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系統識別號 U0002-3006201011385600
中文論文名稱 智慧資本與初次上市(櫃)公司承銷價及新股折價之關連性
英文論文名稱 The relationship among Intellectual Capital,offer price and underpricing of IPOs.
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 98
學期 2
出版年 99
研究生中文姓名 陳慧齡
研究生英文姓名 Hui-ling Chen
學號 697600418
學位類別 碩士
語文別 中文
口試日期 2010-06-14
論文頁數 58頁
口試委員 指導教授-陳薇如
指導教授-謝宜樺
委員-戴維芯
委員-蔡湘萍
委員-郭樂平
中文關鍵字 智慧資本  初次上市(櫃)公司  資訊不對稱  承銷價  新股折價 
英文關鍵字 Intellectual Capital  IPOs  information asymmetry  offer price  underpricing 
學科別分類 學科別社會科學商學
中文摘要 本研究探討智慧資本如何影響初次上市(櫃)公司之承銷價及新股折價。本文根據Edvinsson and Malone (1997) 所提出斯堪地亞智慧資本領航者的觀念架構,將代表企業之智慧資本分為人力資本、顧客資本、流程資本與創新資本四個構面,探討其對初次上市(櫃)公司承銷價及新股折價之影響。本研究參酌過去文獻找出智慧資本項目與衡量指標,並利用主成份分析法整合智慧資本四個構面的之代理變數,最後利用複迴歸分析檢定智慧資本對初次上市(櫃)公司之承銷價與新股折價之影響性。實證結果指出當公司智慧資本擁有愈多時,投資人對公司評價較高,承銷商會訂定較高的承銷價格,另外由於智慧資本揭露愈多,投資人的資訊不對稱程度愈小,因此新股折價幅度也會愈小。
英文摘要 This paper investigates the relationship among intellectual capital, offer price, and underpricing of IPOs. According to the concept of Skandia intellectual capital navigator, advanced by Edvinsson and Malone (1997), we categorize the intellectual capital of enterprises into human capital, innovation capital, customer capital and process capital in order to examine the effect on offer price and underpricing of IPOs. According to past literatures, we identify the item and measurement of intellectual capital. Then we use the Principal Component Analysis to build an intellectual capital integrated index. Finally, we test the effect on the offer price and underpricing of IPOs with regression analysis. The empirical evidence indicates that the more intellectual capital disclosed, the higher the valuation of investors is, and the higher IPO offer price is. Moreover, the higher level of disclosure of intellectual capital is, the lower the level of information asymmetry is between managers and investors, and the lower level of underpricing is.
論文目次 目錄
目錄 I
表目錄 II
圖目錄 III
第壹章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 3
第三節 研究流程與論文架構 3
第貳章 文獻探討 6
第一節 智慧資本 6
第二節 初次上市(櫃)公司 19
第三節 智慧資本與公司績效之關連性研究 22
第四節 智慧資本與初次上市(櫃)公司績效之關連性研究 24
第參章 研究方法 26
第一節 研究架構 26
第二節 研究假說 27
第三節 研究期間及研究樣本 28
第四節 統計方法及實證模式 31
第五節 變數定義及衡量 33
第肆章 實證結果 38
第一節 敘述統計 38
第二節 主成份分析 42
第三節 複迴歸分析 43
第伍章 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
第四節 研究貢獻 51
參考文獻 52
中文文獻 52
英文文獻 54


表目錄
表2-1 全球性智慧資本報告 11
表2-2 Stewart智慧資本衡量指標 14
表2-3 加拿大管理會計協會發展智慧資本指標 14
表2-4 我國智慧資本衡量指標重要性調查 15
表3-1 樣本公司年度分佈情形 29
表3-2 樣本公司產業分佈情形 29
表3-3 變數資料來源 30
表4-1 變數之敘述統計 41
表4-2 主成份分析結果 42
表5-1 實證分析結果彙總表 50



圖目錄
圖1-1 論文架構 5
圖2-1 斯堪地亞智慧資本架構圖 8
圖2-2 Roos et al.之智慧資本架構圖 9
圖2-3 吳安妮(2003)智慧資本分類圖 10
圖2-4 初次上市(櫃)公司股價流程圖 19
圖3-1 研究架構圖 26

參考文獻 參考文獻
中文文獻
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吳安妮,2003,智慧資本的類別與評價機制之探討,智慧資本的創造與管理研討會。
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徐中琦、黃騰緯,2007,智慧資本與企業經濟價值關聯性之實證研究,科技管理學刊,第12卷第4期:35-66。
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