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題名 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作者 鄧欣語
Teng, Hsin-Yu貢獻者 張元晨
Chang, Yuan-Chen
鄧欣語
Teng, Hsin-Yu關鍵詞 特殊目的收購公司
上市
承銷費率
稀釋成本
SPACs
IPOs
gross spread
dilution costs日期 2021 上傳時間 3-Jul-2021 00:41:07 (UTC+8) 摘要 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 2020.參考文獻 Carter, R., Dark, F., & Singh, A., 1998. Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks. The Journal of Finance, 53(1), 285-311.Cumming, D., Haß, L. and Schweizer, D., 2014. The fast track IPO – Success factors for taking firms public with SPACs. Journal of Banking & Finance, 47, pp.198-213.Dimic, N., Lawrence, E. and Vulanovic, M., 2020. The Determinants of IPO Withdrawals: Evidence From SPACs. Working paper.Dimitrova, L., 2017. Perverse incentives of special purpose acquisition companies, the “poor man`s private equity funds”. Journal of Accounting and Economics, 63(1), pp.99-120.Dong, M., Michel, J., & Pandes, J., 2011. Underwriter Quality and Long-Run IPO Performance. Financial Management, 40(1), 219-251.Gahng, M., Ritter, J. and Zhang, D., 2021. SPACs. Working paper.Garner, J., & Marshall, B., 2010. The non-7% solution. Journal of Banking & Finance, 34(7), 1664-1674.Klausner, M. and Ohlrogge, M., 2020. A Sober Look at SPACs. Working paper.Lakicevic, M., Shachmurove, Y., & Vulanovic, M., 2013. On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs). Working Paper.Lee, C., Li, K. and Zhang, R., 2015. Shell Games: The Long-Term Performance of Chinese Reverse-Merger Firms. The Accounting Review, 90(4), pp.1547-1589.Popescu, M., & Xu, Z., 2011. Co-managers, Information, and the Secondary Market Liquidity of Initial Public Offerings. Financial Management, 40(1), 199-218.Torstila, S., 2001. The Distribution of Fees within the IPO Syndicate. Financial Management, 30(4), p.25.Ursel, N., & Zhong, L., 2018. Why do firms pay high underwriting fees? SEO withdrawal, underwriter certification and CEO turnover. Journal of International Financial Markets, Institutions and Money, 54, 98-113. 描述 碩士
國立政治大學
財務管理學系
108357010資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108357010 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) 鄧欣語 zh_TW dc.contributor.author (Authors) Teng, Hsin-Yu en_US dc.creator (作者) 鄧欣語 zh_TW dc.creator (作者) Teng, Hsin-Yu en_US dc.date (日期) 2021 en_US dc.date.accessioned 3-Jul-2021 00:41:07 (UTC+8) - dc.date.available 3-Jul-2021 00:41:07 (UTC+8) - dc.date.issued (上傳時間) 3-Jul-2021 00:41:07 (UTC+8) - dc.identifier (Other Identifiers) G0108357010 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136053 - 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) 108357010 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents 1. Introduction 51.1 SPAC Framework 52. Literature Review and Hypotheses 82.1 The Advantages of Going Public by a SPAC 82.2 The Probability of IPO Withdrawal 92.3 The Probability of M&A Approval 102.4 Redemption Ratio 102.5 The Costs of a SPAC 112.6 Breaking Down Dilution Costs 122.7 The Determinants of the Costs 132.8 Do SPACs Perform Better 152.9 The Changes in Recent SPAC Market 172.10 An Alternative to SPACs and Policy Recommendation 183. Data 183.1 Sample 193.2 Dependent Variables 203.3 Independent Variables 234. Empirical Results 244.1 Descriptive Statistics 244.2 Univariate Analysis 274.3 Regression Analysis 305. Conclusion and Policy Suggestion 34References 36 zh_TW dc.format.extent 1551385 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108357010 en_US dc.subject (關鍵詞) 特殊目的收購公司 zh_TW dc.subject (關鍵詞) 上市 zh_TW dc.subject (關鍵詞) 承銷費率 zh_TW dc.subject (關鍵詞) 稀釋成本 zh_TW dc.subject (關鍵詞) SPACs en_US dc.subject (關鍵詞) IPOs en_US dc.subject (關鍵詞) gross spread en_US dc.subject (關鍵詞) dilution costs en_US dc.title (題名) 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 zh_TW dc.title (題名) The Determinants of IPO Gross Spreads and Dilution Costs: Evidence from SPACs en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Carter, R., Dark, F., & Singh, A., 1998. Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks. The Journal of Finance, 53(1), 285-311.Cumming, D., Haß, L. and Schweizer, D., 2014. The fast track IPO – Success factors for taking firms public with SPACs. Journal of Banking & Finance, 47, pp.198-213.Dimic, N., Lawrence, E. and Vulanovic, M., 2020. The Determinants of IPO Withdrawals: Evidence From SPACs. Working paper.Dimitrova, L., 2017. Perverse incentives of special purpose acquisition companies, the “poor man`s private equity funds”. Journal of Accounting and Economics, 63(1), pp.99-120.Dong, M., Michel, J., & Pandes, J., 2011. Underwriter Quality and Long-Run IPO Performance. Financial Management, 40(1), 219-251.Gahng, M., Ritter, J. and Zhang, D., 2021. SPACs. Working paper.Garner, J., & Marshall, B., 2010. The non-7% solution. Journal of Banking & Finance, 34(7), 1664-1674.Klausner, M. and Ohlrogge, M., 2020. A Sober Look at SPACs. Working paper.Lakicevic, M., Shachmurove, Y., & Vulanovic, M., 2013. On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs). Working Paper.Lee, C., Li, K. and Zhang, R., 2015. Shell Games: The Long-Term Performance of Chinese Reverse-Merger Firms. The Accounting Review, 90(4), pp.1547-1589.Popescu, M., & Xu, Z., 2011. Co-managers, Information, and the Secondary Market Liquidity of Initial Public Offerings. Financial Management, 40(1), 199-218.Torstila, S., 2001. The Distribution of Fees within the IPO Syndicate. Financial Management, 30(4), p.25.Ursel, N., & Zhong, L., 2018. Why do firms pay high underwriting fees? SEO withdrawal, underwriter certification and CEO turnover. Journal of International Financial Markets, Institutions and Money, 54, 98-113. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100548 en_US
