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| Title: | 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 |
| Authors: | 鄧欣語
Teng, Hsin-Yu |
| Contributors: | 張元晨
Chang, Yuan-Chen
鄧欣語
Teng, Hsin-Yu |
| Keywords: | 特殊目的收購公司
上市
承銷費率
稀釋成本
SPACs
IPOs
gross spread
dilution costs |
| Date: | 2021 |
| Issue Date: | 2021-07-03 00:41:07 (UTC+8) |
| Abstract: | 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. |
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| Description: | 碩士
國立政治大學
財務管理學系
108357010 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108357010 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100548 |
| Appears in Collections: | [財務管理學系] 學位論文
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