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標題: | 認股權理論與實務—以籌資工具之應用為核心 Theory and Practice of Warrants: Focused on the Application of Fundraising Instruments |
作者: | 戴立安 Li-An Tai |
指導教授: | 王文宇 Wen-Yeu Wang |
關鍵字: | 特殊目的併購公司,籌資工具,認股權,可轉換公司債,股權稀釋, SPAC,Fundraising Instruments,Warrants,Convertible Bonds,Equity Dilution, |
出版年 : | 2024 |
學位: | 碩士 |
摘要: | 認股權的應用千變萬化,於籌資工具上的應用除了能隨當事人間的需求約定行使條件,更是近年來成為新創企業所愛用的籌資管道—特殊目的併購公司(SPAC)—中,重要的發行標的組成,可見其於籌資工具應用中具備舉足輕重的地位。而其中關於認股權的特性、籌資工具種類以及在眾多籌資工具中認股權的特殊性,其中亦牽涉到如何認定認股權之經濟實質面,即為本文首要介紹的概念。再者,臺灣針對認股權的應用,存在著規範與實務的嚴重落差,由於規範設計的瑕疵,導致籌資型的認股權於臺灣有名無實。反觀國際上對於認股權於籌資工具方面的應用,已經從過去以附認股權公司債的模式活耀於新創企業市場,到近年SAPC的熱潮,認股權也成為其中關鍵的棋子。是本文試圖以美國規範與實務為比較對象,探討臺灣認股權於籌資市場上的阻礙。比較內容則分為兩個區塊,一為傳統認股權籌資型態的應用,將美國長久以來傳統認股權的規範、理論與實務經驗與臺灣情況進行比較與建議;另一則為SPAC制度下,針對其中與認股權相關的議題進行研究分析,並對於臺灣主管機關針對制度引進的顧慮提出相應的建議。 This thesis examines the application of warrants in fundraising market. The application of warrants is diverse. The using of warrants in fundraising instruments does not only enable the parties to design the exercise conditions according to their needs, but also becomes an important component of the issuance “units” in the special purpose acquisition company (SPAC), which has become a popular fundraising channel for start-up companies in recent years. This shows that warrants play a significant role in the application of fundraising instruments. The primary concepts introduced in this thesis are the characteristics of warrants, the types of fundraising instruments, and the special nature of warrants among fundraising instruments, incorporating procedures in identifying the economic realities of warrants. Moreover, there is a large gap between the regulation and practice in the application of warrants in Taiwan. On the contrary, the application of warrants as a fundraising tool in the international market has changed from the past model of bond-warrant units to the SPAC boom in which warrants have become a key chess piece. This thesis attempts to explore the obstacles of Taiwan''s warrants in the fundraising market by comparing the U.S. regulations and practices. The comparison is divided into two parts. One is the application of warrants in traditional fundraising: comparing the regulation, theory and practical experience of traditional warrants in the United States with the situation in Taiwan, and propose some amendments. The other is the SPAC, researching and analyzing the issues related to warrants, and make suggestions to authorities for the concerns of the SPAC introduction. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92501 |
DOI: | 10.6342/NTU202400802 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 法律學系 |
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檔案 | 大小 | 格式 | |
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ntu-112-2.pdf 此日期後於網路公開 2029-03-22 | 3.24 MB | Adobe PDF |
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