本文主旨在探討解除IPOs首五日漲跌幅限制後，投資人情緒與長短期報酬的關係是否受到顯著影響。實證資料採用2001年1月1日至2009年8月31日CMoney法人投資決策支援系統的上市公司財務資料。研究方法以市場週轉率和資券餘額比做為投資人情緒的代理變數，藉以衡量其與持有IPOs股票長短期報酬的關係，並將焦點放在解除IPOs首五日漲跌幅限制的效果。研究結果顯示投資人情緒對持有IPOs各天期報酬的影響已因IPOs首五日漲跌幅限制的解除而有轉變，更精準地說，投資人的樂觀情緒在無漲跌幅限制下可顯著推升股價，提高投資報酬率。

This paper investigates the relationship between investors sentiment and the rate of return, with a focus on the role of IPOs price limit. The data for the empirical study are taken from CMoney, for the period of 2001/1/1 to 2009/8/31. A regression is estimated with the turnover rate and short sale/margin purchase ratio as proxy variables for investors sentiment. The empirical results suggest that investors sentiment has significant impact on the rate of return without IPOs price limit, and generally to a better return in a hot market.