| Summary: | 碩士 === 國立中正大學 === 會計所 === 95 === Intellectual Capital is able to increase the competitiveness of an enterprise, and it is helpful to increase the value of an enterprise. This research is to discuss whether the increase in the investment of Intellectual Capital for a IPO company can motivate investors in the stock market and underwriters to increase the purchase of the company’s shares; therefore, IPO pricing can be set much higher. Here, the research will focus on the relationship between the R&D expense, advertisement expense, depreciation expense, accounted intangible asset and IPO pricing of replacing Intellectual Capital. Meanwhile, it also discusses whether there is a negative moderation effect on the correlation between Intellectual Capital and IPO pricing of a IPO company when the company has problems controlling shareholder agency.
The empirical evidence shows the IPO pricing will be higher when IPO company has larger R&D expenses and accounted intangible assets. When the Intellectual Capital composite index consisted of R&D expense, advertisement expense, and accounted intangible asset goes up, IPO pricing goes up likewise. When the IPO company has problems in controlling shareholder agency, there is a negative moderation effect on the correlation between R&D expense, advertisement expense, and IPO pricing. Nonetheless, this problem also brings a negative moderation effect on the correlation between the underwriting price and the Intellectual Capital composite index consisted of R&D expense, advertisement expense, and accounted intangible asset.
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