本文檢測國際會計準則公報(IFRS)的實施對台灣初次公開發行公司(IPO)折價幅度的影響。本文預期IFRS的實施能降低投資人資訊不對稱的情形，從而使得投資人能更精確評估公司價值，進而降低IPO折價的幅度。實證結果顯示在實施IFRS前後，IPO折價幅度有顯著的差異，特別是在IFRS實施後，IPO折價幅度顯著降低。此外，股價淨值比在實施IFRS後，也變得較低。此一結果隱含實施IFRS後，投資人更能精確評估公司的價值。

This paper investigates the effect of the adoption of international financial reporting standards (IFRS) on the underpricing of IPOs in the Taiwan’s capital market during the period of 2009-2013. I expect that the IFRS could reduce information asymmetry and allow a lowering of the level of initial underpricing by accurately valuing the stocks of the companies. Our results show the significant differences in the level of underpricing before and after the application of the IFRS. This level decreased significantly after the application of IFRS, as did the changes in the market-to-book ratio of securities traded for the first time.

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