{"id":147451,"date":"2021-07-20T11:39:01","date_gmt":"2021-07-20T03:39:01","guid":{"rendered":"https:\/\/www.fbe.hku.hk\/?post_type=media&p=147451"},"modified":"2021-07-20T15:20:25","modified_gmt":"2021-07-20T07:20:25","slug":"%e7%a0%94%e7%a9%b6%e6%98%be%e7%a4%ba%e5%8f%91%e8%b5%b7%e4%ba%ba%e7%9a%84%e5%85%b3%e7%b3%bb%e7%bd%91%e7%bb%9c%e4%b8%ba%e5%86%b3%e5%ae%9aspac%e6%88%90%e5%8a%9f%e7%9a%84%e5%85%b3%e9%94%ae%e5%9b%a0","status":"publish","type":"hkubs-media","link":"https:\/\/www.hkubs.hku.hk\/sc\/media\/school-news\/%e7%a0%94%e7%a9%b6%e6%98%be%e7%a4%ba%e5%8f%91%e8%b5%b7%e4%ba%ba%e7%9a%84%e5%85%b3%e7%b3%bb%e7%bd%91%e7%bb%9c%e4%b8%ba%e5%86%b3%e5%ae%9aspac%e6%88%90%e5%8a%9f%e7%9a%84%e5%85%b3%e9%94%ae%e5%9b%a0\/","title":{"rendered":"\u7814\u7a76\u663e\u793a\u53d1\u8d77\u4eba\u7684\u5173\u7cfb\u7f51\u7edc\u4e3a\u51b3\u5b9aSPAC\u6210\u529f\u7684\u5173\u952e\u56e0\u7d20"},"content":{"rendered":"

\u7279\u6b8a\u76ee\u7684\u6536\u8d2d\u516c\u53f8(SPAC)\u662f\u6307\u4ee5\u5e76\u8d2d\u79c1\u4eba\u4f01\u4e1a\u4e3a\u4e3b\u8981\u76ee\u7684\u7684\u7a7a\u58f3\u516c\u53f8\uff0c\u8fd1\u5e74\u6765\u6210\u4e3a\u4e0d\u5c11\u516c\u53f8\u7b79\u96c6\u8d44\u91d1\u7684\u91cd\u8981\u6e20\u9053\u3002\u57282020 \u5e74\uff0c\u5355\u662f\u7f8e\u56fd\u5df2\u6709248\u4e2aSPAC\u9996\u6b21\u516c\u5f00\u53d1\u552e(IPO)\u6210\u529f\u7b79\u96c6834\u4ebf\u7f8e\u5143\uff0c\u8fdc\u8d85\u4e8e\u4f20\u7edfIPO\u6240\u7b79\u96c6\u7684\u8d44\u91d1\u3002\u7136\u800c\uff0c\u4ea6\u6709\u4e0d\u5c11\u7684SPAC\u4e8e\u6536\u8d2d\u540e\u8868\u73b0\u6b20\u4f73\u3002\u7531\u4e8e\u5728IPO\u524d\u672a\u80fd\u5f97\u77e5\u5408\u5e76\u516c\u53f8\u7684\u8eab\u4efd\uff0c\u4ea6\u96be\u4ee5\u9884\u5148\u53d6\u5f97\u5176\u4ed6\u76f8\u5173\u7684\u516c\u53f8\u4fe1\u606f\uff0c\u56e0\u6b64\u666e\u904d\u8ba4\u4e3a\u6295\u8d44\u8005\u53ea\u80fd\u4fe1\u8d56SPAC\u7684\u53d1\u8d77\u4eba(Sponsors)\u3002\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u51e0\u4f4d\u5b66\u8005\u6700\u8fd1\u53d1\u5e03\u7684\u7814\u7a76\u5219\u53d1\u73b0\uff0c\u6709\u5176\u4ed6\u7684\u56e0\u7d20\u80fd\u6709\u52a9\u6295\u8d44\u8005\u8fa8\u522bSPAC\u80fd\u5426\u53d6\u5f97\u6210\u529f\u3002<\/p>\n

\u662f\u6b21\u7684\u7814\u7a76\u7531\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u8bb2\u5ea7\u6559\u6388\u3001\u5b9d\u5149\u57fa\u91d1\u6559\u6388\u5e2d\u6559\u6388\uff08\u91d1\u878d\u5b66\uff09\u6797\u6668\u6559\u6388\u3001\u6559\u6388\uff08\u91d1\u878d\u5b66\uff09Roni Michaely\u6559\u6388\u3001\u52a9\u7406\u6559\u6388\uff08\u91d1\u878d\u5b66\uff09\u5362\u65b9\u821f\u535a\u58eb\u53ca\u7814\u7a76\u751f\u79e6\u8bd7\u753b\u8fdb\u884c\u3002<\/p>\n

