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    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/139141


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/139141


    Title: 以特殊目的併購公司方式 IPO之長短期績效分析
    Short-term and Long-term performance of IPO by SPAC
    Authors: 胡辰宇
    Hu, Chen-Yu
    Contributors: 李志宏
    Lee, Jie-Haun
    胡辰宇
    Hu, Chen-Yu
    Keywords: 特殊目的併購公司
    首次公開發行
    贊助人
    長期績效
    聲譽
    SPAC
    IPO
    Sponsor
    Date: 2022
    Issue Date: 2022-03-01 16:39:45 (UTC+8)
    Abstract: SPAC在2020年IPO的數目爆發性成長，吸引了許多投資人的目光，也因其特性與另外一種籌資方式：股票首次公開發行，有相似之處，因此許多學者將兩者作為比較。
    本研究主要探討的是贊助人 (Sponsor)在擁有較好的聲譽、或是過去的經驗情況下，對 SPAC的三個階段：(1) SPAC IPO、 (2) SPAC宣布併購標的、(3) SPAC完成併購，是否會造成影響 。而本研究實證發現，曾經發行過 SPAC的贊助人對SPAC IPO的短期報酬存在顯著的正相關，而承銷商的聲譽對報酬率的影響因時空不同從顯著的正相關轉為負相關。
    並採用事件研究法在 SPAC宣布併購標的發現存在累積異常報酬，而實證結果顯示 SPAC IPO後到宣布標的間隔的時間越長，對累積異常報酬有負面的影響。
    在長期報酬方面，SPAC的績效遠低於傳統 IPO，而選定的變數中 只有募資規模對SPAC併購完成後 6個月有正相關的報酬影響。另外有觀察在併購完成後 6個月哪個產業有相對好的績效，研究結果為 Services部門的Life Science。
    The explosive growth of SPAC IPOs in 2020 has attracted the attention of many investors. Because of its characteristics, it has similarities with another method of financing: initial public offerings, so many scholars compare the two.
    This study mainly discusses whether sponsors with good reputation or past experience have impacts on the three stages of SPAC: (1) SPAC IPO, (2) SPAC announcement of M&A target, (3) SPAC completion of M&A. However, this study empirically finds that there is a significant positive correlation between the sponsors that have issued SPACs and the short-term returns of SPAC IPOs, and the influence of the reputation of the underwriters on the return rate changes from a significant positive correlation to a negative correlation due to different time and space.
    And the event study method is used to find that there is cumulative abnormal return in the SPAC`s announcement of the acquisition target, and the empirical results show that the longer the interval between the SPAC IPO and the announcement of the target, has a negative impact on the cumulative abnormal return.
    In terms of long-term returns, the performance of SPACs is much lower than that of traditional IPOs, and among the selected variables, only the size of the fundraising has a positive effect on returns 6 months after the completion of the SPAC merger. There is also an observation of which industries perform relatively well 6 months after the merger is completed, according to Life Science of the Services division.
    Reference: 1. 翁士傑，SPAC現象：捲土重來的SPAC，上網日期110年6月19日，檢自：https://home.kpmg/tw/zh/home/insights/2021/07/tw-spac-ipo-law-part-1.html

