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題名：無形資產、新股折價與內部人持股關係之研究
書刊名：會計評論
作者：金成隆 引用關係／林修葳 引用關係／洪郁珊
作者(外文)：Chin, Chen-lung／Lin, William Hsiou-wei／Hong, Ju-sen
出版日期：2003
卷期：36
頁次：頁23-53
主題關鍵詞：無形資產；會計性資訊不對稱；新股折價；內部人持股；資訊不對稱；Intangible assets；Accounting-related Information asymmetry；IPO under-pricing；Insider holding；Information asymmetry
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  • 被引用次數被引用次數:期刊(24) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:24
  • 共同引用共同引用:159
  • 點閱點閱:71
　　　　　本研究探討財務報表中未入帳無形資產較多的新上市公司，是否會因為上市初期「會計性資訊不對稱」，使得期股票折價幅度較大；同時檢測此種「會計性資訊瓜對稱」愈大時，內部人持股變動數是否也會增加。研究結果顯示，未認列無形資產愈多，新股上市時折價幅度並未比較大；而如果以上市後一年為折算期間，則在「會計性資訊不對稱」愈大時，長期性折價幅度也愈大，惟僅達到迖際顯著。本研究同時發?，「一般性資訊不對稱」情況愈嚴重，新股上市折價幅度也愈大；研究結果也顯示，除「一般性資訊不對稱」之外，「會計性資訊不對稱」情況比較嚴重的公司，新股上市時的內部人持股增加數也較高。因此，無形資產是造成資訊不對稱的重要原因。
　　　　　This paper examines the extent accounting-related information asymmetry and/or general information asymmetry help explain the magnitude of initial public offering (hereafter IPO) under-pricing. Our empirical tests document insignificant association between unrecognized intangible assets and IPO under-pricing. Nevertheless, our findings support the notion that general information asymmetry helps explain IPO under-pricing. Furthermore, our tests with an alternative proxy for magnitude of long-term under-pricing document marginally significant results that the subsequent-year under-pricing increases with our proxies for unrecognized intangible assets. Finally, the changes in insider holdings appear to increase with the proportion of unrecognized intangible assets of IPO firms. Intangible assets are thus a major variable to information asymmetry, under-pricing and insider gains in IPO.
期刊論文
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研究報告
1.Kallapur, S.、Kwan, S.(2000)。The Value of Relevance of Brand Assets Recognized by UK Firms。Purdue University。  new window
2.Kothari, S. P.、Laguerre, T.、Leone, A.(1998)。Capitalization Versus Expensing: Evidence on the Uncertainty of Future Earnings from Current Investments in PP&E and R&D。University of Rochester。  new window
3.Jeng, Leslie A.、Metrick, Andrew.、Zeckhuser, Richard.(1999)。The Profits to Insider Trading: A Performance Evaluation Perspective。National Bureau of Economic Research。  new window
4.Kasznik, R.(1997)。Financial Reporting Discretion and Corporate Disclosure Policies: Evidence from the Software Industry。沒有紀錄。  new window
圖書
1.Johnston, J.(1984)。Econometric Methods。New York, NY：McGraw-Hill Borh Company。  new window
2.Beaver, W. H.(1999)。Financial Reporting: An Accounting Revolution。Financial Reporting: An Accounting Revolution。Englewood Cliffs, NJ。  new window
圖書論文
1.Jog, V.(1997)。The climate for Canadian initial public offerings。Financing Growth in Canada。University of Calgary Press。  new window
 
 
 
 
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