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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/136053


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    题名: 上市承銷費率與稀釋成本的決定因素：以特殊目的收購公司為例
    The Determinants of IPO Gross Spreads and Dilution Costs: Evidence from SPACs
    作者: 鄧欣語
    Teng, Hsin-Yu
    贡献者: 張元晨
    Chang, Yuan-Chen
    鄧欣語
    Teng, Hsin-Yu
    关键词: 特殊目的收購公司
    上市
    承銷費率
    稀釋成本
    SPACs
    IPOs
    gross spread
    dilution costs
    日期: 2021
    上传时间: 2021-07-03 00:41:07 (UTC+8)
    摘要: 2020年私有公司以特殊目的收購公司(SPACs)上市蔚為風潮，即使以SPACs上市的成本昂貴，2020年美國SPACs的數量仍成長四倍。本研究分析SPACs上市成本的決定因素，除了承銷費用外，我也研究隱藏的稀釋成本，包含創始人股份、認股權證與私募投資(PIPEs)，我發現雇用名聲較好的承銷商、由有經驗的創始人發起的SPACs總成本(包含承銷費用與稀釋成本)較低，遞延承銷費用比例較高的SPACs總成本較高。2020年SPACs有發行較少認股權證的趨勢，私募投資也大量增加。
    Companies listed via Special Purpose Acquisition Companies (SPACs) are the stock market’s hottest trend in 2020. Even though listing by SPACs are an expensive way to go public, the numbers of US SPACs quadrupled recently. This study analyzes the determinants of IPO cost structure of companies listed via SPACs. In addition to the gross spreads of SPAC IPO, I also explore the determinants of hidden dilution costs, which include sponsor promote, warrants, and PIPE costs. I find that reputable underwriters and experienced sponsors are associated with lower total costs (including underwriting fees and dilution costs). Larger deferred fees have a positive effect on total costs. SPACs are evolving by offering fewer warrants and rights, meanwhile, PIPE financing is increasing in 2020.
    參考文獻: Carter, R., Dark, F., & Singh, A., 1998. Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks. The Journal of Finance, 53(1), 285-311.
    Cumming, D., Haß, L. and Schweizer, D., 2014. The fast track IPO – Success factors for taking firms public with SPACs. Journal of Banking & Finance, 47, pp.198-213.
    Dimic, N., Lawrence, E. and Vulanovic, M., 2020. The Determinants of IPO Withdrawals: Evidence From SPACs. Working paper.
    Dimitrova, L., 2017. Perverse incentives of special purpose acquisition companies, the “poor man`s private equity funds”. Journal of Accounting and Economics, 63(1), pp.99-120.
    Dong, M., Michel, J., & Pandes, J., 2011. Underwriter Quality and Long-Run IPO Performance. Financial Management, 40(1), 219-251.
    Gahng, M., Ritter, J. and Zhang, D., 2021. SPACs. Working paper.
    Garner, J., & Marshall, B., 2010. The non-7% solution. Journal of Banking & Finance, 34(7), 1664-1674.
    Klausner, M. and Ohlrogge, M., 2020. A Sober Look at SPACs. Working paper.
    Lakicevic, M., Shachmurove, Y., & Vulanovic, M., 2013. On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs). Working Paper.
    Lee, C., Li, K. and Zhang, R., 2015. Shell Games: The Long-Term Performance of Chinese Reverse-Merger Firms. The Accounting Review, 90(4), pp.1547-1589.
    Popescu, M., & Xu, Z., 2011. Co-managers, Information, and the Secondary Market Liquidity of Initial Public Offerings. Financial Management, 40(1), 199-218.
    Torstila, S., 2001. The Distribution of Fees within the IPO Syndicate. Financial Management, 30(4), p.25.
    Ursel, N., & Zhong, L., 2018. Why do firms pay high underwriting fees? SEO withdrawal, underwriter certification and CEO turnover. Journal of International Financial Markets, Institutions and Money, 54, 98-113.
    描述: 碩士
    國立政治大學
    財務管理學系
    108357010
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0108357010
    数据类型: thesis
    DOI: 10.6814/NCCU202100548
    显示于类别:[財務管理學系] 學位論文

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