過去的相關研究認為，IPO初期偏低定價和長期績效不佳可歸因於資訊不對稱和投資者評估錯誤所致，不過這些研究卻很少提出造成資訊不對稱的原因。本研究的主要目的在於證明研究發展活動（R&D）對資訊不對稱的貢獻，並探討研究發展活動對於IPO初期偏低定價的影響，以及檢視研發強度高的公司是否會發生長期績效不佳的現象。
本研究以1991年至2003年間702個台灣新上市（櫃）公司股票為研究對象，並檢驗資訊不對稱的來源，即發行公司的研究發展活動（R&D）。本研究發現，研究發展活動可顯著影響IPO初期偏低定價和長期績效，研究結果如下：（1）R&D與偏低定價為正相關，（2）R&D與長期績效呈現正相關。

Prior relative studies document that the initial underpricing and long-term underperformance of IPOs are due to information asymmetry and investors’ misevaluations. However, these studies rarely identify the source of information asymmetry. The purpose of this study is to identify the contribution of R&D to information asymmetry. We then discuss the influence of R&D on initial underpricing of IPOs, and examine whether the long-term underperformance exists in R&D-intensive companies or not.
Based on a sample of 702 Taiwen IPOs issued during 1991-2003, this study identify the source of information asymmetry — the R&D activities of issuers. Our findings indicate that these activities significantly affect both the initial underpricing of IPOs and their long-term performance. The results can be summarized as follows. (1) R&D is positively correlated with underpricing. (2) R&D is positively related to long-term performance.

致謝辭-------------------------------------------------------- Ⅰ
中文摘要------------------------------------------------------ Ⅱ
ABSTRACT--------------------------------------------------- Ⅲ
目錄---------------------------------------------------------- Ⅳ
表目錄-------------------------------------------------------- Ⅴ
第一章 緒論------------------------------------------------ 1
第一節 研究動機-------------------------------------------- 1
第二節 研究目的-------------------------------------------- 2
第三節 研究流程-------------------------------------------- 3
第四節 研究架構-------------------------------------------- 5
第二章 文獻探討-------------------------------------------- 6
第一節 新上市（櫃）公司短期績效------------------------------- 6
第二節 新上市（櫃）公司長期績效------------------------------- 11
第三節 R&D 相關實證文獻----------------------------------- 14
第三章 研究方法--------------------------------------------- 17
第一節 研究樣本與資料來源---------------------------------- 17
第二節 研究變數之操作性定義-------------------------------- 18
第三節 研究設計-------------------------------------------- 20
第四章 實證結果-------------------------------------------- 25
第一節 短期績效-------------------------------------------- 25
第二節 長期績效-------------------------------------------- 30
第五章 結論與建議------------------------------------------ 34
第一節 結論------------------------------------------------ 34
第二節 研究建議-------------------------------------------- 35
參考文獻------------------------------------------------------ 36

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