本研究探討智慧資本如何影響初次上市(櫃)公司之承銷價及新股折價。本文根據Edvinsson and Malone (1997) 所提出斯堪地亞智慧資本領航者的觀念架構,將代表企業之智慧資本分為人力資本、顧客資本、流程資本與創新資本四個構面,探討其對初次上市(櫃)公司承銷價及新股折價之影響。本研究參酌過去文獻找出智慧資本項目與衡量指標,並利用主成份分析法整合智慧資本四個構面的之代理變數,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性。實證結果指出當公司智慧資本擁有愈多時,投資人對公司評價較高,承銷商會訂定較高的承銷價格,另外由於智慧資本揭露愈多,投資人的資訊不對稱程度愈小,因此新股折價幅度也會愈小。 This paper investigates the relationship among intellectual capital, offer price, and underpricing of IPOs. According to the concept of Skandia intellectual capital navigator, advanced by Edvinsson and Malone (1997), we categorize the intellectual capital of enterprises into human capital, innovation capital, customer capital and process capital in order to examine the effect on offer price and underpricing of IPOs. According to past literatures, we identify the item and measurement of intellectual capital. Then we use the Principal Component Analysis to build an intellectual capital integrated index. Finally, we test the effect on the offer price and underpricing of IPOs with regression analysis. The empirical evidence indicates that the more intellectual capital disclosed, the higher the valuation of investors is, and the higher IPO offer price is. Moreover, the higher level of disclosure of intellectual capital is, the lower the level of information asymmetry is between managers and investors, and the lower level of underpricing is.