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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 蔡英欣 | zh_TW |
dc.contributor.advisor | Ying-Hsin Tsai | en |
dc.contributor.author | 陳翊心 | zh_TW |
dc.contributor.author | Yi-Sin Chen | en |
dc.date.accessioned | 2023-01-10T17:03:24Z | - |
dc.date.available | 2023-11-09 | - |
dc.date.copyright | 2023-01-07 | - |
dc.date.issued | 2022 | - |
dc.date.submitted | 2002-01-01 | - |
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(July 13, 2020), available at https://www.wsj.com/articles/blank-check-boom-gets-boost-from-coronavirus-11594632601. Peirce, Hester M., Damning and Deeming: Dissenting Statement on Shell Companies, Projections, and SPACs Proposal (March 30, 2022), available at https://www.sec.gov/news/statement/peirce-statement-spac-proposal-033022. Peirce, Hester M., Statement Regarding SPAC Matter, Projections, and SPACs Proposal (April 15, 2022), available at https://www.sec.gov/news/statement/peirce-spac-20220415. Rose, Amanda M., SPAC Mergers, IPOs, and the PSLRA's Safe Harbor: Unpacking Claims of Regulatory Arbitrage (May 19, 2021), available at https://ssrn.com/abstract=3945975 or http://dx.doi.org/10.2139/ssrn.3945975. Spaman, Holger, Indirect Investor Protection: The Investment Ecosystem and Its Legal Underpinnings, Harvard Law School John M. Olin Center Discussion Paper No. 1046(June 20, 2021), available at https://ssrn.com/abstract=3707249 or http://dx.doi.org/10.2139/ssrn.3707249. Stegemoeller, Mark A. & Yu, Kai-Hua, The Impact of Sarbanes-Oxley on IPOs and High Yield Debt Issuers (2008), available at https://www.lw.com/thoughtLeadership/the-impact-of-sarbanes-oxley-on-ipos-and-high-yield-debt-issuers. Tuch, Andrew F. & Seligman, Joel, The Further Erosion of Investor Protection: Expanded Exemptions, SPAC Mergers and Direct Listings, WASHINGTON UNIVERSITY IN ST. LOUIS LEGAL STUDIES RESEARCH PAPER NO. 22-01-03 (2021), available at https://ssrn.com/abstract=4020460. (四) 其他 U.S. Bureau of Labor Statistics, Survival of private sector establishments by opening year, available at https://www.bls.gov/bdm/us_age_naics_00_table7.txt. SEC Investor Alerts and Bulletins, What You Need to Know About SPACs – Updated Investor Bulletin (May 25, 2021), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/what-you-need-know-about-spacs-investor-bulletin. 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Sidley, Expansive New SEC Rule Proposals Seek to Rewrite the SPAC Playbook (April 5, 2022), available at https://ma-litigation.sidley.com/2022/04/expansive-new-sec-rule-proposals-seek-to-rewrite-the-spac-playbook/ Committee on Capital Markets Regulation, Nothing But The Facts: Retail Investors and Special Purpose Acquisition Companies (Oct. 19, 2021), available at https://www.capmktsreg.org/wp-content/uploads/2021/10/CCMR-NBTF-SPACs-Retail-Investors.pdf Deloitte, Distinguishing liabilities from equity On the Radar: Financial reporting impacts of ASC 480, available at https://www2.deloitte.com/us/en/pages/audit/articles/a-roadmap-to-distinguishing-liabilities-from-equity.html. How Unicorns Grow, HARV. BUS. REV. (Jan-Feb 2016), available at https://hbr.org/2016/01/how-unicorns-grow. Deloitte, Financial Reporting Alert 20-6 (October 2, 2020), Accounting and SEC Reporting Considerations for SPAC Transactions(Updated April 11, 2022). Investopedia, How Many Startups Fail and Why? (November 