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題名 特殊目的併購公司法規之研究
SPAC Regulation Research
作者 盧慧真
Lu, Hui-Chen
貢獻者 王文杰
盧慧真
Lu, Hui-Chen
關鍵詞 特殊目的併購公司
SPAC
日期 2022
上傳時間 5-十月-2022 09:20:18 (UTC+8)
摘要 背景
     特殊目的收購公司（“SPAC”）是過去幾十年金融市場的新現象，自2020年以來尤其蓬勃發展。憑藉作者豐富的金融行業經驗，本文旨在對SPAC進行概述，探討在過去幾年中為何如此蓬勃發展，以及不同的監管機構之反應。
     目標
     由於學術文獻有限，但律師事務所和監管機構的討論文章很多，目標是從主要監管機構/市場研究SPAC的發展，並為台灣金融監督管理委員會提供建議，以發展台灣的SPAC監管和幫助市場發行公司/企業主取得額外籌資。
     範圍
     檢視四個主要市場，美國、英國和剛剛宣布自2021年和2022年以來SPAC規則的兩個主要亞洲監管機構，新加坡和香港
     方法
     通過考慮金融監管和SPAC在不同資本市場（即美國、英國、新加坡和香港）的管理方式進行了比較研究。
     結果
     4個市場中，美國SPAC市場起步最早，監管要求從1990年開始演變，是SPAC最成熟、成交量最大的市場，SPAC的繁榮和訴訟不可避免地增加，迫使美國證券交易委員會通過在2022年3月提出新規則來保護投資者。香港在4個市場中引入了最新的SPAC規則，但其要求對發起人/發行人而言最為繁重，並且對投資者的保護最強。
     結論
     與中國大陸一樣，台灣沒有本地 SPAC 監管法規，因此發行人（發起人）/目標公司已前往美國和日本等其他市場籌集資金。因為本地股權資本市場流動性有限，價格/賬面價值不高，以及監管要求只歡迎有幾年的營運歷史之公司，上市過程尚需時日。建議台灣金管會考慮遵循HK SPAC規則的腳步，既可以吸引資金發展在本地市場，又可以保護非專業投資者。
Background
     Special Purpose Acquisition Companies (‘SPACs’) are the new phenomenon in financial markets in the past few decades and particularly booming since 2020. With the abundant financial industry experience by the author, this paper aims to perform general overview of the SPACs and why it has become so booming in the past few years, and how different regulators have reacted.
     Objectives
     With the limited academic literature however a lot of discussion articles by law firms and regulators, the target is to research the development of SPAC from key regulators/markets and to provide suggestion to Taiwan Financial Supervisory Commission to also develop the SPAC regulation and markets for Taiwan issuers/business owners.
     Scope
     Four key major markets will be examined, the US, the UK, and the 2 key Asian regulators who have just announced the SPAC rules since 2021 and 2022, i.e., Singapore and Hong Kong
     Methodology
     A comparative study is carried out by taking into account financial regulation and the ways in which SPACs are governed in different capital markets, namely, US, UK, Singapore and Hong Kong.
     Results
     Among the 4 markets, US SPAC markets started earliest and the regulatory requirement has evolved since 1990 therefore it is the most matured market of SPAC and attracted the most volume and the SPAC boom and lawsuits grow inevitably to force US SEC to take more stringent views on investor protection by proposing new rules in March 2022. Hong Kong introduced SPAC rules the latest among the 4 markets however the requirement are most onerous for the promoters/issuers and with strongest investor protection.
     Conclusion
     Like China, Taiwan has no onshore SPAC regulation therefore issuers(promoters)/target companies have gone to other market for capital raising, such as US and Japan since the local equity capital market has limited liquidity, price/book value is not high, and the regulatory requirement only welcome company has some years of operating history and the listing process still takes time. It is suggest Taiwan FSC to consider following the HK SPAC rules stipulation which can attract funding to develop the onshore market but also can take care of investor protection.
