SPAC在2020年IPO的數目爆發性成長，吸引了許多投資人的目光，也因其特性與另外一種籌資方式：股票首次公開發行，有相似之處，因此許多學者將兩者作為比較。
本研究主要探討的是贊助人 (Sponsor)在擁有較好的聲譽、或是過去的經驗情況下，對 SPAC的三個階段：(1) SPAC IPO、 (2) SPAC宣布併購標的、(3) SPAC完成併購，是否會造成影響 。而本研究實證發現，曾經發行過 SPAC的贊助人對SPAC IPO的短期報酬存在顯著的正相關，而承銷商的聲譽對報酬率的影響因時空不同從顯著的正相關轉為負相關。並採用事件研究法在 SPAC宣布併購標的發現存在累積異常報酬，而實證結果顯示 SPAC IPO後到宣布標的間隔的時間越長，對累積異常報酬有負面的影響。
在長期報酬方面，SPAC的績效遠低於傳統 IPO，而選定的變數中 只有募資規模對SPAC併購完成後 6個月有正相關的報酬影響。另外有觀察在併購完成後 6個月哪個產業有相對好的績效，研究結果為 Services部門的Life Science。

The explosive growth of SPAC IPOs in 2020 has attracted the attention of many investors. Because of its characteristics, it has similarities with another method of financing: initial public offerings, so many scholars compare the two.
This study mainly discusses whether sponsors with good reputation or past experience have impacts on the three stages of SPAC: (1) SPAC IPO, (2) SPAC announcement of M&A target, (3) SPAC completion of M&A. However, this study empirically finds that there is a significant positive correlation between the sponsors that have issued SPACs and the short-term returns of SPAC IPOs, and the influence of the reputation of the underwriters on the return rate changes from a significant positive correlation to a negative correlation due to different time and space.
And the event study method is used to find that there is cumulative abnormal return in the SPAC's announcement of the acquisition target, and the empirical results show that the longer the interval between the SPAC IPO and the announcement of the target, has a negative impact on the cumulative abnormal return.
In terms of long-term returns, the performance of SPACs is much lower than that of traditional IPOs, and among the selected variables, only the size of the fundraising has a positive effect on returns 6 months after the completion of the SPAC merger. There is also an observation of which industries perform relatively well 6 months after the merger is completed, according to Life Science of the Services division.

1. 翁士傑，SPAC現象：捲土重來的SPAC，上網日期110年6月19日，檢自：https://home.kpmg/tw/zh/home/insights/2021/07/tw-spac-ipo-law-part-1.html

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網路資料
1. How special purpose acquisition companies (SPACs) work, Retrieved May 11 2021, from: https://www.pwc.com/us/en/services/audit-assurance/accounting-advisory/spacmerger.html?fbclid=IwAR1db5gFBRWd4xyMCNjYT7gRZmuGjF9s0RZvjhNjgMuXMrFLHl0c_NaHGKQ