臺灣博碩士論文加值系統

由於智慧資本的重要性增加，為了解財務報表中未入帳智慧資本愈多，是否會因「會計性資訊不對稱」而影響新上市公司折價的幅度與蜜月期持續的期間。本研究以Pulic（2000a, b）的智慧資本增值係數（VAIC）當作衡量智慧資本的代理變數，檢驗智慧資本及其組成因子與新股上市異常現象之間的關係。
研究結果發現，財務報表中未入帳或是無法入帳的智慧資本愈多，新上市股票的折價幅度就愈大；VAIC之個別組成因子對新股折價幅度的影響並不顯著且比VAIC少；在控制VAIC的結構資本效率係數（SCVA）後，並未發現研發費用支出及廣告費用支出對新上市股票折價幅度之影響。智慧資本的多寡與其個別組成因子皆無法證明對蜜月期持續期間的長短有顯著影響，但在控制VAIC的SCVA後，結果顯示研發費用支出愈大，蜜月期持續期間也愈長。因此，智慧資本是造成新股異常現象的原因之一。

The intellectual capital is getting more and more important. In order to investigate whether the intellectual capital, which is not recorded in the financial statements, could influence the magnitude of initial public offering underpricing and duration of honeymoon. This study is using Pulic’s (2000a, b) Value Added Intellectual Coefficient（VAICTM） as the proxy to measure the intellectual capital and examine the relationship between intellectual capital and IPO anomalies.
The results from this investigation indicate that the intellectual capital is significantly positive association with IPO underpricing. The aggregate measure of VAIC have higher explanatory power for IPO underpricing than the three components of VAIC. The IPO underpricing are not higher after controlling for the structural capital efficiency（SCVA）of VAIC. There is no evidence to demonstrate that the intellectual capital and the three components of VAIC have significant association with duration of honeymoon. However, the result indicates that more R&D expenditures have longer honeymoon periods. Therefore, the intellectual capital is one of the reasons that makes IPO anomalies.

中文摘要 I
英文摘要 II
謝誌 III
目錄 IV
表目錄 V
圖目錄 VI
目 錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究架構 6
第二章 文獻探討 9
第一節 智慧資本相關文獻 9
第二節 上市櫃公司異常現象相關文獻 13
第三章 研究設計 17
第一節 研究期間與樣本 17
第二節 研究假說 20
第三節 研究變數定義 21
第四節 實證模型 28
第四章 實證結果與分析 31
第一節 敘述性統計分析 31
第二節 多變量分析 35
第三節 敏感性分析 43
第五章 結論與建議 49
第一節 研究結論 49
第二節 研究限制 50
第三節 研究建議 51
參考文獻 52
一、中文文獻 52
二、英文文獻 54

表目錄
表2-1 智慧資本定義之彙總表 10
表3-1 樣本公司分布彙總表 18
表3-2 新股折價發行樣本公司分布彙總表 19
表3-3 樣本篩選 19
表4-1 各變數之敘述統計量 33
表4-2 智慧資本與新股上市時股票折價幅度之實證結果 37
表4-3 智慧資本與新股上市時蜜月期持續期間之實證結果 39
表4-4 智慧資本之個別組成因子與新股上市時蜜月期持續期間之實
證結果 42
表4-5 研發費用及廣告費用對新股折價幅度之實證結果 45
表4-6 研發費用及廣告費用對蜜月期持續期間之實證結果 47

圖目錄
圖1-1：研究流程圖 8
圖2-1：智慧資本概念圖 10
圖2-2：斯堪地亞智慧資本架構圖 11

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