本研究旨在探討臺灣公司於進行初次公開發行時，持有並認列無形資產是否對折價發行程度及長期績效有所影響。本研究以2009年7月至2023年12月間成功在臺灣完成初次公開發行的上市櫃公司做為樣本，並以普通最小平方法進行迴歸實證研究。研究結果顯示，在折價程度方面，無形資產對於對初次公開發行公司之發行折價程度有顯著的正面影響，意即無形資產細項科目揭露越多，將使折價程度越高；在長期股價表現方面，無形資產對初次公開發行公司之長期股價表現同樣帶來顯著的正面影響，同時結果也顯示，揭露專利科目將對長期股價表現帶來負面影響，然而此負面影響並非每一年度皆存在。

The purpose of this study is to investigate whether the recognition and possession of intangible assets by Taiwanese companies before their initial public offerings affect the degree of underpricing and long-term stock performance. Empirical research is conducted using Ordinary Least Squares (OLS) regression, with a sample of listed companies that successfully conducted IPOs from 2009 to 2023. The results show that, in terms of underpricing, intangible assets have a significant positive impact on the degree of underpricing of IPOs, indicating that greater disclosure of detailed items of intangible assets leads to higher degree of underpricing. Regarding long-term stock performance, intangible assets similarly have a significant positive impact on the long-term stock performance of IPO companies. Additionally, the results also indicate that disclosure of patent items has a negative impact on long-term stock performance, although this negative impact is not present in every periods.

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