參考文獻 壹、中文參考文獻
     一、期刊論文
     1. 林聖傑，美國新創事業上市熱潮興起 淺談「特殊目的收購公司」 (SPAC) 制度，集保雙月刊，第257期，2021年8月。
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     二、網路資料
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     貳、英文參考文獻
     一、期刊
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     2. Usha Rodrigues, Mike Stegemoller, Redeeming SPACs, University of Georgia School of Law Legal Studies Research Paper No. 2021-09 (2021)
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描述 碩士
國立政治大學
法學院碩士在職專班
103961067
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103961067
資料類型 thesis
dc.contributor.advisor 王文杰zh_TW
dc.contributor.author (作者) 盧慧真zh_TW
dc.contributor.author (作者) Lu, Hui-Chenen_US
dc.creator (作者) 盧慧真zh_TW
dc.creator (作者) Lu, Hui-Chenen_US
dc.date (日期) 2022en_US
dc.date.accessioned 5-十月-2022 09:20:18 (UTC+8)-
dc.date.available 5-十月-2022 09:20:18 (UTC+8)-
dc.date.issued (上傳時間) 5-十月-2022 09:20:18 (UTC+8)-
dc.identifier (其他 識別碼) G0103961067en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/142145-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 法學院碩士在職專班zh_TW
dc.description (描述) 103961067zh_TW
dc.description.abstract (摘要) 背景
     特殊目的收購公司（“SPAC”）是過去幾十年金融市場的新現象，自2020年以來尤其蓬勃發展。憑藉作者豐富的金融行業經驗，本文旨在對SPAC進行概述，探討在過去幾年中為何如此蓬勃發展，以及不同的監管機構之反應。
     目標
     由於學術文獻有限，但律師事務所和監管機構的討論文章很多，目標是從主要監管機構/市場研究SPAC的發展，並為台灣金融監督管理委員會提供建議，以發展台灣的SPAC監管和幫助市場發行公司/企業主取得額外籌資。
     範圍
     檢視四個主要市場，美國、英國和剛剛宣布自2021年和2022年以來SPAC規則的兩個主要亞洲監管機構，新加坡和香港
     方法
     通過考慮金融監管和SPAC在不同資本市場（即美國、英國、新加坡和香港）的管理方式進行了比較研究。
     結果
     4個市場中，美國SPAC市場起步最早，監管要求從1990年開始演變，是SPAC最成熟、成交量最大的市場，SPAC的繁榮和訴訟不可避免地增加，迫使美國證券交易委員會通過在2022年3月提出新規則來保護投資者。香港在4個市場中引入了最新的SPAC規則，但其要求對發起人/發行人而言最為繁重，並且對投資者的保護最強。
     結論
     與中國大陸一樣，台灣沒有本地 SPAC 監管法規，因此發行人（發起人）/目標公司已前往美國和日本等其他市場籌集資金。因為本地股權資本市場流動性有限，價格/賬面價值不高，以及監管要求只歡迎有幾年的營運歷史之公司，上市過程尚需時日。建議台灣金管會考慮遵循HK SPAC規則的腳步，既可以吸引資金發展在本地市場，又可以保護非專業投資者。		zh_TW
dc.description.abstract (摘要) Background
     Special Purpose Acquisition Companies (‘SPACs’) are the new phenomenon in financial markets in the past few decades and particularly booming since 2020. With the abundant financial industry experience by the author, this paper aims to perform general overview of the SPACs and why it has become so booming in the past few years, and how different regulators have reacted.
     Objectives
     With the limited academic literature however a lot of discussion articles by law firms and regulators, the target is to research the development of SPAC from key regulators/markets and to provide suggestion to Taiwan Financial Supervisory Commission to also develop the SPAC regulation and markets for Taiwan issuers/business owners.
     Scope
     Four key major markets will be examined, the US, the UK, and the 2 key Asian regulators who have just announced the SPAC rules since 2021 and 2022, i.e., Singapore and Hong Kong
     Methodology
     A comparative study is carried out by taking into account financial regulation and the ways in which SPACs are governed in different capital markets, namely, US, UK, Singapore and Hong Kong.
     Results
     Among the 4 markets, US SPAC markets started earliest and the regulatory requirement has evolved since 1990 therefore it is the most matured market of SPAC and attracted the most volume and the SPAC boom and lawsuits grow inevitably to force US SEC to take more stringent views on investor protection by proposing new rules in March 2022. Hong Kong introduced SPAC rules the latest among the 4 markets however the requirement are most onerous for the promoters/issuers and with strongest investor protection.
