SPAC 管理團隊特徵多樣性與公司績效

Abstract

SPAC是私募股權投資和IPO的創新性結合，為以增長為導向和新興行業提供了更快速、明確的上市管道。SPAC的管理團隊在所有必要的流程中扮演著關鍵角色，與傳統IPO中的董事會具有類似的職能。本文基於對SPAC上市模式、業務流程和市場狀況的詳細說明，針對管理團隊背景特徵的多樣性對SPAC融資、時限、和短/長期績效的影響進行了深入分析。分析結果顯示，SPAC管理團隊的教育背景多樣性、過去的風險投資/私募股權經驗、以往SPAC經驗和團隊規模多樣性對SPAC的整體績效有積極影響；而教育程度多樣性和創業經驗則具有相反的效果。管理團隊的年齡多樣性和工作經驗多樣性對於SPAC整體績效的影響表現出混合的效應。透過對在美國上市的SPAC管理團隊背景特徵多樣性的分析，旨在為未來關於SPAC績效決定因素的研究提供一個分析框架，並對SPAC管理團隊的組成提供相關的建議。

SPAC is an innovative combination of private equity investments and IPO, providing a faster and more definitive listing channel for growth-oriented and innovative industries. The management team of a SPAC plays a crucial role in all necessary processes, just like the board of directors in traditional IPOs. This paper, based on a detailed explanation of the SPAC listing model, business processes, and market status, conducts an in-depth analysis of the impact of diversity in various background characteristics of the management team on SPAC financing, timelines, and short- and long-term performance. I find that the educational background diversity, the past VC/PE experience, the SPAC experience, and team size diversity of the SPAC management team all have a promoting impact on the overall performance of SPACs, while the educational degree diversity and business founding experience ratio have the opposite effect. Age diversity and working experience diversity of the management team show mixed effects on contributing to the SPAC's performance. Through the analysis of U.S. listed SPACs’ management team background characteristic diversities, the aim is to provide a research framework for future studies on determinants of SPAC performance and offer pertinent suggestions for the composition of SPAC management teams.