    英文文獻
    1. Aggarwal, R., and P. Rivoli, (1990). Fads in the Initial Public Offering Market? Financial Management 19(4), 45-57
    2. Baron, D. P., (1982). A Model of Demand for Investment Bank Advising and Distribution, Journal of Finance 37, 955-976
    3. Beatty, R.P., Ritter, J.R.(1985). Investment Banking, Reputation, and the Underpricing of Initial Public Offerings, Journal of Financial Economics 15, 213-232
    4. Boyer, C. and G. Baigent (2008). “SPACS as Alternative Investments: An Examination of Performance and Factors that Drive Prices”, Journal of Private Equity 11, 8-15
    5. Cai, J., K.C. Wei, (1997) The investment and operating performance of Japanese initial public offerings, Pacific Basin Finance Journal 5, 389-417
    6. Carter, R., F. Dark, and A. Singh, (1998). Underwriter reputation, initial returns, and the long-run performance of IPO stocks, Journal of Finance 53, 285-311
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    8. Dantar, V., Emm, E., & Ince, U. (2012). Going public through the back door: A comparative analysis of SPACs and IPOs. Banking & Finance Review 4(1), 17-36
    9. Dimitrova, L. (2017). Perverse incentives of special purpose acquisition companies, the “poor man`s private equity funds”. Journal of Accounting and Economics, 63(1), 99-120
    10. Dunbar, C., (1998). The Choice between Firm-commitment and Best-Effort Offering Methods in IPOs: The Effect of Unsuccessful Offerings. Journal of Financial Intermediation 7, 60-90
    11. Firth, M., (1997). An Analysis of Stock Market Performance of New Issues in New Zealand, Pacific-Basin Finance Journal 5, 63-85
    12. Floros, I. V., & Sapp, T. R. (2011). Shell games: On the Value of shell companies. Journal of Corporate Finance 17(4), 850-867
    13. Hoffman-Burchardi, Ulrike, (2001). Clustering of Initial Public Offerings, Information Revelation and Underpricing. European Economics Review 45, 353-383
    14. Ibbotson, R.,(1975). Price Performance of Common Stock New Issues, Journal of Financial Economics 2(3), 235-272
    15. Ibbotson, R. G., J. L. Sindelar, and J. R. Ritter, (1994). The Market’s Problems with the Pricing of Initial Public Offerings, Journal of Applied Corporate Finance 7, 66-74.
    16. Jenkinson, T., Sousa, M. (2009). Why SPAC should listen to the market, Oxford University Working Paper
    17. Jog, V., and Sun, C., (2007). Blank Check IPOs: A Home Run for Management. Available at SSRN: http://ssrn.com/abstract=1018242
    18. Kim, H., (2009) Essays on Management Quality, IPO Characteristics and the success of business combinations, (Doctoral dissertation), Louisiana State University
    19. Kolb J., Tykvova T., (2016). Going public via special purpose acquisition companies: Frogs do not turn into princes, Journal of Corporate Finance 40, 80-96
    20. Lahti, K., (2021). IPO Underpricing and long-term Performance in the US stock Market Evidence from the New York and Nasdaq Stock Exchanges, (Master’s Thesis), Aalto University School of Business
    21. Lakicevic, M., Vulanovic, M. (2011). Determinants of Mergers: A Case of Specified Purpose Acquisition Companies (SPACS). Investment Management and Financial Innovations 3, 114-120
    22. Levis, M., (1993). The long-run performance of initial public offerings: the U.K. experience, Financial Management 22, 28-41
    23. Ljungqvist, A., (2007). “IPO underpricing”, in Eckbo, B.E. (Ed.), Handbook of Corporate Finance: Empirical Corporate Finance 1, North-Holland, New Hampshire
    24. Logue, D. E., (1973). On the Pricing of Unseasoned Equity Issues: 1965-1969, Journal of Financial and Quantitative Analysis 8(1), 91-103
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    26. Loughran, T., and J. R. Ritter, (1995). The New Issues Puzzle, Journal of Finance 50, 23-51
    27. Mazumder, S., Saha, P., (2021). COVID-19: fear of pandemic and short-term IPO performance, Finance Research Letter, Article 101977
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    29. Ritter, (1991). The long-run performance of initial public offerings, Journal of Finance 46, 3-27
    30. Ritter, J.R., (1984). The ‘hot issue’ market of 1980, Journal of Business 57, 215-240
    31. Rock, K.,(1986). Why New Issues Are Underpriced, Journal of Financial Economics 15, 187-212
    網路資料
    1. How special purpose acquisition companies (SPACs) work, Retrieved May 11 2021, from: https://www.pwc.com/us/en/services/audit-assurance/accounting-advisory/spacmerger.html?fbclid=IwAR1db5gFBRWd4xyMCNjYT7gRZmuGjF9s0RZvjhNjgMuXMrFLHl0c_NaHGKQ
    Description: 碩士
    國立政治大學
    財務管理學系
    108357024
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0108357024
    Data Type: thesis
    DOI: 10.6814/NCCU202200167
    Appears in Collections:[Department of Finance] Theses

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