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.

目 次

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構與流程 5

第二章 文獻探討 7
第一節 智慧資本相關文獻 7
第二節 新上市櫃公司之相關文獻 26

第三章 研究方法 34
第一節 研究設計與流程 34
第二節 研究假說 34
第三節 資料來源與取樣標準 40
第四節 實證模式 44
第五節 變數定義 45
第六節 統計方法 50

第四章 實證結果分析 53
第一節 敘述性統計分析 53
第二節 因素分析結果 56
第三節 複迴歸分析 62

第五章 結論與建議 75
第一節 研究結論 75
第二節 研究限制 77
第三節 研究建議 78

參考文獻 79
表目次

表2-1 Stewart 智慧資本衡量指標 13
表2-2 全球性智慧資本報告 15
表2-3 SMAC智慧資本衡量指標 17
表2-4 智慧資本衡量指標彙總表 21
表3-1 變數資料來源彙總 42
表4-1 變數之敘述性統計 55
表4-2 KMO與Bartlett檢定 56
表4-3 轉軸後的因素矩陣-人力資本構面 57
表4-4 轉軸後的因素矩陣-創新資本構面 58
表4-5 轉軸後的因素矩陣-流程資本構面 59
表4-6 轉軸後的因素矩陣-關係資本構面 60
表4-7 因素分析結果彙總 61
表4-8 折價幅度-迴歸分析結果 65
表4-9 承銷價-迴歸分析結果 69
表4-10 初期股價-迴歸分析結果 72
表4-11 迴歸分析結果彙整 74

圖目次

圖1-1 研究流程圖 6
圖2-1 斯堪地亞智慧資本架構圖 10
圖2-2 斯堪地亞智慧資本導航者 14
圖2-3 平衡績效衡量系統 18
圖2-4 新上市櫃公司股價流程 26
圖3-1 研究設計流程 34

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