     Conclusion
     Like China, Taiwan has no onshore SPAC regulation therefore issuers(promoters)/target companies have gone to other market for capital raising, such as US and Japan since the local equity capital market has limited liquidity, price/book value is not high, and the regulatory requirement only welcome company has some years of operating history and the listing process still takes time. It is suggest Taiwan FSC to consider following the HK SPAC rules stipulation which can attract funding to develop the onshore market but also can take care of investor protection.		en_US
dc.description.tableofcontents Chapter I: Introduction.........................1
     Section 1: Background and rational of the research subject ................................................7
     Evolving of the global regulation...............8
     Practical experience............................9
     Section 2: Research Method......................10
     Market data collection......................... 10
     Comparison between different jurisdiction.......10
     Section 3: Scope of Research....................10
     Chapter II: Illustration of SPAC Life Cycle Process.... 11
     Section 1: What do SPAC and De-SPAC mean........11
     Section 2: The difference among the Traditional IPO, Direct listing, and SPAC.............................. 21
     Section 3: What are the relevant capital market/financial market activities involved and the roles for the financial industry....................................... 37
     Section 4: Common Risks for SPAC transactions...38
     Section 5: Sanctions/Lawsuits/Class Actions related to SPAC ................................................46
     Chapter III: Comparison of Major Supervisory Requirement ................................................61
     Section 1: US.................................. 62
     Section 2: UK.................................. 87
     Section 3: Singapore........................... 95
     Section 4: Hong Kong...........................102
     Chapter IV: Legal Basis & Regulatory Requirement........117
     Section 1: Taiwan regulation basis.............117
     Listing Rules for Backdoor Listing.............117
     Taiwan Entities Participating in SPAC Activities........117
     Section 2: CSRC current listing control framework.......121
     Current regime.................................123
     New regime under consultation..................123
     China Entities Participating in SPAC Activities.125
     Chapter V: Suggestion to Taiwan FSC.............134
     Appendix I: SPAC rules comparison of US/UK/Singapore/HK ................................................141
     References......................................151		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103961067en_US
dc.subject (關鍵詞) 特殊目的併購公司zh_TW
dc.subject (關鍵詞) SPACen_US
dc.title (題名) 特殊目的併購公司法規之研究zh_TW
dc.title (題名) SPAC Regulation Researchen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 壹、中文參考文獻
     一、期刊論文
     1. 林聖傑，美國新創事業上市熱潮興起 淺談「特殊目的收購公司」 (SPAC) 制度，集保雙月刊，第257期，2021年8月。
     2. 張景儒，我國引入特殊目的併購公司（SPAC）之芻議－以 2020 年之發展與新興議題為中心，財產法暨經濟法，第62期(2020.12)。
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     二、網路資料
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     view/62784? (最後瀏覽日: 07/14/22)
     4. Sid 小邪，2022年5月30日，SPAC是什麼？SPAC如何運作？SPAC的好處及風險？股感知識庫：https://www.stockfeel.com.tw/spac-%E7%89%B9%E6%
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     5. SPAC之家，一文瞭解特殊目的收購公司（Special-Purpose Acquisition Company），https://spac.mg21.com/wiki/146.html (last visited 07/14/22)
     6. SPAC充斥”詐騙”! 企業亂開空頭支票 實際財務狀況卻與目標有天壤之別， 2022年3月4日，https://hk.investing.com/news/stock-market-news/article-218657 (最後瀏覽日: 2022/7/27)。
     7. SPAC交易流程詳解及案例介紹，富途牛牛：https://news.futunn.com/hk/post/
     9330614?level=1&data_ticket=1654954621102322 (最後瀏覽日: 07/20/2022)
     8. SPAC現象：捲土重來的SPAC (第一部分)，KPMG
     https://home.kpmg/tw/zh/home/insights/2021/07/tw-spac-ipo-law-part-1.html (最後瀏覽日:2022/8/18) SPAC現象：捲土重來的SPAC (第二部分) https://home.kpmg/
     tw/zh/home/insights/2021/07/tw-spac-ipo-law-part-2.html (最後瀏覽日:2022/8/18)
     9. 上市變成”開盲盒”，SPAC走紅全球背後的陰影，騰訊網，2022/4/28
     https://new.qq.com/omn/20220408/20220408A00CUO00.html (最後瀏覽日 2022/7/27)。
     10. 中金：港交所SPAC知多少？，富途牛牛，2021年10月11日，
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     貳、英文參考文獻
     一、期刊
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dc.identifier.doi (DOI) 10.6814/NCCU202201575en_US