發放股東會紀念品為台灣證券市場特有之現象，雖蔚然成風，然其對公司價值的真實效益在學理與實務間仍缺乏定論。為釐清此一迷霧，本研究從行為財務學的「迎合理論」（Catering Theory）切入，以 2015 至 2024 年逾 1.6 萬筆觀測值建立計量模型，並納入財務結構（如資產報酬率、負債比）與股權特性（如自然人持股比例）等多維度變數進行嚴謹實證。結果揭示了經營階層的決策真相：獲利能力越差且散戶比例越高的公司，越傾向發放股東會紀念品，證實此為一種安撫龐大股東壓力的「補償性迎合」策略。正因市場識破此負面訊號，故在一般時期給予顯著的股價折價，即「迎合的代價」，且以高變現性的「票卡類股東會紀念品」折價最深。然而，在 COVID-19 疫情衝擊下，此理性評價暫時被感性的「苦悶慰藉」需求所減輕。本研究貢獻在於，透過連結公司體質與決策動機，精確量化了迎合行為的真實成本，為迎合理論在台灣證券市場的運作機制提供了具穿透力的嶄新詮釋。

The distribution of shareholder meeting souvenirs is a unique phenomenon in Taiwan's securities market. Although it has become a prevailing practice, its true effect on firm value lacks consensus in both academic and practical spheres. To demystify this phenomenon, this study investigates the issue through the lens of "Catering Theory" from behavioral finance. Utilizing a robust econometric model with over 16,000 observations of listed companies in Taiwan from 2015 to 2024, this study incorporates multidimensional variables, including financial structure (e.g., Return on Assets) and equity characteristics (e.g., natural person shareholding ratio), for rigorous empirical analysis. The results reveal the truth behind management decisions: companies with poorer profitability and higher retail shareholding are significantly more prone to distributing souvenirs, confirming this behavior as a "Compensatory Catering" strategy aimed at soothing the pressure from a massive retail shareholder base. As the market deciphers this negative signal, such catering behavior incurs a significant stock price discount during general periods, termed the "Cost of Catering," with high-liquidity "Card-type" souvenirs suffering the deepest discount. However, under the impact of the COVID-19 pandemic, this rational valuation was temporarily mitigated by the emotional demand for "Sorrow Relief." The contribution of this study lies in bridging corporate fundamentals with decision motives to precisely quantify the real cost of catering, thereby providing a penetrating new interpretation of the mechanism of Catering Theory in Taiwan's securities market.

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