承銷商與投資人關心智慧資本嗎？－－台灣IPO公司之實證研究

Are Underwriters and Investors Concerned Regarding Intellectual Capital? Evidence from IPOs in Taiwan

本研究旨在探討智慧資本如何左右承銷商之訂價決策及新股折價之現象，本文根據Edvinsson和Malone(1997)所提出斯堪地亞(Skandia)智慧資本領航者的觀念架構，探究智慧資本對於初次上市.(櫃).公司之承銷價及新股折價之影響。該智慧資本觀念架構甚為完整，其中涵括人力資本、顧客資本、流程資本與創新資本四個構面，本研究同時納入此四個構面，參酌過去文獻找出各個構面之衡量指標，並利用主成份分析法整合多項衡量代理變數，以補足過去文獻僅考量單一構面，或每一個構面僅考量單一指標之研究缺口；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。本研究實證結果指出，當公司所報導的資訊中顯示其所擁有的智慧資本愈多時，則投資人會賦予該公司較高的評價，故承銷商會訂定較高的承銷價格；另外，也會降低與投資人間的資訊不對稱程度，因此新股折價的幅度也會減少。

This study discusses how intellectual capital (IC) influences the pricing decisions of underwriters, and the underpricing phenomenon. Based on the theoretical framework of Skandia's intellectual capital navigator, proposed by Edvinsson and Malone (1997), this research discusses the effect of IC on the offer price and underpricing of initial public offerings (IPOs). The IC concept suggested by Edvinsson and Malone (1997) is comprehensive and holistic, comprising four dimensions: human capital, customer capital, process capital, and innovation capital. Considering the four dimensions proposed, this research examines previous literature to obtain appropriate proxy variables to measure each dimension. For each dimension, we employ principal component analysis to integrate these proxy variables into a single evaluation index. This will compensate for the shortfalls of past research, which only considered a single dimension or a single variable in each dimension. Finally, we use multiple regression analysis to examine the effect of IC on the offer price and underpricing of IPOs. Results from empirical research indicate that the higher the intellectual capital reported by companies is, the better the investors evaluate the company, and subsequently, the higher the offer price set by underwriters is. In addition, a higher intellectual capital reduces information asymmetry between the company and its investors. Thus, the extent of underpricing will also subsequently decrease.