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.

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。
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