臺灣博碩士論文加值系統

2020年因為Covid-19疫情，各國資本市場受到不同程度之經濟衝擊，公司進行之財務預測及分析充滿不確定性，欲以傳統首次公開發行途徑上市之公司面臨比以往更嚴峻之挑戰，許多公司因而轉而以特殊目的併購公司（SPAC）為另一種上市途徑，SPAC並在2020年成為美國資本市場上最熱門之投資工具。許多國家積極討論引入SPAC制度之可行性，以搶佔SPAC所帶來之龐大投資機會與資金，新加坡交易所及香港交易所即分別於2021年與2022年引入SPAC制度。然而，SPAC架構之潛在風險隨著熱潮消退逐漸浮現，加上美國證券交易委員會開始緊縮對於SPAC之監理政策、全球總體經濟環境之通膨提升與經濟衰退等因素，而且許多經由SPAC上市之新創企業普遍面臨價值下跌之情況，讓資本市場對於SPAC開始抱持謹慎態度。SPAC短短數年內經歷復甦及退燒之過程，其上市條件、運作模式、監理規則亦產生改變，本文以此為契機，而以美國SPAC為主要研究對象，探討現代SPAC之併購模式及監理架構之特徵與轉變。

本文共分成六章。第一章為緒論，說明本文之研究動機與目的、研究方法與範圍。第二章為SPAC之起源與演變，說明SPAC之緣起並介紹SPAC之發展歷程，探究時代潮流是如何影響SPAC併購模式之架構。第三章為SPAC併購模式之特色，先介紹SPAC發起人之財務激勵措施，其後討論不同階段中之SPAC併購模式特徵，最後對SPAC之優點與潛在風險進行分析。第四章為美國法下之SPAC監理架構，說明現行法下SPAC於各階段涉及之資訊揭露義務及相關責任，並介紹SEC指導意見與工作人員陳述，之後聚焦於新規則草案之內容。第五章為SPAC於亞洲之發展現況，介紹亞洲各國引入之SPAC制度，觀察亞洲制度如何應對SPAC運作中可能產生之風險，並探討我國現行制度下引入SPAC之容許性，最後由主管機關對引入SPAC制度之擔憂思考配套措施。第六章為結論與建議，總結本文看法並提出相關修正之建議。

In 2020, due to the Covid-19 pandemic, financial forecasting and analysis carried out by companies were fraught with uncertainty. Companies seeking to go public through the traditional Initial Public Offering (IPO) faced even more formidable challenges than before. As a result, many companies turned to Special Purpose Acquisition Companies (SPACs) as an alternative way for going public. SPACs became the hottest investment tool in the U.S. capital market in 2020. Numerous countries actively discussed the feasibility of introducing the SPAC framework, with the Singapore Exchange and the Hong Kong Exchange introducing it in 2021 and 2022 respectively.

However, as the SPAC frenzy subsided, potential risks associated with the SPAC structure emerged. Coupled with the U.S. Securities and Exchange Commission's strengthening of regulatory policies concerning SPACs and factors like global economic inflation and recession, investors grew more cautious towards SPACs. SPACs experienced cycles of resurgence and cooling off within just a few years, leading to changes in their merger models and regulatory rules. Capitalizing on this context, this paper focuses on U.S. SPACs, examining the characteristics and shifts in the modern SPAC merger models and regulatory frameworks.

The thesis is organized into six chapters. The first chapter elucidates the motivation, objectives, research methods, and scope of the research. The second chapter traces the origins and development of SPACs. The third chapter highlights the distinctive features of SPAC M&A models and concludes with an analysis of the advantages and potential risks of SPACs. The fourth chapter introduces the regulatory framework of SPACs in the U.S., explaining the information disclosure obligations and liabilities at various stages, introducing SEC guidance and staff statements, and subsequently focusing on the contents of new rule proposals. The fifth chapter introduces the SPAC framework in Asia and explores the feasibility of introducing SPACs within our country's existing regulatory framework. It concludes with reflections on complementary measures by regulatory authorities. The sixth chapter consists of conclusions and recommendations, summarizing the perspectives presented in the paper and suggesting relevant amendments.

