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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/88439
標題: | 中國大陸參與SPAC上市模式分析 Analysis of China's Mainland's Participation in SPAC Listing Mode |
作者: | 張皖秦 Wan-Qin Zhang |
指導教授: | 姜堯民 Yao-Min Chiang |
關鍵字: | 特殊目的收購公司,參與主體,理論分析,實證對比, SPAC,participants,theoretical analysis,empirical comparison, |
出版年 : | 2023 |
學位: | 碩士 |
摘要: | 在過去幾年中,藉助SPAC殼公司上市作為公司上市融資的一種方式,吸引了大量關注,具有一定的研究價值。本文在已有文獻的基礎上,首先梳理SPAC模式的定義和運作流程,介紹了藉助SPAC殼公司上市的基本情況;其次,整理了SPAC模式在美國以及其他國家和地區的發展情況,並進一步對藉助SPAC殼公司上市進行了理論分析;結合了中國大陸的實際案例,分析了中國大陸參與SPAC模式的五大類主體。通過案例分析、文獻評述的角度,基於對比分析的方法提出了目標中國大陸企業在美藉助SPAC殼公司上市的優劣勢,供擬上市的中國大陸企業參考。最後,基於中國大陸的國情和現狀,中國大陸企業藉助SPAC上市的整體評價和適用場景,並對中國大陸的參與主體提供建議。本文在理論貢獻和實踐啟示方面做出如下貢獻:對於全球範圍內四大洲的SPAC相關研究與最新發展的梳理總結,有助於直觀瞭解美國及非美市場的發展情況;對於中國大陸參與SPAC模式的五大類方式的闡述,有益於打開中國大陸SPAC研究的思路,從研究目標公司單一參與模式發展到研究五大類參與模式;從理論和實證的角度出發,介紹了藉助SPAC殼公司上市與傳統IPO上市的區別,對擬融資的中國企業提供更加直觀的路徑參考與風險提示。 In the past few years, SPAC - a new financing method for companies - has attracted a lot of attention, which is valuable to be researched on. On the basis of existing papers, this article first clarifies the definition and operational process of SPAC. Secondly, the development of SPAC in the United States and other countries is organized, and further theoretical analysis is conducted. Based on the actual cases in mainland China, five main categories of participants in the SPAC are analyzed. From the perspective of case analysis and literature review, based on comparative analysis methods, the advantages and disadvantages of the Chinese mainland enterprises to go public through SPAC are proposed, which provides reference for the enterprises as well. Finally, based on the national conditions and current situation in mainland China, this article provides overall evaluation, application scenarios and suggestions to the enterprises in mainland China. This article makes the following contributions in terms of theoretical analysis and empirical comparison: a summary of SPAC related research and latest developments on four continents worldwide, which assists to understand the development of the US and non-US SPACs. The explanation of the five participants of SPAC in mainland China is beneficial for opening up the research direction from single participant to five major participants. From a theoretical and empirical perspective, this article introduces the differences between SPAC and traditional IPOs, providing more intuitive path references and risk warnings for Chinese enterprises planning to be listed. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/88439 |
DOI: | 10.6342/NTU202302034 |
全文授權: | 未授權 |
顯示於系所單位: | 財務金融學系 |
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