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https://nccur.lib.nccu.edu.tw/handle/140.119/142145
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| Title: | 特殊目的併購公司法規之研究
SPAC Regulation Research |
| Authors: | 盧慧真
Lu, Hui-Chen |
| Contributors: | 王文杰
盧慧真
Lu, Hui-Chen |
| Keywords: | 特殊目的併購公司
SPAC |
| Date: | 2022 |
| Issue Date: | 2022-10-05 09:20:18 (UTC+8) |
| Abstract: | 背景
特殊目的收購公司（“SPAC”）是過去幾十年金融市場的新現象，自2020年以來尤其蓬勃發展。憑藉作者豐富的金融行業經驗，本文旨在對SPAC進行概述，探討在過去幾年中為何如此蓬勃發展，以及不同的監管機構之反應。
目標
由於學術文獻有限，但律師事務所和監管機構的討論文章很多，目標是從主要監管機構/市場研究SPAC的發展，並為台灣金融監督管理委員會提供建議，以發展台灣的SPAC監管和幫助市場發行公司/企業主取得額外籌資。
範圍
檢視四個主要市場，美國、英國和剛剛宣布自2021年和2022年以來SPAC規則的兩個主要亞洲監管機構，新加坡和香港
方法
通過考慮金融監管和SPAC在不同資本市場（即美國、英國、新加坡和香港）的管理方式進行了比較研究。
結果
4個市場中，美國SPAC市場起步最早，監管要求從1990年開始演變，是SPAC最成熟、成交量最大的市場，SPAC的繁榮和訴訟不可避免地增加，迫使美國證券交易委員會通過在2022年3月提出新規則來保護投資者。香港在4個市場中引入了最新的SPAC規則，但其要求對發起人/發行人而言最為繁重，並且對投資者的保護最強。
結論
與中國大陸一樣，台灣沒有本地 SPAC 監管法規，因此發行人（發起人）/目標公司已前往美國和日本等其他市場籌集資金。因為本地股權資本市場流動性有限，價格/賬面價值不高，以及監管要求只歡迎有幾年的營運歷史之公司，上市過程尚需時日。建議台灣金管會考慮遵循HK SPAC規則的腳步，既可以吸引資金發展在本地市場，又可以保護非專業投資者。
Background
Special Purpose Acquisition Companies (‘SPACs’) are the new phenomenon in financial markets in the past few decades and particularly booming since 2020. With the abundant financial industry experience by the author, this paper aims to perform general overview of the SPACs and why it has become so booming in the past few years, and how different regulators have reacted.
Objectives
With the limited academic literature however a lot of discussion articles by law firms and regulators, the target is to research the development of SPAC from key regulators/markets and to provide suggestion to Taiwan Financial Supervisory Commission to also develop the SPAC regulation and markets for Taiwan issuers/business owners.
Scope
Four key major markets will be examined, the US, the UK, and the 2 key Asian regulators who have just announced the SPAC rules since 2021 and 2022, i.e., Singapore and Hong Kong
Methodology
A comparative study is carried out by taking into account financial regulation and the ways in which SPACs are governed in different capital markets, namely, US, UK, Singapore and Hong Kong.
Results
Among the 4 markets, US SPAC markets started earliest and the regulatory requirement has evolved since 1990 therefore it is the most matured market of SPAC and attracted the most volume and the SPAC boom and lawsuits grow inevitably to force US SEC to take more stringent views on investor protection by proposing new rules in March 2022. Hong Kong introduced SPAC rules the latest among the 4 markets however the requirement are most onerous for the promoters/issuers and with strongest investor protection.
Conclusion
Like China, Taiwan has no onshore SPAC regulation therefore issuers(promoters)/target companies have gone to other market for capital raising, such as US and Japan since the local equity capital market has limited liquidity, price/book value is not high, and the regulatory requirement only welcome company has some years of operating history and the listing process still takes time. It is suggest Taiwan FSC to consider following the HK SPAC rules stipulation which can attract funding to develop the onshore market but also can take care of investor protection. |
| Reference: | 壹、中文參考文獻
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| Description: | 碩士
國立政治大學
法學院碩士在職專班
103961067 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0103961067 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202201575 |
| Appears in Collections: | [法學院碩士在職專班] 學位論文
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