無形資產、智慧資本與私募股權折價

Intangible Assets, Intellectual Capital and the Discount of Private Equity Placements

本研究主要在探討公司的「無形資產」產生的會計性資訊不對稱與「智慧資本」中的人力資本、結構資本與關係資本是否會對於公司進行私募股權的折價幅度產生影響。研究結果顯示，當無形資產的會計性資訊不對稱愈大時，表示公司未來價值較難以被傳遞，使得私募折價幅度會愈大；另一方面，研究亦發現當公司智慧資本中的人力資本與關係資本愈好時，較能夠縮減私募折價的幅度，而結構資本與私募折價幅度則無顯著的關聯性。本研究結果將可提供主管機關對於我國公司無形資產及智慧資本評價與私募制度進行檢視，並可進一步作為未來改善的參考。 This research investigates that how the discount of private equity placements isinfluenced by intangible assets on accounting-related information asymmetry andintellectual capital. Our results find that some evidences supported that theaccounting-related information asymmetry of intangible assets affects discount of privateequity placements. In addition, we classify intellectual capital into three aspects, humancapital, structure capital and relationship capital. We find that excellent human capital andrelationship capital helps companies mitigate the discount of private equity placements.However, the structure capital is insignificantly associated with the discount of privateequity placements. Finally, this research provides authorities and companies the futureimplications on intangible asset valuation, intellectual capital evaluation and privateplacements regime.