| 研究生: |
簡青誼 CHIEN CHING YI |
|---|---|
| 論文名稱: |
SPAC上市熱潮對台灣新創企業籌資方式之探討 The Study on the financing of Taiwan’s start-up companies in the IPO boom of SPAC |
| 指導教授: |
陳明進
CHEN MING CHIN |
| 口試委員: |
許崇源
馬嘉應 |
| 學位類別: |
碩士
Master |
| 系所名稱: |
商學院 - 經營管理碩士學程(EMBA) Executive Master of Business Administration(EMBA) |
| 論文出版年: | 2022 |
| 畢業學年度: | 110 |
| 語文別: | 中文 |
| 論文頁數: | 51 |
| 中文關鍵詞: | 特殊目的併購公司 、私募投資 、發行人 、新創企業 、融資 、公開發行 |
| 外文關鍵詞: | SPAC, IPO, PIPE, Developers, new enterprises, financing |
| DOI URL: | http://doi.org/10.6814/NCCU202200970 |
| 相關次數: | 點閱:51 下載:0 |
| 分享至: |
| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
SPAC 在資本活躍的國家地區成為了企業上市新方式,SPAC 對於台灣企業來說是機遇也是挑戰。本文對SPAC上市熱潮對台灣新創企業籌資方式的影響進行了探討。透過探討美國、香港、新加坡SPAC發展狀況、及其相互之間的異同點比較,以及案例分析,探討SPAC在台灣的發展機遇與阻力。通過台灣企業SPAC相關案例分析,探討其目前發展狀況以及未來發展方向。進而為主管機構、企業、投資者提供相應建議。
SPAC has become a new way for enterprises to go public in developed area, and SPAC is both an opportunity and a challenge for Taiwan enterprises. This thesis studies
the impact of the tide of SPAC on new enterprises in Taiwan. The thesis covers the summaries of the development of SPAC in the United States, Hong Kong and Singapore,the comparison of similarities and differences, as well as case studies, and the discussion of the opportunities and resistance of SPAC development in Taiwan. Through the case study of SPAC related to Taiwan enterprises, this thesis explores the current development situation and future development direction of Taiwan enterprises, and provides suggestions to the financial institutions, enterprises and investors.
第一章 緒論 .............................................. 8
第一節 研究動機與目的 .................................... 8
第二節 研究問題 .......................................... 9
第三節 研究流程 .......................................... 9
第二章SPAC制度介紹 ...................................... 11
第一節 SPAC籌資方式 ..................................... 11
第二節 美國、香港及新加坡SPAC上市制度介紹 ............... 17
第三節 美國、香港及新加坡SPAC上市制度比較 ............... 24
第三章 美國、香港及新加坡SPAC上市案例 ................... 34
第一節 美國太空旅行維珍銀河公司 (VIRGIN GALACTIC) ....... 34
第二節 香港AQUILA公司 ................................... 36
第三節 新加坡祥峰科技公司(VERTEX) ....................... 38
第四章 台灣企業透過SPAC上市案例 ......................... 39
第一節 電動車GOGORO公司 ................................. 39
第二節 生技MAXPRO CAPITAL ACQUISTITION公司 ............. 42
第五章 結論與建議 ....................................... 43
第一節 結論 ............................................. 43
第二節 建議 ............................................. 45
參考文獻 ................................................ 49
一、中文文獻
林亦晟、康何謙、張智皓、卓語軒、曲莅莀、蘇家瑋,2019,電動機車認知趨勢分析- 以Gogoro為例,第1卷第2期 : 159 – 177。
曾羚,2021,全球財富移轉下臺灣證券市場的發展契機與對策 (下),證券服務, 第685卷第1期:45-58。
黃敏柔,2018,台灣電動機車價值主張與價值適配之研究—以 Gogoro 電動機車為例,國立臺灣大學商學研究所碩士論文。
聶無逸,2021,SPAC 帶給我們的若干啟示,現代金融導刊,第8期: 24 – 27。
二、英文文獻
Andrey, K.2021. IPO, private capital? Not! SPAC!. Review of Business and Economics Studies, (2): 29-37.
