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| Title: | 影響投資人同意特殊目的併購公司合併之因素
Factors Affecting Investors` Approval of SPAC Mergers |
| Authors: | 楊宜臻
Yang, Yi-Jhen |
| Contributors: | 張元晨
Chang, Yuan-Chen
楊宜臻
Yang, Yi-Jhen |
| Keywords: | 特殊目的併購公司
合併
贖回權
要約收購
SPACs
Mergers |
| Date: | 2021 |
| Issue Date: | 2021-07-03 00:55:03 (UTC+8) |
| Abstract: | 特殊目的併購公司(SPAC)是1980年代的空白支票公司，自2003年以新面貌出現後，最近產生一些規則上的改變，尤其以2010年的變化影響最大，它讓2010年以後的SPACs更容易完成合併，投資人更容易贖回資金。因此本文主要研究2010年以後，影響投資人同意SPACs合併之因素。實證結果顯示，管理團隊和承銷商的性質對合併結果不再有顯著的影響，而SPACs的發行費用代表贊助人在遊戲中的出資(Skin in the game)，對於投資人同意合併有顯著的正面影響，此外，SPACs宣布目標公司的天數、目標公司為高科技產業、SPACs團隊中有顧問的角色以及超額認購股數對於投資人同意合併亦有顯著的正面影響。本文也探討影響SPACs宣布目標公司天數之因素，實證結果顯示當承銷商的聲譽越高以及目標公司的規模越小，SPACs宣布目標公司的天數越長，當合併雙方都聘請顧問時，SPACs宣布目標公司的天數越短。
SPAC (Special Purpose Acquisition Company) is a blank check company in the 1980s. Since 2003, it has undergone various rule changes. The change in 2010 have the greatest impact, which allows SPACs shareholders approve mergers and redeem funds after 2010. Therefore, this thesis explores factors that affect investors` approval of the SPACs merger after 2010.The empirical results show that the management team and the underwriters no longer have a significant impact on the result of the merger. The issuance cost of SPACs represents the sponsor’s skin in the game, which is significantly positive for investors` approval of SPACs mergers. In addition, the number of days to announce the merger target, whether the target company is a high-tech industry, the role of advisors in the SPACs team, and the number of over-allotment shares also have a significant positive impact on investors approval of the merger. This thesis also examines factors that affect the number of days to announce the merger target. The empirical results show that when the underwriter’s reputation is high and the size of the merger target is small, the number of days to announce the merger target is longer. Hiring advisors by acquirers and target companies shortens the number of days to announce the merger target. |
| Reference: | Blomkvist, M., Vulanovic, M. (2020). SPAC IPO waves, Economics Letters, Vol.197, 109645.
Cumming, D., Haß, L.H., & Schweizer, D. (2014). The fast track IPO — success factors for taking firms public with SPACs, Journal of Banking & Finance, Vol.47, Pages 198-213.
Gahng, M., Ritter, J. R., & Zhang, D. (2021). SPACs, Available at SSRN 3775847.
Rodrigues, U., Stegemoller, M. (2011). Special Purpose Acquisition Corporations: A Public View of Private Equity, UGA Legal Studies Research Paper, Pages 11-12.
Jenkinson, T., Sousa, M. (2011). Why SPAC investors should listen to the market, Journal of Applied Finance, Vol.21, Pages 38-57.
Kim, H., Ko, J., Jun, C., & Song, K. (2020). Going Public through Mergers with SPACs, International Review of Finance.
Kolb, J., Tykvová, T. (2016). Going public via special purpose acquisition companies: Frogs do not turn into princes, Journal of Corporate Finance, Vol.40, Pages 80-96.
Lakicevic, M., Shachmurove, Y., & Vulanovic, M. (2014). Institutional changes of Specified Purpose Acquisition Companies (SPACs), The North American Journal of Economics and Finance, Vol.28, Pages 149-169.
Lakicevic, M., Vulanovic, M. (2013). A Story on SPACs, Managerial Finance, Vol.39, Issue 4, Pages 384-403.
Vulanovic, M. (2017). SPACs: Post-Merger Survival, Managerial Finance, Vol.43, Pages 679-699. |
| Description: | 碩士
國立政治大學
財務管理學系
108357033 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108357033 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100554 |
| Appears in Collections: | [財務管理學系] 學位論文
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| 703301.pdf | | 1202Kb | Adobe PDF2 | 64 | View/Open |
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