政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/136053
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 112704/143671 (78%)
造访人次 : 49782759      在线人数 : 700
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/136053


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/136053


    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

    文件中的档案:

    档案 描述 大小格式浏览次数
    701001.pdf1515KbAdobe PDF20检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