請用此 Handle URI 來引用此文件: http://hdl.handle.net/11455/18780
標題: 智慧資本對初次上市櫃公司新股折價之影響
The Relation between Intellectual Capital and Underpricing of Initial public Offerings Firms
作者: 陳慧玲
Chen, Hui-Ling
關鍵字: Initial public offerings
新上市櫃公司
Underprice
Intellectual capital
Offering price
新股折價
智慧資本
承銷價
出版社: 會計學研究所
摘要: 為瞭解帳面未列示的智慧資本是否會影響新上市櫃公司的折價幅度,本研究將代表企業之財務與非財務性智慧資本分為人力資本、關係資本、流程資本與創新資本,以探討其對新上市櫃公司新股折價、承銷價與上市櫃後股價之影響,並找出核心智慧資本項目與衡量指標。 研究結果發現,未入帳之智慧資本會造成發行公司、承銷商及投資者間之資訊不對稱。相對於一般投資人,公司與承銷商具有較優勢的專業能力可以判斷較多的未入帳智慧資本對企業真實價值的影響故會造成雙方對企業價值的評價落差,進而影響新上市櫃公司新股折價幅度。除此之外,智慧資本不論在新上市櫃公司承銷價的訂定或是上市櫃後蜜月期結束股價表現上,仍具有部份顯著性影響。因此,並非是投資人反應過度而影響初期報酬,而是承銷商與投資者認為未入帳智慧資本對企業價值具有影響所做出之反應。
The purpose of this study is to investigate whether the intellectual capital, which is not recorded in the financial statements, could influence the magnitude of IPOs underpricing. The paper first classify the financial and the non-financial intellectual capital into the human capital, the customer relation capital, the process capital, and the innovation capital. We further examine the relationship of these variables and the IPOs underpricing, offer price, and initial returns, and then find the core intellectual capital items and its measurement indices. These results show that information asymmetry exists among firms, underwriters, and investors, due to the unrecognized intellectual capital. Compared with general investors, firms and underwriters could easily identify the impact of unreconized Intellectual Capital on the intrinsic value of firms, because of their information advantage. Moreover, the intellectual capital has some impacts on the IPOs offer price and the honeymoon period stock price. Therefore, the initial returns is due to the reaction of underwriters and investors who think the unrecognized intangible assets of intellectual capital has the influence on the valuation of firm instead of investors' over reaction to the valuation of firm.
URI: http://hdl.handle.net/11455/18780
顯示於類別:會計學系所

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