\u53d1\u8d77\u4eba\u7684\u89d2\u8272\u5728SPAC\u4e2d\u6bd4\u4f20\u7edfIPO\u66f4\u91cd\u8981\uff0c\u56e0\u4e3a\u6295\u8d44\u8005\u9700\u8981\u4f9d\u9760\u4ed6\u4eec\u6765\u9009\u62e9\u5408\u9002\u7684\u516c\u53f8\u8fdb\u884c\u5408\u5e76\uff0c\u60c5\u51b5\u4e0e\u521b\u4e1a\u6295\u8d44\u4e2d\u7684\u666e\u901a\u5408\u4f19\u4eba\u76f8\u4f3c\u3002\u7531\u4e8e\u53d1\u8d77\u4eba\u76f8\u5bf9\u53d7\u5230\u8f83\u5c11\u7684\u68c0\u67e5\u53ca\u5236\u8861\uff0c\u4ed6\u4eec\u7684\u5927\u90e8\u5206\u62a5\u916c\u4ea6\u4e0e\u957f\u671f\u4e1a\u7ee9\u5e76\u65e0\u8054\u7cfb\uff0c\u56e0\u6b64\u589e\u52a0\u4e86\u4ea4\u6613\u672a\u5982\u7406\u60f3\u7684\u673a\u4f1a\u3002\u7531\u6b64\u53ef\u89c1\uff0cSPAC\u53d1\u8d77\u4eba\u7684\u8d44\u5386\u3001\u58f0\u8a89\u548c\u8d28\u7d20\u5bf9SPAC IPO\u7684\u6700\u7ec8\u6210\u529f\u7387\u81f3\u5173\u91cd\u8981\u3002\u662f\u6b21\u7684\u7814\u7a76\u4ee5\u300c\u7f51\u7edc\u5411\u5fc3\u6027\u300d(network centrality)\u4f5c\u4e3a\u91cf\u5ea6\u7684\u6307\u6807\uff0c\u4ee5\u8861\u91cf\u7ba1\u7406\u8005\u7684\u4eba\u9645\u5173\u7cfb\u3001\u793e\u4ea4\u7f51\u7edc\u4e2d\u7684\u5f71\u54cd\u529b\u4ee5\u53ca\u83b7\u53d6\u4fe1\u606f\u7684\u80fd\u529b\uff0c\u8fd9\u4e9b\u7279\u8d28\u5747\u80fd\u6709\u6548\u5c55\u73b0SPAC \u53d1\u8d77\u4eba\u7684\u58f0\u8a89\u3001\u7ecf\u9a8c\u548c\u8d28\u7d20\u3002\u7814\u7a76\u663e\u793a\uff0c\u53d1\u8d77\u4eba\u5728\u79c1\u52df\u57fa\u91d1(PE)\u548c\u521b\u4e1a\u6295\u8d44(VC)\u884c\u4e1a\u7684\u4eba\u9645\u7f51\u7edc\u5f3a\u5ea6\u53ca\u8986\u76d6\u8303\u56f4\u662f\u5176\u80fd\u529b\u7684\u91cd\u8981\u6307\u6807\u3002\u5177\u6709\u9ad8\u7f51\u7edc\u5411\u5fc3\u6027\u7684\u53d1\u8d77\u4eba\u901a\u5e38\u4ea6\u6709\u66f4\u6210\u529f\u7684IPO\u8d44\u91d1\u52df\u96c6\u3001\u66f4\u597d\u7684\u6536\u8d2d\u76ee\u6807\u548c\u66f4\u4f73\u7684\u957f\u671f\u80a1\u7968\u56de\u62a5\uff0c\u4ee5\u53ca\u76ee\u6807\u516c\u53f8\u5728\u5408\u5e76\u540e\u8425\u8fd0\u4e1a\u7ee9\u66f4\u7406\u60f3\u7684\u60c5\u51b5\u66f4\u4e3a\u663e\u6ce8\u3002<\/p>\n

