"全球SPAC趨勢下, 台灣企業赴美掛牌上市案例研究"

Abstract

受新冠疫情影響，2020年為特殊目的收購公司（SPAC）爆發性成長的一年，SPAC自此以後不只成為一個熱門關鍵詞，也成為許多未上市公司快速上市的管道。此外，SPAC在2022年因為台灣電動機車龍頭Gogoro在美國透過SPAC的方式掛牌上市，又在台灣掀起一陣炫風。 本論文藉由案例研究的方法，利用公開資料深入了解兩家台灣企業成功赴美掛牌上市的案例，分別站在收購公司與被收購公司兩個角度，從中觀察與分析企業透過SPAC上市的原因。本研究亦歸納出以下兩點： 首先，收購公司因有時間限制，需積極找尋併購目標。本文之台灣SPAC公司個案，即在考量時間與估值規模等因素後併購台灣生技業企業之機率較低。 其次，被收購公司採取SPAC上市是因為可以藉其耗時短之優勢來加快籌資速度，讓欲快速成長之新創可以藉此擴大企業規模，達規模經濟之效果。 透過本研究案例亦觀察出台灣企業大多具備國際競爭力，為不少世界產業龍頭與獨角獸的搖籃，但它們卻在海外上市，顯示台灣資本市場仍較保守。經分析後，礙於法規與台灣市場環境限制，台灣現階段引進SPAC制度的可行性較低。

Affected by COVID-19, the number of SPAC grew explosively in 2020. Since then, SPAC has not only become a buzzword, but also a channel for many unlisted companies to go public quickly. In addition, SPAC has become popular in Taiwan since 2022 because the leading electric scooter company listed in NASDAQ through SPAC. This paper uses case study approach to gain insight into two successful Taiwanese cases from the perspective of both the acquiring company and the acquired company. This study also summarizes the following two points: First of all, due to the time constraint of acquiring a company, it has to search for the target actively. The case of Taiwanese SPAC shows that it is less likely to acquire a Taiwanese biotech company after considering factors such as time and valuation scale. Secondly, the acquired companies listed through SPAC because they can speed up by taking advantage of raising capital in a short time. This allows company to expand their scale rapidly. Observing that many Taiwanese companies are global industry leaders and unicorns, but listed overseas, we indicated that Taiwan’s capital market is still relatively conservative. After analysis, the feasibility of introducing SPAC in Taiwan at this stage is relatively low due to Taiwan’s regulations and environment constraints.