SPAC管理團隊的背景與合併後公司創新活動之關係

Abstract

本研究探討特殊目的收購公司(SPAC)管理團隊背景特徵多樣性與合併後公司創新活動之關聯。本文手動蒐集自美國證券交易委員會(SEC)與LinkedIn平台的SPAC發起人資料，並結合WRDS財務數據，建立涵蓋公司合併前後五年之觀察樣本。以營收、資本支出及融資與投資現金流之變動作為創新代理變數，進行多元迴歸分析。實證結果顯示，女性比例較高、具STEM教育背景及創業經驗的管理團隊，有助於提升合併後之創新活動；專業證照比例較高者亦在部分模型中呈現負向效果，顯示發起人在決策上較易出現分歧。至於博士學位背景，在資本支出與投資活動模型中呈現負向影響，顯示其決策風格可能較為審慎，在面對高風險、高資本投入之創新專案時，傾向保守配置資源。研究指出，技術與經驗的多元性有助於激發創新，但其效果可能受不同背景組成與決策彈性間之平衡影響。整體而言，SPAC管理團隊的組成特徵對於合併後企業的策略方向與創新行為具顯著影響，亦提供投資人與政策制定者評估SPAC價值潛力之參考依據。

This study explores the relationship between the background diversity of Special Purpose Acquisition Company(SPAC) management teams and the post-merger innovation activities of target firms. The dataset is manually compiled from the U.S. Securities and Exchange Commission(SEC) and LinkedIn, and matched with WRDS financial data, covering a five-year window before and after each SPAC merger. Innovation performance is proxied by changes in revenue, capital expenditures, and cash flows from financing and investing activities, and is analyzed using multiple fixed effects regression models. The empirical results show that teams with a higher proportion of female members, STEM educational backgrounds, and entrepreneurial experience are positively associated with innovation outcomes after the merger. In contrast, a higher proportion of professional certification holders is associated with negative effects in some models, suggesting greater divergence in decision-making. Additionally, PhD/MD holders exhibit a negative relationship with capital expenditures and investment activities, indicating a more cautious decision-making style. When facing high-risk and capital-intensive innovation projects, they tend to adopt more conservative resource allocation strategies. The findings suggest that while technical expertise and diverse experiences can stimulate innovation, their effectiveness may depend on the balance between team composition and decision-making flexibility. Overall, the composition of SPAC management teams significantly influences post-merger strategic direction and innovation behavior, providing valuable insights for investors and policymakers evaluating the innovation potential of SPAC-sponsored firms.