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題名 特殊目的收購公司的上市成本與其公告合併後股價表現之間的關係
The Relationship between Listing Costs of Special Purpose Acquisition Companies and Stock Performance after Merger Announcements作者 劉芷伶
Liu, Chih-Ling貢獻者 張元晨
Chang, Yuan-Chen
劉芷伶
Liu, Chih-Ling關鍵詞 特殊目的收購公司
上市
上市成本
稀釋成本
公告合併
累積異常報酬
SPACs
IPOs
Listing costs
Dilution costs
Merger announcements
Cumulative abnormal returns日期 2022 上傳時間 1-七月-2022 16:06:30 (UTC+8) 摘要 2020年受到新冠疫情的衝擊，全球市場趨於保守，以傳統IPO上市的難度大增，因此美國資本市場掀起以特殊目的收購公司(SPAC)上市的熱潮。然而，在SPAC的特殊機制之下，上市成本中除了承銷等費用外，還有其他隱藏的稀釋成本可能導致發起人與SPAC的大眾投資人在合併時的利益不一致，進而影響SPAC公司的績效表現。本文利用2020 年至 2021 年期間在美國上市且有合併紀錄的SPAC樣本，探討SPAC的上市成本與其公告合併後股價表現之間的關係。實證結果發現，SPAC的上市成本與公告合併後的報酬之間的關係會隨著天數的增加由正向關係轉為反向關係，亦即長期而言，上市成本較高的SPAC的公告合併後累積異常報酬較差，顯示一般大眾投資人可能無法在短時間內發覺SPAC的上市成本對其投資績效的影響，因此SPAC的上市成本無法在短時間內反映至其股價上。我們也發現若贊助商有創投或私募基金的經驗，可以顯著提高公告合併後長天期的累積異常報酬，為股東創造價值；而有其他SPAC經驗的贊助商，則可能因為無法專心經營單一SPAC，對於公告合併後長天期的累積異常報酬有顯著的負面影響。此外，承銷商的聲譽對SPAC有認證的效果，對於公告合併後的累積異常報酬有顯著正面影響。
Due to the impact of COVID-19 in 2020, the global stock market tended to be more conservative, and listing through traditional IPOs has been more difficult. Therefore, some companies in the US capital market has tried to go public through the special purpose acquisition companies (SPACs) route. The special structure of SPACs, however, entails additional hidden dilution costs aside from underwriting fees. In addition, these costs might entail a conflict of interest between sponsors and public investors after merging with the target firm, which can affect SPAC performance. Using data from SPAC IPOs in the U.S. from 2020 to 2021, we explore the relationship between the listing costs and the stock performance of SPACs after their merger announcements.Results found that the listing costs of SPACs and the stock performance of SPACs after their merger announcements change from positive to negative effects over time. We find that in the long run, SPACs with higher listing costs have poorer cumulative abnormal returns after merger announcements. This indicates that public investors may not be able to discover the effect of listing costs on the performance of SPACs in a short period of time. Therefore, the listing costs of SPACs do not reflect in their share prices in the short run. We also found that if the sponsor has VC or PE experience, the cumulative abnormal returns over the long-term period after the announced merger significantly increase. Sponsors with previous SPAC experience may not concentrate on operating a single SPAC, so there is a significant negative effect on cumulative abnormal returns over the long-term period. In addition, the reputation of the underwriters provides certification to the SPAC, which has a significant positive effect on cumulative abnormal returns after the announced merger.參考文獻 中文部分鄧欣語（2021），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，政治大學財務管理學系碩士學位論文。英文部分Bernoussi, A., Dereeper.S., and Schwienbacher. A. (2013). Underwriting Syndicate Structure and Lead Manager Reputation: An Empirical Study on European Stock Markets, Finance : revue de l`Association Française de Finance, Vol. 34, p.7-34.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, p.198- 213.Dimitrova, L.(2017). Perverse incentives of special purpose acquisition companies, the“poor man`s private equity funds”. Journal of Accounting and Economics, 63(1), p.99-120.Gahng, M., Ritter, J. and Zhang, D.