnover rate of Lin et al. (2012) , and the disposition effect is measured by the disposition coefficient of Weber and Camerer (1998) . The empirical results show that: (1) the better the financial performance of the corporate, the larger the𝑆+, and the more significant of the disposition effect; (2) the more optimistic of the investor sentiment, the smaller the𝑆−, and the more significant of the disposition effect; (3) when the corporate financial performance is poor, the more optimistic of the investor sentiment, the more significant of the disposition effect; (4) under the certain investor sentiment, the better the company's financial performance, the more significant of the disposition effect.