SPAC股東會委託書中風險因子揭露與合併後財務報導品質之關聯性探討

Abstract

本研究旨在探討特殊目的收購公司（SPAC）於合併前在股東會委託書中風險因子揭露之具體程度，是否與合併後財務報導品質具顯著關聯。過往文獻指出，SPAC合併後常面臨財務報導重編、重大內部控制缺失、監管機關SEC往返審閱函件次數較多及延遲申報財務報表等問題，反映資訊不對稱風險。 本文以2016至2023年美國503筆SPAC合併樣本為對象，運用命名實體識別（NER）技術衡量風險因子揭露具體性（Specificity），並以風險關鍵字數量衡量揭露資訊量，實證結果顯示，風險揭露越具體，合併後發生財務報導重編、重大內部控制缺失、監管機關SEC往返審閱函件次數較多及延遲遞交財務報表的機率顯著較低。 本研究補充現有文獻在SPAC風險因子揭露與財務報導品質關聯性方面的實證缺口，實證結果顯示風險因子揭露具體性與資訊透明度對於降低財務風險事件具有關鍵作用。由此，監管機關應重新檢視現行資訊揭露規範，進一步促使SPAC於合併前提供更具體且有決策價值之風險揭露內容，以強化投資人對公司風險全貌的掌握，強化資本市場的透明運作與投資人保障。

This study investigates whether the specificity of risk factor disclosures in proxy statements issued by Special Purpose Acquisition Companies （SPACs） prior to merger completion is significantly associated with the quality of financial reporting in the post-merger period. Prior research documented that SPAC-acquired firms tend to experience a higher incidence of financial restatements, material internal control weaknesses, increased frequency of comment letters issued by the Securities and Exchange Commission （SEC）, and delays in financial report submissions. Using a sample of 503 SPACs that completed mergers in the United States from 2016 to 2023, this study applies Named Entity Recognition （NER） techniques to quantify disclosure （Specificity） and adopts the risk keyword approach to measure the volume of risk-related disclosures. The empirical results show that higher specificity and greater disclosure volume are significantly associated with lower likelihood of post-merger financial restatements, material internal control weaknesses, SEC comment letters, and non-timely filings. This study fills a gap in the literature by providing empirical evidence on the relationship between risk disclosure specificity and financial reporting quality in SPACs. The findings highlight the critical role of transparency and specificity in mitigating financial reporting risks. Accordingly, regulators should reassess current disclosure regulations and encourage SPACs to provide clearer and more decision-relevant risk disclosures prior to mergers, thereby enhancing investor understanding of firm-level risks and strengthening transparency and protection in capital markets.