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 is influenced by intangible assets on accounting-related information asymmetry and intellectual capital. Our results find that some evidences supported that the accounting-related information asymmetry of intangible assets affects discount of private equity placements. In addition, we classify intellectual capital into three aspects, human capital, structure capital and relationship capital. We find that excellent human capital and relationship capital helps companies mitigate the discount of private equity placements. However, the structure capital is insignificantly associated with the discount of private equity placements. Finally, this research provides authorities and companies the future implications on intangible asset valuation, intellectual capital evaluation and private placements regime.