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題名 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作者 楊宜臻
Yang, Yi-Jhen貢獻者 張元晨
Chang, Yuan-Chen
楊宜臻
Yang, Yi-Jhen關鍵詞 特殊目的併購公司
合併
贖回權
要約收購
SPACs
Mergers日期 2021 上傳時間 3-Jul-2021 00:55:03 (UTC+8) 摘要 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.參考文獻 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. 描述 碩士
國立政治大學
財務管理學系
108357033資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108357033 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.advisor Chang, Yuan-Chen en_US dc.contributor.author (Authors) 楊宜臻 zh_TW dc.contributor.author (Authors) Yang, Yi-Jhen en_US dc.creator (作者) 楊宜臻 zh_TW dc.creator (作者) Yang, Yi-Jhen en_US dc.date (日期) 2021 en_US dc.date.accessioned 3-Jul-2021 00:55:03 (UTC+8) - dc.date.available 3-Jul-2021 00:55:03 (UTC+8) - dc.date.issued (上傳時間) 3-Jul-2021 00:55:03 (UTC+8) - dc.identifier (Other Identifiers) G0108357033 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136062 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 108357033 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究目的 6第三節 研究架構 10第二章 文獻探討 11第一節 關於SPAC 11第二節 SPAC的好處 15第三節 在遊戲中的出資(SKIN IN THE GAME)與信託價值 16第四節 管理團隊的影響 18第五節 金融市場的影響 20第六節 承銷商的影響 21第七節 公告與完成天數的影響 22第八節 合併後報酬率 23第九節 SPAC的規模與財務體質 25第三章 研究方法 26第一節 樣本及資料來源 26第二節 變數定義及資料來源 33第三節 模型設計及研究假說 38第四章 實證結果 42第一節 樣本敘述統計及T檢定 42第二節 合併通過率 45第三節 影響合併通過之因素 48第四節 影響宣布目標公司天數之因素 53第五章 結論 56第一節 研究結論 56第二節 研究限制與未來研究建議 60參考文獻 62 zh_TW dc.format.extent 1230959 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108357033 en_US dc.subject (關鍵詞) 特殊目的併購公司 zh_TW dc.subject (關鍵詞) 合併 zh_TW dc.subject (關鍵詞) 贖回權 zh_TW dc.subject (關鍵詞) 要約收購 zh_TW dc.subject (關鍵詞) SPACs en_US dc.subject (關鍵詞) Mergers en_US dc.title (題名) 影響投資人同意特殊目的併購公司合併之因素 zh_TW dc.title (題名) Factors Affecting Investors` Approval of SPAC Mergers en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 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. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100554 en_US