本研究以2012 年 01 月至 2022 年 12 月台灣股票市場之上市公司為研究樣本，探討獨特性風險對股票相對低估與高估之影響，並且進一步探討將相對高投資者意見分歧納入考量後，如何影響獨特性風險對於股票相對低估與高估之關係。實證結果發現 (1) 獨特性風險越高會造成當期與預期股票被相對低估與高估的可能性增加以及 (2) 在相對高投資者意見分歧之情境下，會讓獨特性風險對股票當期被相對低估、當期被相對高估與預期被相對低估之正向影響力減弱。這樣的結果不但讓我們了解不同種類的風險，即獨特性風險對於股票相對低估與高估之間的關係，也奠定了投資者意見分歧為這段關係間的影響因素之一，並且協助了我們對於市場的理解以及有效的規避相對低估與高估带来的潛在風險。

This study examines listed companies in the Taiwan stock market from January 2012 to December 2022, exploring how idiosyncratic risk affects relative undervaluation and overvaluation of stocks. It also investigates how high investors' opinion divergence influences this relationship. Results show that higher idiosyncratic risk increases the likelihood of current and expected relative undervaluation and overvaluation of stocks. However, in situations of high investors' opinion divergence, the positive effect of idiosyncratic risk on current and expected relative undervaluation and current relative Oovervaluation weakens. These findings enhance our understanding of how different risk types, specifically idiosyncratic risk, relate to relative undervaluation and overvaluation of stocks. They also establish investors' opinion divergence as a key factor in this relationship. This improves our market understanding and helps in avoiding potential risks associated with relative undervaluation and overvaluation.

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