\u8be5\u7814\u7a76\u8fd0\u7528\u4e862003\u5e74\u81f32020\u5e746\u6708390\u4e2aSPAC IPO\u7684\u6570\u636e\uff0c\u5305\u62ec\u53d1\u8d77\u4eba\u7684\u5f80\u7ee9\u4ee5\u53ca\u4e0ePE\u53caVC\u7684\u5173\u7cfb\u7b49\u76f8\u5173\u6570\u636e\u3002\u5b9e\u8bc1\u663e\u793a\uff0c\u5728\u6311\u9009\u53ca\u5bfb\u627e\u4f18\u8d28\u7684\u5408\u5e76\u76ee\u6807\u65f6\uff0c\u62e5\u6709\u5f3a\u5927\u7684\u793e\u4ea4\u548c\u4e13\u4e1a\u7f51\u7edc\u975e\u5e38\u91cd\u8981\uff0c\u56e0\u6b64\u7814\u7a76\u4eba\u5458\u51b3\u5b9a\u4e3b\u8981\u4ee5PE\u53caVC\u7684\u7f51\u7edc\u5411\u5fc3\u6027\u4ee5\u8bc1\u660e\u53d1\u8d77\u4eba\u7684\u8d28\u7d20\u3002\u597d\u7684\u4eba\u9645\u7f51\u7edc\u901a\u5e38\u610f\u5473\u7740\u5728IPO\u671f\u95f4\u53ef\u83b7\u5f97\u66f4\u591a\u6f5c\u5728\u8d44\u91d1\uff0c\u4ee5\u53ca\u6709\u66f4\u591a\u673a\u4f1a\u63a5\u89e6\u673a\u6784\u6295\u8d44\u8005\u6216\u4e0a\u5e02\u540e\u79c1\u52df\u6295\u8d44(PIPE)\uff0c\u8fd9\u4e9b\u90fd\u662f\u5b8c\u6210\u4e1a\u52a1\u5408\u5e76\u4e0d\u53ef\u6216\u7f3a\u7684\u6761\u4ef6\u3002\u6700\u540e\uff0c\u7f51\u7edc\u5411\u5fc3\u6027\u4e5f\u80fd\u5411\u6295\u8d44\u8005\u53d1\u51fa\u4fe1\u53f7\uff0c\u8bc1\u660e\u53d1\u8d77\u4eba\u66fe\u83b7\u5f97\u4e00\u5b9a\u7684\u6210\u529f\u7387\uff0c\u800c\u4e14\u503c\u5f97\u4fe1\u8d56\u3002<\/p>\n

\u7814\u7a76\u53d1\u73b0\uff0cPE\u53caVC\u7f51\u7edc\u5411\u5fc3\u6027\u9ad8\u7684\u53d1\u8d77\u4eba\u6bd4\u5411\u5fc3\u6027\u4f4e\u7684\u66f4\u80fd\u6709\u6548\u7b79\u52df\u8d44\u91d1\uff0c\u5411\u5fc3\u6027\u589e\u52a0\u4e00\u4e2a\u6807\u51c6\u504f\u5dee(SD)\u610f\u5473\u7740 IPO\u6536\u76ca\u589e\u52a04467\u4e07\u7f8e\u5143\u53caPIPE\u6295\u8d44\u589e\u52a05387\u4e07\u7f8e\u5143\u3002\u7531\u4e8e\u7814\u7a76\u5bf9\u8c61\u4e2d\u7684IPO\u5e73\u5747\u6536\u76ca\u603b\u989d\u4e3a1.98\u4ebf\u7f8e\u5143\uff0c\u800cPIPE\u5e73\u5747\u6295\u8d44\u5219\u4e3a7900\u4e07\u7f8e\u5143\uff0c\u4ece\u6bd4\u7387\u800c\u8a00\uff0c\u7814\u7a76\u4e2d\u6240\u8868\u73b0\u7684\u6536\u76ca\u589e\u957f\u53ef\u7b97\u9887\u4e3a\u53ef\u89c2\u3002<\/p>\n