第一章 緒論1
第一節 研究動機及目的1
第二節 研究方法與範圍6
第一項 研究方法6
第二項 研究範圍7
第三節 論文架構9
第二章 SPAC之起源與演變11
第一節 SPAC緣起11
第一項 被濫用之空白支票公司11
第二項 低價股改革法案與Rule 419 13
第二節 SPAC發展歷程16
第一項 第一代SPAC：1990–1994年17
第二項 第二代SPAC：2003–2008年19
第三項 第三代SPAC：2010–2018年21
第四項 第四代SPAC：2019年–現今22
第三節 SPAC運作流程27
第一項 SPAC之組成28
第二項 SPAC之運作流程30
第一款 IPO階段31
第二款 尋找目標公司階段32
第三款 併購交易完成後階段33
第三章 SPAC併購模式之特色34
第一節 SPAC經營團隊的財務激勵措施35
第一項 以併購交易之完成為條件之財務激勵措施35
第一款 發起人股份36
第二款 盈利結算條款（Earn-out）37
第三款 股份鎖定協議（Lock-up agreement）38
第二項 經營團隊之個人投資（Skin in the game）39
第三項 錯位的財務激勵措施40
第二節 有價證券之發行45
第一項 發起人股份及發起人認股權證45
第二項 單位發行47
第一款 公眾股份47
第二款 公眾認股權證48
第一目 固有贖回條款（Intrinsic redemption）49
第二目 提前贖回條款（Make-Whole redemption）50
第三節 承銷商費用53
第四節 併購交易階段54
第一項 SPAC併購模式與反向併購之差異54
第二項 併購期限之限制55
第三項 併購交易之規模與資金來源56
第一款 併購交易規模56
第二款 併購交易之資金來源57
第一目 信託及託管帳戶57
第二目 PIPE投資之引進58
第四項 股東同意權65
第一款 與轉換門檻構成股東之雙重否決機制65
第二款 避險基金之狙擊帶來的影響67
第一目 以進行公開收購取代股東會決議68
第二目 轉換門檻的演變69
第三目 鬥牛犬條款70
第三款 近代SPAC之空白投票現象71
第一目 公開收購制度之開放使SPAC完全繞過股東表決程序71
第二目 股東表決權與經濟利益脫鉤造成空白投票現象72
第三目 空白投票帶來之潛在風險74
第五節 SPAC之優點及潛在風險77
第一項 SPAC之優點77
第一款 對SPAC投資人而言77
第二款 對SPAC發起人而言78
第三款 對目標公司而言79
第二項 SPAC之潛在風險80
第一款 資訊揭露不實80
第二款 股份價值稀釋81
第三款 發起人與股東間之利害衝突82
第四款 仰賴發起人專業能力82
第五款 股價波動、操縱市場及內線交易問題83
第六款 市場管理問題83
第三項 小結84
第四章 美國法下之SPAC監理架構85
第一節 美國國家證券交易所掛牌規則之遵循87
第一項 NYSE88
第二項 NASDAQ91
第二節 美國現行法對SPAC之資訊揭露監理93
第一項 對SPAC之監理策略：充足資訊揭露93
第二項 現行法下SPAC於不同階段之資訊揭露義務94
第一款 IPO階段94
第二款 尋找併購交易之目標公司階段95
第三款 併購交易完成後階段96
第三項 SEC指導意見（Guidance）及其工作人員陳述（Statement）98
第一款 SEC關於SPAC IPO與併購交易相關資訊揭露指南（Special Purpose Acquisition Companies: CF Disclosure Guidance）99
第二款 SEC工作人員對於de-SPAC交易之資訊揭露風險意見101
第三款 SEC投資者諮詢委員會對於SPAC資訊揭露之草案建議104
第四項 《發起人激勵與報酬法案》(Sponsor Promote and Compensation (SPAC) Act)106
第三節 資訊揭露不實責任107
第一項 SPAC及其經營團隊之責任108
第一款 基於聯邦證券法之資訊不實責任108
第二款 基於州法之受託人義務110
第三款 適用PSLRA安全港之疑義113
第二項 目標公司及其經營團隊之責任117
第三項 案例119
第一款 Stable Road事件119
第二款 Multiplan事件122
第四節 SEC之新規則草案（Special Purpose Acquisition Companies, Shell Companies, and Projections）125
第一項 加強資訊揭露義務125
第一款 加強財務預測之資訊揭露126
第二款 對於未來併購交易條件之意見揭露126
第三款 外部報告、意見或評估之揭露127
第四款 利害衝突與股份稀釋來源之揭露127
第二項 將de-SPAC交易視為目標公司之傳統IPO程序129
第一款 將目標公司視為S-4表格和F-4表格之共同註冊人130
第二款 將SPAC排除於PSLRA前瞻性資訊安全港之適用範圍131
第三款 擴大de-SPAC交易中之承銷商認定範圍132
第五章 SPAC於亞洲之發展現況135
第一節 亞洲SPAC制度136
