SPAC管理團隊參與度與目標公司績效

Abstract

SPAC相較於傳統IPO，提供私有公司另一上市管道。透過SPAC上市提供了幾項優勢，包括對於私有公司而言，募資金額擁有更高的確定性、更快速的上市渠道，以及來自SPAC團隊的管理技能和資源。 根據過去的研究，通過 SPAC 上市的公司在股票表現方面不如通過傳統 IPO 上市的公司。然而，當 SPAC 團隊成員更積極地參與被收購公司經營時，表現較差的情形有所減緩。在本文中，我想研究 SPAC 團隊成員在被收購公司中的積極參與是否能提高公司績效。研究結果顯示，當 SPAC 團隊成員之一被任命為被收購公司的董事長時，以及當被收購公司董事會成員有更高比例來自於SPAC團隊時，這些公司通常有更好的會計表現、更低的投資支出、更低的股票報酬波動度以及更低的短期債務比率；而較高比例的股票獎勵則對這些指標有負面影響。本文提供 SPAC經營團隊參與程度如何影響被收購公司的全面觀點。

SPAC is an alternative way for private companies to go public compared to traditional IPOs. SPACs provide several advantages, including more certainty of the proceeds that private companies receive when going public, a faster listing process, and the management skills and resources from the initial SPAC team. According to previous studies, firms going public via SPAC tend to perform worse in terms of stock performance compared to firms going public via traditional IPOs. However, when SPAC team members engage more with the acquired company, the negative stock performance is mitigated. In this paper, I investigate whether the engagement of SPAC team members in the acquired company can improve firm performance. I find that when one of the SPAC team members is assigned to be the chairman of the acquired company, firms tend to have better accounting performance, lower investment spending, lower stock return volatility, and a lower short-term debt ratio, while a higher portion of stock awards tends to have a negative effect on these measurements. This paper provides an overall view of the influence that SPAC engagement has on acquired companies.