(2021). SPACs. Working Paper.Gosen, N. (2003). The influence of experienced intermediaries on the performance of SPACs, Master thesis.Kaserer C. and Kraft M. (2003). How Issue Size, Risk and Complexity Are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective, Journal of Business Finance and Accounting, Vol. 30.Klausner, M., Ohlrogge, M. and Ruan. E. (2021). A Sober Look at SPACs, Stanford Law and Economics Olin Working Paper, No. 559.Klausner, M., Ohlrogge, M. (2022). Is SPAC Sponsor Compensation Evolving? A Sober Look at Earnouts, SSRN Working Paper, No. 567.Kooli, M. and Suret J.M. (2003). How Cost-Effective Are Canadian IPO Markets? Canadian Investment Review ,Winter.Lakicevic, M., Shachmurove, Y., & Vulanovic, M. (2013). On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs). Working Paper.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, p. 149-169.Lin, C., F. Lu, R. Michaely, and S. Qin (2021). SPAC IPOs and Sponsor Network Centrality, SSRN Working Paper, 59.Ritter J.R. (1987). The Costs of Going Public, Journal of Financial Economics, Vol. 19, No. 2.Torstila, S. (2001). The Distribution of Fees within the IPO Syndicate. Financial Management, 30(4), p.25.Vithanage, K., Neupane, S., Chung, R. (2016). Multiple lead underwriting syndicate and IPO pricing. International Review of Financial Analysis, Vol. 48, p.193-208.Wawryszuk-Miszta A. (2016). Determinants of the direct costs of initial public offerings on the Warsaw Stock Exchange. Studia Ekonomiczne, 282, p.227–238. 描述 碩士
國立政治大學
財務管理學系
109357008資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357008 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.advisor Chang, Yuan-Chen en_US dc.contributor.author (作者) 劉芷伶 zh_TW dc.contributor.author (作者) Liu, Chih-Ling en_US dc.creator (作者) 劉芷伶 zh_TW dc.creator (作者) Liu, Chih-Ling en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-七月-2022 16:06:30 (UTC+8) - dc.date.available 1-七月-2022 16:06:30 (UTC+8) - dc.date.issued (上傳時間) 1-七月-2022 16:06:30 (UTC+8) - dc.identifier (其他 識別碼) G0109357008 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140585 - 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) 109357008 zh_TW dc.description.abstract (摘要) 2020年受到新冠疫情的衝擊，全球市場趨於保守，以傳統IPO上市的難度大增，因此美國資本市場掀起以特殊目的收購公司(SPAC)上市的熱潮。然而，在SPAC的特殊機制之下，上市成本中除了承銷等費用外，還有其他隱藏的稀釋成本可能導致發起人與SPAC的大眾投資人在合併時的利益不一致，進而影響SPAC公司的績效表現。本文利用2020 年至 2021 年期間在美國上市且有合併紀錄的SPAC樣本，探討SPAC的上市成本與其公告合併後股價表現之間的關係。實證結果發現，SPAC的上市成本與公告合併後的報酬之間的關係會隨著天數的增加由正向關係轉為反向關係，亦即長期而言，上市成本較高的SPAC的公告合併後累積異常報酬較差，顯示一般大眾投資人可能無法在短時間內發覺SPAC的上市成本對其投資績效的影響，因此SPAC的上市成本無法在短時間內反映至其股價上。我們也發現若贊助商有創投或私募基金的經驗，可以顯著提高公告合併後長天期的累積異常報酬，為股東創造價值；而有其他SPAC經驗的贊助商，則可能因為無法專心經營單一SPAC，對於公告合併後長天期的累積異常報酬有顯著的負面影響。此外，承銷商的聲譽對SPAC有認證的效果，對於公告合併後的累積異常報酬有顯著正面影響。 zh_TW dc.description.abstract (摘要) Due to the impact of COVID-19 in 2020, the global stock market tended to be more conservative, and listing through traditional IPOs has been more difficult. Therefore, some companies in the US capital market has tried to go public through the special purpose acquisition companies (SPACs) route. The special structure of SPACs, however, entails additional hidden dilution costs aside from underwriting fees. In addition, these costs might entail a conflict of interest between sponsors and public investors after merging with the target firm, which can affect SPAC performance. Using data from SPAC IPOs in the U.S. from 2020 to 2021, we explore the relationship between the listing costs and the stock performance of SPACs after their merger announcements.Results found that the listing costs of SPACs and the stock performance of SPACs after their merger announcements change from positive to negative effects over time. We find that in the long run, SPACs with higher listing costs have poorer cumulative abnormal returns after merger announcements. This indicates that public investors may not be able to discover the effect of listing costs on the performance of SPACs in a short period of time. Therefore, the listing costs of SPACs do not reflect in their share prices in the short run. We also