本研究從行為財務學的角度探討錨定效應與投資人情緒對IPO發行折溢價率及上市首日報酬的影響，並進一步檢驗兩者之間是否存在顯著的交互調節關係。本研究以台灣證券交易所2010年至2026年間共844筆首次公開發行案件為樣本，並將同產業一年內歷史發行案例的平均折溢價率及平均首日報酬作為錨定變數。實證結果顯示，近期同產業的發行折溢價水準幾乎等比例地影響新發行案件的訂價結果，且市場情緒在台灣IPO定價過程中同樣扮演不可忽視的角色。
本研究最核心的交互效果檢驗中，錨定變數與情緒主成分的交乘項呈現出差異化的調節型態：在承銷訂價階段，情緒偏高時錨定效應有所削弱；在次級市場首日定價階段，情緒偏高時錨定效應反而有所強化，顯示情緒對錨定效應的調節並非單一方向，而是取決於定價機制所處的階段。

This study explores the impact of anchoring effects and investor sentiment on IPO issuance premium rates and first-day returns from the perspective of behavioral finance, and further examines whether there is a significant interactive moderating relationship between the two. Using a sample of 844 initial public offering (IPO) cases on the Taiwan Stock Exchange from 2010 to 2026, the study employs the average discount/premium rates and average first-day returns of historical issuance cases within the same industry over the past year as anchoring variables. The empirical results show that the recent issuance discount/premium levels within the same industry almost proportionally influence the pricing outcomes of new issuance cases, and that market sentiment also plays an indispensable role in the IPO pricing process in Taiwan.
In the core interaction effect test of this study, the interaction term between the anchoring variable and the principal component of sentiment exhibits differentiated moderating patterns: during the underwriting pricing stage, the anchoring effect is weakened when emotions are elevated; however, during the secondary market first-day pricing stage, the anchoring effect is actually strengthened when emotions are elevated. This indicates that the moderating effect of emotions on the anchoring effect is not unidirectional but depends on the stage of the pricing mechanism.

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