SPACs完成合併之影響因素探討

Abstract

特殊目的併購公司(SPACs)的歷史可追溯至1990年代，陸續發生過幾次制度上的變革，直至2020年COVID-19改變企業投資型態，許多初創企業轉向SPACs進行公開發行，因此2020至2021兩年度SPACs的數量暴增。本文主要研究2016至2021年期間，影響SPACs完成合併的因素探討。實證結果顯示，SPACs於IPO期間相關變數對合併結果不再具有顯著影響；而利害關係人如創辦人(Sponsor)的投入程度、私募基金與機構投資人規模(PIPE Size)皆對合併結果具顯著的正面影響；投資人贖回比例與合併結果不再為負向關係，呈現顯著正向關係。

The history of SPACs can be traced back to the 1990s, and there have been several institutional changes since then. However, it was the impact of the COVID-19 pandemic in 2020 that altered the landscape of corporate investment, leading many start-ups to turn to SPACs for their IPOs. As a result, the number of SPACs experienced a significant surge during the years 2020 and 2021. This study primarily investigates the factors influencing the completion of SPACs mergers during the period from 2016 to 2021. Empirical findings demonstrate that the variables related to SPACs during the IPO phase no longer have a significant impact on merger outcomes. However, factors such as the level of involvement of stakeholders such as sponsors, and the private investment in public equity all have a significant positive influence on merger outcomes. Furthermore, the redemption ratio of investors is no longer negatively related to merger outcomes. Instead, it exhibits a significant positive relationship.