Brax, E. 2022. Special Purpose Acquisition Companies deal announcement market reaction and performance: Empirical evidence from the US SPACs during 2020-2021:1-74.
D'Alvia, D. 2014. SPAC: A Comparative Study Under US, Asia and Italian Corporate Framework. Soft Law vs. Hard Law :1-64.
Espinasse, P. 2021. IPO: A global guide. Hong Kong University Press: 70-84.
Koh, J. K., & Leong, V. 2021. Spotlight on SPACs: Key" i ends and Issues. Business Law International, 22(3): 279-284.
Lipke, C. L. 2019. Direct Listing: How Spotify is Streaming on the NYSE and Why the SEC Should Press Play. Journal of Business Entrepreneurship & Leadership 12:149-174.
López, D. 2022. SWF 3.0: How Sovereign Wealth Funds Navigated COVID-19 and Changed Forever. Available at SSRN 4026109.
Lu, L., & Ye, J. 2022. Beijing Stock Exchange and Multi-Tier Capital Markets: How China Alters Share Listing and Trading Rules to Promote SME Finance? The Company Lawyer, Forthcoming 43: 1-15.
Lu, L., & Zhang, A. L. 2021. SPAC Listing Rules in Singapore: The Legal Framework, Rationale, and Competitive Advantages. Rationale, and Competitive Advantages. 50: 1-
25.
Madan, B., & Halkias, D. 2020. Virgin Galactic’s NASA Partnership and Space Tourism–A Teaching Case. Available at SSRN 3820623.
Shatalov, A. 2021. Current State of Academic Research Regarding Profitability Characteristics of the US SPAC: a systematic literature review using the meta-narrative
method. Available at:
https://www.theseus.fi/bitstream/handle/10024/499672/Shatalov_Aleksei.pdf?sequence=2
TEO, M., TAN, R., THANA, I., & LOCK, Y. M. (2022). SPACs: Is It for real estate?. Centre for Management Practice.
Available at: https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1603&context=pers
三、其他資料
香港交易所,2021,上市規則。
取自: https://www.hkex.com.hk/-/media/HKEX-Market/Listing/Rules-and-
Guidance/Listing-Rules/Consolidated-PDFs/Main-Board-Listing-
Rules/consol_mb_tc.pdf?la=zh-HK
香港交易所,2022,有關特殊目的收購公司的指引,HKEX-GL113-22。
【關鍵報告】Gogoro 赴美上市 (上):白話詳解 SPAC 運作模式 - 富果直送|白話 投資好文
取自:https://blog.fugle.tw/what-is-spac-gogoro/
Acquila Acquisition Corporation. 2022. 2021 Annual Results and 2021 Annual Report: 1- 109
GlobeNewswire. 2021. Maxpro Capital Acquisition Corp. Announces Pricing of $90,000,000 Initial Public Offering. GLOBE NEWSWIRE.
Available at:
https://www.globenewswire.com/fr/newsrelease/
2021/10/07/2310885/0/en/Maxpro-Capital-Acquisition-Corp-Announces-
Pricing-of-90-000-000-Initial-Public-Offering.html
Maxpro Capital Acquisition Corp. 2021. Prospectus. NYSE. Registration No. 333-258091.
Available at:
https://www.sec.gov/Archives/edgar/data/0001874259/000110465921124601/tm2
128587d3_424b4.htm
Vertex Technology Acquisition Corporation Ltd. (2021). Prospectus. OPERA.
Available at:
https://eservices.mas.gov.sg/opera/Public/SD/ViewOfferDoc.aspx?shrID=b7de906
7066941b8b8a6aa94e8821e90
全文公開日期 2027/07/19