found that if the sponsor has VC or PE experience, the cumulative abnormal returns over the long-term period after the announced merger significantly increase. Sponsors with previous SPAC experience may not concentrate on operating a single SPAC, so there is a significant negative effect on cumulative abnormal returns over the long-term period. In addition, the reputation of the underwriters provides certification to the SPAC, which has a significant positive effect on cumulative abnormal returns after the announced merger. en_US dc.description.tableofcontents 第一章 緒論 8第一節 研究背景及動機 8第二節 SPAC的框架 9第三節 研究架構 16第二章 文獻回顧 17第一節 SPAC的上市成本 17第二節 影響SPAC績效表現的因素 20第三章 研究方法 24第一節 樣本及資料來源 24第二節 變數定義及資料來源 24第三節 假說建立及模型設計 29第四章 實證結果 34第一節 敘述性統計 34第二節 獨立樣本T檢定 35第三節 迴歸分析 38第五章 結論與建議 44第一節 研究結論 44第二節 未來研究建議 45參考文獻 47 zh_TW dc.format.extent 3228655 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357008 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) 上市成本 zh_TW dc.subject (關鍵詞) 稀釋成本 zh_TW dc.subject (關鍵詞) 公告合併 zh_TW dc.subject (關鍵詞) 累積異常報酬 zh_TW dc.subject (關鍵詞) SPACs en_US dc.subject (關鍵詞) IPOs en_US dc.subject (關鍵詞) Listing costs en_US dc.subject (關鍵詞) Dilution costs en_US dc.subject (關鍵詞) Merger announcements en_US dc.subject (關鍵詞) Cumulative abnormal returns en_US dc.title (題名) 特殊目的收購公司的上市成本與其公告合併後股價表現之間的關係 zh_TW dc.title (題名) The Relationship between Listing Costs of Special Purpose Acquisition Companies and Stock Performance after Merger Announcements en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文部分鄧欣語（2021），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，政治大學財務管理學系碩士學位論文。英文部分Bernoussi, A., Dereeper.S., and Schwienbacher. A. (2013). Underwriting Syndicate Structure and Lead Manager Reputation: An Empirical Study on European Stock Markets, Finance : revue de l`Association Française de Finance, Vol. 34, p.7-34.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, p.198- 213.Dimitrova, L.(2017). Perverse incentives of special purpose acquisition companies, the“poor man`s private equity funds”. Journal of Accounting and Economics, 63(1), p.99-120.Gahng, M., Ritter, J. and Zhang, D.(2021). SPACs. Working Paper.Gosen, N. (2003). The influence of experienced intermediaries on the performance of SPACs, Master thesis.Kaserer C. and Kraft M. (2003). How Issue Size, Risk and Complexity Are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective, Journal of Business Finance and Accounting, Vol. 30.Klausner, M., Ohlrogge, M. and Ruan. E. (2021). A Sober Look at SPACs, Stanford Law and Economics Olin Working Paper, No. 559.Klausner, M., Ohlrogge, M. (2022). Is SPAC Sponsor Compensation Evolving? A Sober Look at Earnouts, SSRN Working Paper, No. 567.Kooli, M. and Suret J.M. (2003). How Cost-Effective Are Canadian IPO Markets? Canadian Investment Review ,Winter.Lakicevic, M., Shachmurove, Y., & Vulanovic, M. (2013). On Mergers, Acquisitions and Liquidation Using Specified Purpose Acquisition Companies (SPACs). Working Paper.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, p. 149-169.Lin, C., F. Lu, R. Michaely, and S. Qin (2021). SPAC IPOs and Sponsor Network Centrality, SSRN Working Paper, 59.Ritter J.R. (1987). The Costs of Going Public, Journal of Financial Economics, Vol. 19, No. 2.Torstila, S. (2001). The Distribution of Fees within the IPO Syndicate. Financial Management, 30(4), p.25.Vithanage, K., Neupane, S., Chung, R. (2016). Multiple lead underwriting syndicate and IPO pricing. International Review of Financial Analysis, Vol. 48, p.193-208.Wawryszuk-Miszta A. (2016). Determinants of the direct costs of initial public offerings on the Warsaw Stock Exchange. Studia Ekonomiczne, 282, p.227–238. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200573 en_US