09,2020), available at https://www.investopedia.com/articles/personal-finance/040915/how-many-startups-fail-and-why.asp. WHITE&CASE, SEC Proposes Rules to Regulate SPACs (April 18, 2022), available at https://www.whitecase.com/publications/alert/sec-proposes-rules-regulate-spacs. Veal, Angela, SPAC Warrants: 8 Frequently Asked Questions (May 17,2021), available at https://www.eisneramper.com/spac-warrants-faqs-0421/. PwC, 7.3 Classification of preferred stock, available at https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/financing_transactio/financing_transactio_US/chapter_7_preferred__US/73_classification_of_US.html. SPAC制度の在り方等に関する研究会(2022),SPAC上場制度の投資者保護上の論点整理,https://www.jpx.co.jp/equities/improvements/spac/nlsgeu000005s68v-att/nlsgeu0000066ga8.pdf。 | - |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/83161 | - |
dc.description.abstract | 「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。 | zh_TW |
dc.description.abstract | 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. | en |
dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2023-01-10T17:03:24Z No. of bitstreams: 0 | en |
dc.description.provenance | Made available in DSpace on 2023-01-10T17:03:24Z (GMT). No. of bitstreams: 0 | en |
dc.description.tableofcontents | 第一章、 緒論 1 第一節、 研究動機與目標 1 第二節、 研究方法 3 第三節、 研究範圍與研究架構 3 第二章、 我國新創公司相關募資制度之概覽 6 第一節、 新創公司應被重視之緣由 6 第一項、 新創公司定義與特性 6 第二項、 新創公司募資之特點 11 第二節、 我國新創公司募資制度現況與檢討 16 第一項、 我國新創公司相關優惠制度回顧 16 第二項、 政策實施問題 24 第三章、 新創公司於資本市場中的載浮載沉 29 第一節、 資本市場規範溯源與組織 29 第一項、 股權籌資 29 第二項、 規範目的 30 第三項、 監理機關定位與互動關係 31 第二節、 我國現行相關法律規定 39 第一項、 公開發行程序 40 第二項、 上市條件與規範 43 第三項、 基石投資人制度 62 第三節、 我國現行制度缺陷導致之募資困境 64 第一項、 上市條件之諸多限制 64 第二項、 法律遵循成本高、無效揭露 67 第三項、 初次公開發行抑價 68 第四節、 小結 69 第四章、 特殊目的併購公司(SPAC) 71 第一節、 SPAC概要 71 第一項、 SPAC的前世今生 72 第二項、 SPAC使用誘因 81 第三項、 SPAC與反向併購、借殼上市之異同 83 第二節、 SPAC營運架構 84 第一項、 特殊之股權設計 84 第二項、 高度託管及取回權設計 86 第三項、 財務資料較單純 89 第四項、 高度倚靠經營團隊 89 第五項、 併購後由SPAC存續 91 第三節、 美國SPAC相關監理規範 92 第一項、 上市、募資階段 92 第二項、 營運、併購階段 96 第四節、 美國運行現況與問題 102 第一項、 財務預測規範不一致 102 第二項、 雙重否決權之謬誤 105 第三項、 併購公開說明書不實案例 107 第四項、 守門人之缺席 111 第五項、 結構性利益衝突 113 第六項、 新形態SPAC誕生 117 第七項、 2022年3月修法草案 119 第五節、 小結 126 第五章、 探討我國引進SPAC之可能性 130 第一節、 我國現有之借殼上市監理措施 130 第一項、 規範對象與要件 132 第二項、 資訊公開 134 第三項、 處置措施三階段 136 第四項、 其他配套措施 141 第五項、 修正借殼上市監理規範 142 第二節、 SPAC之風險與現有規範相容性 145 第一項、 上市、募資階段 145 第二項、 營運與併購階段 155 第三節、 對我國之建議 166 第六章、 結論與展望 171 參考資料 177 | - |
dc.language.iso | zh_TW | - |
dc.title | 新創企業募資制度之反思—以SPAC引進可行性為核心 | zh_TW |
dc.title | Fundraising for Start-ups — Focus on The Introduction of SPAC | en |
dc.title.alternative | Fundraising for Start-ups — Focus on The Introduction of SPAC | - |
dc.type | Thesis | - |
dc.date.schoolyear | 110-2 | - |
dc.description.degree | 碩士 | - |
dc.contributor.oralexamcommittee | 江朝聖;邵慶平 | zh_TW |
dc.contributor.oralexamcommittee | Chao-Sheng Chiang;Ching-Ping Shao | en |
dc.subject.keyword | 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, | zh_TW |
dc.subject.keyword | fundraising for Startups,public offerting,Special Purpose Acquisition Company,invesrtor protection,conflict of interest, | en |
dc.relation.page | 191 | - |
dc.identifier.doi | 10.6342/NTU202203653 | - |
dc.rights.note | 同意授權(全球公開) | - |
dc.date.accepted | 2022-09-23 | - |
dc.contributor.author-college | 法律學院 | - |
dc.contributor.author-dept | 法律學系 | - |
dc.date.embargo-lift | 2027-09-20 | - |
顯示於系所單位: | 法律學系 |
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