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標題: | 新創企業募資制度之反思—以SPAC引進可行性為核心 Fundraising for Start-ups — Focus on The Introduction of SPAC |
其他標題: | Fundraising for Start-ups — Focus on The Introduction of SPAC |
作者: | 陳翊心 Yi-Sin Chen |
指導教授: | 蔡英欣 Ying-Hsin Tsai |
關鍵字: | 新創募資制度,上市制度,特殊目的併購公司,投資人保護,利益衝突, fundraising for Startups,public offerting,Special Purpose Acquisition Company,invesrtor protection,conflict of interest, |
出版年 : | 2022 |
學位: | 碩士 |
摘要: | 「新創企業」乃利用創新方式進行、具發展性之事業,不論是技術或是商業模式,新創企業增加工作進展效率同時也可以節省成本,創造更高的價值,各國都希望成為獨角獸的產地。而資金乃企業發展不可或缺的一環,但新創之特性使得其難以順利募資,尤其新創企業憑藉創辦人、親友、天使投資人的信任渡過前期後,資金取得便成為新創企業能否繼續存活的關鍵。我國政府曾推出多項政策協助培養新創企業,然而卻也沒有真正留住獨角獸,讓筆者不禁反思,撇除市場資金量大小外,我國的制度面是否仍有可以改善之處? 對於新創企業而言,IPO 似乎已非新創企業募資之首選,冗長的輔導期間拖累新創企業在瞬息萬變的市場搶占一席之地;過高的法律遵循成本也使新創企業難以負荷,而獨角獸gogoro所選擇的SPAC似乎已成為新創募資的新興途徑。SPAC在過去兩年以來大量被採用,多國資本市場已經導入相似制度,但我國政府卻表明台灣目前不適合引進而未多說明。因此本文希望能夠透過分析SPAC的歷史與特性,就過去、現階段SPAC實務操作上遭遇的難題與風險,以美國的管制經驗、現行監管動態回應我國主管機關的擔憂,並就我國的國情、制度架構給予建議,希望能夠協助我國在保護投資人的前提下,建立一個友善新創之募資環境,留住充滿希望的新創企業。 If an entrepreneur undertakes a business in an innovative way in terms of technology or business model and seeks to develop the business into a large scale, this business is called a Startup. A successful Startup often helps its clients improve the efficiency of their lives and therefore brings positive externalities to society. All countries want to become the birthplace of Unicorns. Funds are an indispensable part of developing a successful Startup, however, the characteristics of a Startup seriously impede its fundraising. In the early stage, a Startup gains funds from its founders, relatives of founders, and Angel investors. Later, successful fundraising becomes a key point of whether a Startup can survive. The Taiwanese government once implemented several policies to assist Startups. However, the authorities failed to create an attractive environment for Unicorns. Putting the amount of capital in the market aside, the author wonders if we can improve the Taiwanese regulations in order to become the birthplace of Unicorns. For a Startup, an IPO is no longer the first choice when it comes to fundraising. The extremely long period of pre-listing advisory guidance inhibits a Startup from getting a good position in the dynamic market. Also, the high cost of regulation compliance is unaffordable for a Startup. SPAC (Special Purpose Acquisition Company) is becoming a new way of fundraising for a Startup. In the past two years, Startups often used SPAC to raise funds. One such company is the Unicorn Gogoro. Many countries have introduced systems similar to SPAC to their capital markets. However, without an explanation, the Taiwanese government declared that it is not suitable to introduce a similar system to the Taiwanese capital market. This thesis analyzes the history and features of SPAC, the risks and problems of SPAC in practice, and the experience of the competent American authority regarding the supervision of SPAC. Based on this analysis, the domestic conditions, and the Taiwanese Regulation, the thesis gives recommendations to the competent Taiwanese authority regarding SPAC. The author hopes to help the Taiwanese authority create an attractive and friendly fundraising environment for a Startup, provided that investors are protected. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/83161 |
DOI: | 10.6342/NTU202203653 |
全文授權: | 同意授權(全球公開) |
電子全文公開日期: | 2027-09-20 |
顯示於系所單位: | 法律學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
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U0001-2009202215212800.pdf 此日期後於網路公開 2027-09-20 | 3.91 MB | Adobe PDF |
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