SPAC風險因子揭露之負面語調比例對贖回率及合併後資訊不對稱之影響

Abstract

近年來，特殊目的收購公司(SPAC)已成為企業上市的熱門替代途徑。本研究探討SPAC股東會委託書中風險因子揭露的負面語調對投資者決策及合併後公司資訊環境的影響。本研究以2016年至2024間的SPAC合併案例為樣本，採用文本分析量化風險因子揭露之負面語調揭露，檢視其對合併前投資者贖回率及合併後資訊不對稱的影響。 實證結果顯示，風險因子揭露的負面語調比例與SPAC投資者贖回率並無顯著關聯，顯示投資者在贖回決策時主要依賴發起人背景及SPAC結構特性等因素。然而，不確定性詞彙及訴訟性詞彙比例與合併後資訊不對稱呈現顯著負相關，表明此類負面語調有助於降低市場參與者間的資訊不對稱。

In recent years, Special Purpose Acquisition Companies (SPACs) have become a popular alternative to go public. This study investigates the impact of negative tone in risk factor disclosures included in SPACs’ proxy statements on investor decision-making and the post-merger information environment. Using SPAC merger cases from 2016 to 2024 as the sample, this research employs textual analysis to quantify negative tone in risk factor disclosures of proxy statements and examines its impact with pre-merger investor redemption rates and post-merger information asymmetry. The empirical results show that the proportion of negative tone in risk factor disclosures has no significant association with SPAC investor redemption rates, indicating that investors are more likely to rely on factors such as sponsor background and SPAC structural characteristics when making redemption decisions. However, the proportion of uncertainty words and litigious words shows a significant negative correlation with post-merger information asymmetry, suggesting that such negative tone helps reduce information asymmetry among market participants.