台灣新創企業美國SPAC上市模式研究——以Gogoro為例

Abstract

2020年，受世界各地Covid-19疫情影響，世界各地的經濟都遭受了空前的打擊。但在美國證券市場以「特殊目的收購公司」（Special Purpose Acquisition Company, SPAC）機制申請上市的模式卻十分火爆。SPAC吸引了大批具有科技創新能力的獨角獸公司登陸美股上市，在這一浪潮之下，本土電動機車企業Gogoro成為了台灣首家以此模式上市的企業。因此，深入研究SPAC併購上市模式，對台灣新創企業的上市路徑選擇有重要意義。 本文以Gogoro為主要研究對象，首先對 SPAC 併購上市模式的基本概念、運作模式、交易規則等理論性內容進行了全面梳理。之後，本文選取Gogoro借助 SPAC Poema登陸美國納斯達克交易所掛牌的個案進行深度研討，從上市路徑選擇、上市動因等方面探討SPAC上市對台灣新創企業的適用性，同時對比新加坡叫車軟體公司 Grab 透過 SPAC 赴美上市的個案，試圖從新加坡模式中覓得對台灣資本市場的啟示。最後本文得到以下結論：一、SPAC模式雖然優勢和劣勢並存，但對一些在發展階段仍處於虧損狀態新創企業來說，想在當前市場環境下上市，SPAC是一個非常值得考慮的選擇。二、SPAC 的發展不會僅僅是短暫的熱潮，隨著 SPAC 交易機制的不斷成熟，SPAC很有可能是一種與傳統 IPO相結合的、具有長遠意義的交易選擇，因此值得引起台灣資本市場以更開放的心態積極研究並探討未來SPAC本土化的可行選擇。

In 2020, economies around the world have been hit harder than ever by the COVID-19 .However, Special Purpose Acquisition Company (SPAC) applications are booming in the U.S. stock market. Gogoro, a local electric locomotive company, is the first Taiwanese company to list under this model. Therefore, the in-depth study of SPAC merger and listing mode is of great significance to the listing path selection of Taiwan start-ups. In this paper, Gogoro is taken as the main research object. Firstly, the basic concept, operation mode, transaction rules and other theoretical contents of the SPAC M&A listing mode are comprehensively sorted out. After that, this paper selected a case of Gogoro listing on NASDAQ with SPAC Poema to conduct in-depth research, and discussed the applicability of SPAC listing to Taiwan start-ups from the aspects of listing route selection and listing motivation. Meanwhile, it compared the case of Grab, a Singapore ride-hailing software company, listing in the U.S. through SPAC. Finally, this paper draws the following conclusions: First, although the SPAC model has both advantages and disadvantages, it is a very worthy choice for some new enterprises that want to go public in the current market environment even though they are still at a loss in the development stage. Second, the development of SPAC will not be just a short boom. With the continuous maturity of SPAC trading mechanism, SPAC is likely to be a transaction choice with long-term significance combined with traditional IPO. Therefore, it is worth to arouse Taiwan capital market to study and discuss the feasible choice of localization of SPAC in the future with a more open mind.