以特殊目的收購公司上市方法論我國借殼上市法制之改革

Abstract

本文透過2019年興起之特殊目的收購公司上市熱潮，反思我國借殼上市制度既有之問題。我國之上市制度依據2020年所推行之資本市場藍圖推動方案，正努力朝向多層次架構資本市場發展。然除了傳統上市方法外，借殼上市提供了另一較為寬鬆之管道供非公開發行公司登錄資本市場。借殼上市制度歷經變革，自2013年金融管理監督委員會主導之修法以來，借殼上市仍存有部分問題。現行過於嚴格之借殼上市定義將無法發揮有效涵蓋所有類型之借殼上市情形，使得部分公司得以交易架構之安排以脫免主管機關之監督。再者，過於寬鬆之借殼上市門檻與傳統上市方法之上市要求脫鉤，產生上市管理體系之漏洞。 我國立法上主要參照之比較法區域，自2019年陸續因討論是否引入特殊目的收購公司上市制度，著手整理其內部之借殼上市法規，並修正其既有之上市規則。故本文藉此機會，透過比較美國、英國、香港以及新加坡之借殼上市制度，及其係如何引入特殊目的收購公司上市制度，以反思我國借殼上市制度問題應如何改善，及特殊目的收購公司上市制度對我國而言在政策面及法規面是否適宜。 本文建議，借殼上市法制之定義應適度放寬，並由借殼公司主動向主管機關申報交易資訊，由主管機關判斷是否應適用借殼相關法規監理。再者，借殼上市門檻應調整與傳統上市方法之門檻相當。另關於特殊目的收購公司上市制度，自政策面及法規面觀察，應有引入該制度之需求，惟應先採行較為嚴格之立法模式，以消除市場上投資人之疑慮，再以滾動式調整方式，逐步放寬特殊目的收購公司上市之法制要求。

This dissertation reflects on the issues within Taiwan's reverse merger regulation regime through the lens of the surge in special purpose acquisition company (SPAC) listings that emerged since 2019. Taiwan's capital market, guided by the Capital Market Blueprint launched in 2020, has been striving toward the development of a multi-tiered capital market. In addition to traditional listing methods, reverse mergers offer a more flexible pathway for non-public companies to enter the capital market. Despite reforms led by the Financial Supervisory Commission in 2013, the regulations governing reverse merger still faces certain challenges. The overly rigid definition of reverse mergers fails to comprehensively cover all types of reverse merger scenarios, allowing some companies to exploit transaction structures to evade regulatory oversight. Furthermore, the decoupling of the less stringent thresholds for reverse mergers from the requirements of traditional listing methods creates loopholes in the supervision of listed companies. Jurisdictions that Taiwan has primarily referred to for legislative comparisons began reviewing and revising their reverse merger regulations in 2019, prompted by discussions on the potential introduction of SPAC listing systems. In this context, this dissertation will compare the reverse merger systems of the United States, the United Kingdom, Hong Kong, and Singapore, examining how these jurisdictions have incorporated SPAC listing rules. The findings aim to inform improvements to Taiwan's reverse merger listing rules and evaluate the feasibility of adopting the SPAC listing rules from both policy and regulatory perspectives. In conclusion, this dissertation recommends appropriately broadening the definition of reverse mergers and implementing a requirement for reverse merger companies to proactively report transaction details to the regulatory authorities. The authorities would then determine whether reverse merger regulations should apply. Additionally, the thresholds for reverse mergers should be aligned with those of traditional listing methods. Regarding the adoption of the SPAC listing rules, this dissertation suggests that from both policy and regulatory perspectives, there is a need to introduce the SPAC listing rules. However, a stricter legislative model should initially be adopted to alleviate investor concerns, with a gradual relaxation of SPAC regulatory requirements over time.