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| 研究生： |
鄧欣語 Teng, Hsin-Yu |
|---|---|
| 論文名稱： |
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 |
| 指導教授： |
張元晨
Chang, Yuan-Chen |
| 口試委員: |
蔡湘萍
Tsai, Hsiang-Ping 黃柏凱 Huang, Po-Kai |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2021 |
| 畢業學年度： | 109 |
| 語文別： | 英文 |
| 論文頁數： | 37 |
| 中文關鍵詞： | 特殊目的收購公司 、上市 、承銷費率 、稀釋成本 |
| 外文關鍵詞： | SPACs, IPOs, gross spread, dilution costs |
| DOI URL： | http://doi.org/10.6814/NCCU202100548 |
| 相關次數： | 點閱：164 下載：0 |
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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.
1. Introduction 5
1.1 SPAC Framework 5
2. Literature Review and Hypotheses 8
2.1 The Advantages of Going Public by a SPAC 8
2.2 The Probability of IPO Withdrawal 9
2.3 The Probability of M&A Approval 10
2.4 Redemption Ratio 10
2.5 The Costs of a SPAC 11
2.6 Breaking Down Dilution Costs 12
2.7 The Determinants of the Costs 13
2.8 Do SPACs Perform Better 15
2.9 The Changes in Recent SPAC Market 17
2.10 An Alternative to SPACs and Policy Recommendation 18
3. Data 18
3.1 Sample 19
3.2 Dependent Variables 20
3.3 Independent Variables 23
4. Empirical Results 24
4.1 Descriptive Statistics 24
4.2 Univariate Analysis 27
4.3 Regression Analysis 30
5. Conclusion and Policy Suggestion 34
References 36
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全文公開日期 2026/06/22