SPAC合併上市後的 SEO行為 — 與傳統 IPO上市公司比較

Abstract

本研究探討企業與SPAC（特殊目的收購公司）合併上市後和傳統IPO（首次公開募股）上市後的SEO（現金增資）行為差異。研究樣本涵蓋美國2020至2022年間的上市公司資料，以及2020至2023年間的SEO資料，分析公司在上市後一年內和 上市後兩年內的SEO行為。實證結果顯示，相較於傳統IPO公司，與SPAC合併上市公司在上市後進行SEO的可能性較低、首次SEO的時間較晚且SEO次數較少。本研究推論背後原因為SPAC贊助人在鎖定期內對研發等投資保守並因此降低SEO的需求而 這樣的保守行為在體質較差的公司會更明顯。SPAC空殼公司上市時募資金額較低的公司、SPAC合併上市時贖回率較高的公司，被視為體質較差的公司實證結果證實其 在上市後進行SEO的可能性較低、首次SEO的時間較晚且SEO次數較少。本研究提供了SPAC合併上市公司和傳統IPO上市公司在SEO行為上差異的實證證據，並為企業選擇上市途徑及投資者預測上市後籌資行為提供了參考意義。研究結果顯示，在股票鎖定期的限制下，SPAC贊助人傾向於採取保守策略，側重於獲取短期回報後退出，而非積極投入後續投資。

This study investigates the differences in SEO (Seasoned Equity Offering) behavior between companies following SPAC (Special Purpose Acquisition Company) mergers and traditional IPO (Initial Public Offering) listings. Using data of listing from 2020 to 2022, and SEO data from 2020 to 2023, we analyze SEO activities within one year post listing and two years post-listing. Our findings indicate that SPAC-listed companies are less likely to conduct SEOs, delay their first SEOs, and have fewer SEOs compared to traditional IPO companies. This thesis finds that SPAC sponsors tend to be conservative regarding investments such as R&D during the lock-up period, leading to a reduced frequency of SEO activities. This conservative behavior is more pronounced in companies with weaker fundamentals. SPAC companies with lower IPO proceeds and higher redemption rates, which be viewed as weaker companies, have a lower frequency of SEO activities. This study provides empirical evidence of the differences in SEO behavior between companies following SPAC mergers and traditional IPO listings. The findings of this study provide valuable insights for companies in selecting their listing method and for investors in forecasting post-listing financing behaviors. The results indicate that, under the constraints of the lock-up period, SPAC sponsors tend to adopt a conservative strategy, focusing more on securing short-term returns and exiting rather than actively engaging in subsequent investments.