第一項 韓國136
第二項 新加坡138
第三項 香港142
第二節 我國制度下對SPAC之思考148
第一項 現行制度下SPAC之容許性148
第二項 我國引入SPAC之思考150
第一款 SPAC對資本市場之助益150
第二款 我國赴美上市之SPAC個案152
第三款 從主管機關之隱憂思考配套措施157
第六章 結論與建議166
參考文獻 170

一、中文部分（依作者姓氏筆畫排序）
（一）專書論著
1.陳盈如，特殊目的收購公司（SPAC）之借殼上市制度研究，跨國法的啟蒙與薪傳：李復甸教授七秩華誕祝壽論文集，五南圖書出版股份有限公司，2022年3月。
2.黃朝琮，特殊目的併購公司（SPAC）之發展與規範，公司法論文集 II：特殊交易型態與資訊揭露，新學林出版股份有限公司，2022年7月。
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4.賴英照，最新證券交易法解析，自版，2020年4月四版。
（二）中文期刊
1.林國彬，董事忠誠義務與司法審查標準之研究―以美國德拉瓦州公司法為主要範圍，政大法學評論，100 期，2007 年 12 月。
2.洪秀芬、黃君葆，「借殼上市」財務及法規範之研究，東海大學法學研究，16期，2001年12月。
3.郭大維，我國引進 SPAC 上市制度的幾點思考（Some Thoughts on the Introduction of SPAC into Taiwan），月旦會計實務研究，第 57 期，2022年9月。
4.唐彩蘋，美國對於SPAC上市及De-SPAC併購交易的監管與發展──兼論SPAC制度在台灣之可行性，財產法暨經濟法，第71期，2023年3月。
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（三）研討會論文
1.陳盈如，特殊目的收購公司之投資人保護機制，耀七十系列飛鳶法學學術研討會，國立臺北大學法律學院，2022年10月。
（四）學位論文
1.羊若裴，台灣新創企業美國SPAC上市模式研究—以Gogoro為例，國立臺灣大學管理學院國際企業學系暨研究所碩士論文，2021年。
2.蔡宜蓁，全球SPAC趨勢下，台灣企業赴美掛牌上市案例研究，國立臺灣大學管理學院國際企業研究所碩士論文，2022年。
（五）網路資料
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二、外文部分（依作者姓氏字母排序）
（一）專書論著
1.FELDMAN, D. N., REVERSE MERGERS: TAKING A COMPANY PUBLIC WITHOUT AN IPO 179-195 (2006).
（二）期刊論文
1.Cotter, D. A., The Attack of SPACs: A Primer on an Emerging Vehicle for Mergers and the Concerns and Risk Issues Connected with SPACs, 51-FALL Brief 32 (2021).
2.Duty, B., Business Judgment Rule or Due Diligence? How to Reduce Vicarious Liability for SPAC Directors and Officers, 44 U. ARK. LITTLE ROCK L. REV. 251-280 (2021).
3.Davidoff, S. M., Black Market Capital, 2008 COLUM. BUS. L. REV. 172-268 (2008).
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（三）社會科學研究網（SSRN）
1.Feng, F. et al., The Incentives of SPAC Sponsors, available at https://ssrn.com/abstract=4069007 (2023).
2.Kang, H. C.& Lee, S., SPACs and the COVID-19 Pandemic: Evidence from Korea, available at https://ssrn.com/abstract=4440263 (2023).
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（四）網路資料
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6.ICR to Host Conference Call to Discuss Special Purpose Acquisition Companies (Jan. 30, 2006), PERMA.CC, available at https://perma.cc/E3Q3-NNKN(captured Sept. 4, 2016, 1:18 AM).
