本研究旨在探討無形資產是否會影響台灣上市/櫃/興櫃公司下市，並將下市樣本分為非自願性下市、自願性下市及因被併購而下市三類。所使用的樣本為2000 年至2016 年間上市/櫃且目前已下市/櫃的公司，共有409 筆觀察值。實證結果顯示，我們可以透過無形資產與商譽的多寡來預測公司在未來一年是否會下市。然而，當我們將樣本區分為非自願性下市、自願性下市及因被併購而下市三類時，我們沒有足夠的證據證明無形資產與商譽的多寡對公司下市是否有影響性。

This paper discusses a binary logistic regression to examine the determinants of the delisting decision from the perspective of intangible assets. In addition, we divide the reasons for delisting into three categories: voluntary delisting firms, acquired firms, and involuntary delisting firms, and examine them respectively. Our sample consist of 409 companies who listed in the stock market from 2000 to 2016 have now delisted.
Our results prove that firms with more intangible assets or goodwill has a higher probability of being delisted. Unfortunately, if we take the delisting category into consideration, those evidences do not support our hypotheses. We are unable to find any significant relationship between intangible assets or goodwill in the Taiwan Stock Market.

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