7.Kirkland & Ellis LLP, SPACs Continue to be Attractive Capital-Raising Vehicles (May. 5, 2017), available at https://www.kirkland.com/publications/article/2017/05/spacs-continue-to-be-attractive-capitalraising-veh.
8.Kirkland & Ellis LLP, Re: Special Purpose Acquisition Companies, Shell Companies and Projections File No. S7-13-22; Release Nos. 33-11048, 34-94546, IC-34549 (Jun. 15, 2022), at 12, available at https://www.sec.gov/comments/s7-13-22/s71322-20131385-301434.pdf.
9.Klausner, M. & Ohlrogge, M., The Limits of SPAC Sponsor Earnouts (Apr. 7, 2022), Harv. L. Sch. F. on Corp. Governance, available at https://corpgov.law.harvard.edu/2022/04/07/the-limits-of-spac-sponsor-earnouts/.
10.KPMG, Why so many companies are choosing SPACs over IPOs (2021), available at https://advisory.kpmg.us/articles/2021/why-choosing-spac-over-ipo.html.
11.Layne, R. & Lenahan, B., Special Purpose Acquisition Companies: An Introduction (Jul. 6, 2018), HARV. L. SCH. F. ON CORP. GOVERNANCE, available at https://corpgov.law.harvard.edu/2018/07/06/special-purpose-acquisition-companies-an-introduction/#4b.
12.Layne, R. et al., Update on Special Purpose Acquisition Companies (Aug. 17, 2020), HARV. L. SCH. F. ON CORP. GOVERNANCE, available at https://corpgov.law.harvard.edu/2020/08/17/update-on-special-purpose-acquisitioncompanies/.
13.Mayer Brown, SEC Proposes a “Sea Change” Set of New Rules Applicable to SPACs and Other Market Participants (Apr. 4, 2022), available at https://www.mayerbrown.com/-/media/files/perspectives-events/publications/2022/04/sec-proposes-a-sea-change-set-of-new-rules-applicable-to-spacs-and-other-market-participants.pdf?rev=4182e91616e3480381f39d2326623c8b.
14.Office of Sen. Elizabeth Warren, The SPAC Hack: How SPACs Tilt the Playing Field and Enrich Wall Street Insiders (May, 2022), available at https://www.warren.senate.gov/imo/media/doc/SPACS.pdf.
15.Song, K. R. et al., Going Public through Mergers with SPACs, available at https://www.researchgate.net/publication/338692046_Going_public_through_mergers_with_special_purpose_acquisition_companies (2018).
16.SPAC Research, SPAC FAQs, available at https://www.spacresearch.com/faq#anti-dilution.
17.Spedale, G. & Pacifici, E., 9 Factors to Evaluate When Considering a SPAC (Mar. 11, 2019), available at https://www.gibsondunn.com/wp-content/uploads/2019/03/Spedale-Pacifici-9-Factors-To-Evaluate-When-Considering-A-SPACLaw360-03-11-2019.pdf.
18.Schapiro, M. L., Address at the 10th Annual Northwest Securities Institute: Seeking New Sanctions: Comments on Developments in the Commission’s Enforcement Program (Mar. 9, 1990), available at http://www.sec.gov/news/speech/1990/030990schapiro.pdf.
19.Singapore Exchange, Proposed Listing Framework for Special Purpose Acquisition Companies, (Sept. 2, 2021), available at https://api2.sgx.com/sites/default/files/2021-09/Response%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf.
20.The Street, SPAC Mergers are Facing Uphill Battles (Feb. 9, 2022), available at https://www.thestreet.com/boardroomalpha/spac/spac-mergers-battlembac-pulled.
21.Payne, J., Market Trends: De-SPAC Transactions (Mar. 06, 2022), available at https://www.lexisnexis.com/community/insights/legal/practical-guidance-journal/b/pa/posts/market-trends-de-spac-transactions.
22.Russel Investment, The state of the SPAC market (Apr. 28, 2023), available at https://russellinvestments.com/us/blog/state-of-spac-market.
23.Reuters, High redemption rates see SPACs relying on alternative financing (Jan. 14, 2021), available at https://www.reuters.com/legal/transactional/high-redemption-rates-see-spacs-relying-alternative-financing-2022-01-14/.
24.Wachtell, Lipton, Rosen & Katz, The Resurgence of SPACs: Observations and Considerations (Aug. 20, 2020), available at https://www.wlrk.com/webdocs/wlrknew/ClientMemos/WLRK/WLRK.27066.20.pdf.
25.Wallace, T., Hedge Fund Activism Extends to SPACs, HARV. LAW SCH. F. ON CORP. GOVERNANCE AND FIN. REG. (Feb. 1, 2009), available at https://corpgov.law.harvard.edu/2009/02/01/hedge-fund-activism-extends-to-spacs/.
（五）SEC相關資料
1.Cohn, S. R., 2 S.E.C. COUNSELING FOR SMALL & EMERGING COMPANIES § 19:19 (2006).
2.Self‐Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change to Adopt New Initial and Continued Listing Standards to List Securities of Special Purpose Acquisition Companies, Exchange Act Release No. 34‐57785 (2008), available at https://www.sec.gov/files/rules/sro/nyse/2008/34-57785.pdf.
3.Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval to Proposed Rule Change, as modified by Amendment No. 1, to Adopt Additional Initial Listing Standards to list Securities of Special Purpose Acquisition Companies, Exchange Act Release No. 34‐58228 (2008), available at https://www.sec.gov/files/rules/sro/nasdaq/2008/34-58228.pdf.
4.Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving Proposed Rule Change to Amend IM-5101-2 to Provide Special Purpose Acquisition Companies the Option to Hold a Tender Offer in Lieu of a Shareholder Vote on a Proposed Acquisition and Other Changes to the SPAC Listing Standards, Exchange Act Release No. 34-63607 (2010), available at https://www.sec.gov/files/rules/sro/nasdaq/2010/34-63607.pdf.
5.Self‐Regulatory Organizations; New York Stock Exchange LLC; Order Granting Approval of a Proposed Rule Change Amending Initial and Continued Listing Standards for Special Purpose Acquisition Companies, Exchange Act Release No. 34-80199 (2017), available at https://www.sec.gov/files/rules/sro/nyse/2017/34-80199.pdf.
6.Special Purpose Acquisition Companies, Shell Companies, and Projections, 17 Fed. Reg. 29458 (May 13, 2022) (to be codified at 17 CFR 210.15-01, 17 CFR 229.1601 through 229.1610, 17 CFR 230.140a, 17 CFR 230.145a, and 17 CFR 270.3a-10).
7.U.S. Securities Exchange Commission, Investor Bulletin: Reverse Mergers (Jun. 2011), available at https://www.sec.gov/investor/alerts/reversemergers.pdf.
8.U.S. Securities Exchange Commission, Securities Act Forms: Questions and Answers of General Applicability (last updated Sep. 21, 2020), available at https://www.sec.gov/corpfin/securities-act-forms.
9.U.S. Securities Exchange Commission, Special Purpose Acquisition Companies: CF Disclosure Guidance: Topic No. 11 (Dec. 22, 2020), available at https://www.sec.gov/corpfin/disclosure-special-purpose-acquisition-companies.
10.U.S. Securities Exchange Commission, Celebrity Involvement with SPACs－Investor Alert (Mar. 10, 2021), available at https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/celebrity.
11.U.S. Securities Exchange Commission, Public Statement, John Coates, SPACs, IPOs and Liability Risk under the Securities Laws (Apr. 8, 2021), available at https://www.sec.gov/news/public-statement/spacs-ipos-liability-risk-under-securities-laws.
12.U.S. Securities Exchange Commission, What You Need to Know About SPACs－Updated Investor Bulletin (May. 25, 2021), available at https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/what-you.
13.U.S. Securities Exchange Commission, SEC Charges SPAC, Sponsor, Merger Target, and CEOs for Misleading Disclosures Ahead of Proposed Business Combination (Jul. 13, 2021), available at https://www.sec.gov/news/press-release/2021-124.
14.U.S. Securities Exchange Commission, SEC Proposes Rules to Enhance Disclosure and Investor Protection Relating to Special Purpose Acquisition Companies, Shell Companies, and Projections (Mar. 30, 2022), available at https://www.sec.gov/news/press-release/2022-56.
15.U.S. Securities Exchange Commission , Accounting and SEC Reporting Considerations for SPAC Transactions, Financial Reporting Alert 20-6 (Apr. 11, 2022), available at https://dart.deloitte.com/USDART/home/publications/deloitte/financial-reporting-alerts/2020/spac-transactions#SL675017781-542464.