\u6709\u5e9e\u5927\u4eba\u9645\u7f51\u7edc\u7684\u53d1\u8d77\u4eba\u5f80\u5f80\u80fd\u66f4\u5feb\u5730\u5bfb\u83b7\u76ee\u6807\u516c\u53f8\u8fdb\u884c\u5408\u5e76\u3002\u4ed6\u4eec\u5b8c\u6210\u4e1a\u52a1\u5408\u5e76\u7684\u65f6\u95f4\u80fd\u6bd4\u4e00\u822c\u5e73\u5747\u6240\u9700\u768420.5\u4e2a\u6708\u8fdb\u4e00\u6b65\u51cf\u5c11\u4e24\u4e2a\u6708\u3002\u540c\u65f6\u4ed6\u4eec\u4ea6\u80fd\u8fd0\u7528\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1aS-4\u767b\u8bb0\u58f0\u660e\u7684\u7bc7\u5e45\u5c55\u9732\u66f4\u591a\u4e0e\u76ee\u6807\u516c\u53f8\u76f8\u5173\u7684\u4fe1\u606f\u3002\u7814\u7a76\u53d1\u73b0\u7f51\u7edc\u5411\u5fc3\u6027\u6bcf\u589e\u52a0\u4e00\u4e2a\u6807\u51c6\u504f\u5dee\uff0c\u62ab\u9732\u7684\u4fe1\u606f\u91cf\u5c31\u4f1a\u589e\u52a0 12%\u3002\u8003\u8651\u5230\u5927\u4f17\u4e00\u822c\u7f3a\u4e4f\u5173\u4e8eSPAC IPO\u7684\u8d44\u6599\uff0c\u6295\u8d44\u8005\u5e94\u66f4\u4e50\u610f\u83b7\u53d6\u66f4\u591a\u6d88\u606f\u4ee5\u5e26\u6765\u66f4\u5927\u7684\u4e1a\u52a1\u5408\u5e76\u6210\u529f\u673a\u4f1a\u53ca\u8425\u8fd0\u6210\u6548\uff0c\u800c\u6b64\u5047\u8bbe\u4ea6\u7b26\u5408\u7814\u7a76\u56e2\u961f\u7684\u89c2\u5bdf\u6240\u5f97\u3002\u7f51\u7edc\u5411\u5fc3\u6027\u6bcf\u589e\u52a0\u4e00\u4e2a\u6807\u51c6\u504f\u5dee\uff0c\u4ea6\u4f1a\u5c06\u5408\u5e76\u548c\u6536\u8d2d\u6210\u529f\u7684\u53ef\u80fd\u6027\u589e\u52a0 3.7%\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u7f51\u7edc\u5411\u5fc3\u6027\u7684\u589e\u52a0\u4ea6\u4e0e\u826f\u597d\u7684\u957f\u671f\u4e1a\u7ee9\u606f\u606f\u76f8\u5173\uff1a\u7f51\u7edc\u5411\u5fc3\u6027\u589e\u52a0\u4e00\u4e2a\u6807\u51c6\u504f\u5dee\u53ef\u4ee4\u6536\u5165\u5728\u5408\u5e76\u524d\u589e\u957f15.2%\uff0c\u800c\u5408\u5e76\u540e\uff0c\u675c\u5bbeQ\u6bd4\u7387(Tobin\u2019s Q)\u4ea6\u80fd\u589e\u52a017.4%\u3002\u5728\u4e1a\u52a1\u5408\u5e76\u540e\u76842\u5e74\u671f\u95f4\uff0cPE\u7f51\u7edc\u5411\u5fc3\u6027\u6bcf\u589e\u52a0\u4e00\u4e2a\u6807\u51c6\u504f\u5dee\u80fd\u4ee4\u5408\u5e76\u540e\u6bcf\u6708Fama-French\u4e09\u56e0\u5b50\u6a21\u578b(Fama-French three-factor alpha)\u589e\u52a0 2.1%\u3002\u7efc\u5408\u4ee5\u4e0a\u7814\u7a76\u7ed3\u679c\u53d1\u73b0\uff0c\u6709\u66f4\u9ad8\u7f51\u7edc\u5411\u5fc3\u6027\u7684\u53d1\u8d77\u4eba\u66f4\u64c5\u4e8e\u5bfb\u627e\u53ca\u6311\u9009\u76ee\u6807\u516c\u53f8\u8fdb\u884c\u5408\u4f5c\uff0c\u5e76\u4e14\u5bf9\u5408\u5e76\u540e\u7684\u516c\u53f8\u4ea7\u751f\u4e00\u5b9a\u7a0b\u5ea6\u7684\u6b63\u9762\u5f71\u54cd\u3002<\/p>\n

\u662f\u6b21\u7684\u7814\u7a76\u7ed3\u679c\u4ea6\u4e3a\u76d1\u7ba1\u673a\u6784\u5e26\u6765\u4e00\u4e9b\u542f\u793a\u3002\u4ed6\u4eec\u6216\u53ef\u8003\u8651\u5b9e\u65bdSPAC\u53d1\u8d77\u4eba\u7684\u8d44\u683c\u8ba4\u8bc1\uff0c\u4ee5\u53ca\u5bf9\u4ed6\u4eec\u7684\u83b7\u5229\u65b9\u5f0f\u52a0\u4ee5\u89c4\u7ba1\u3002\u901a\u8fc7\u63d0\u9ad8SPAC\u53d1\u8d77\u4eba\u7684\u8d28\u7d20\u53ca\u51cf\u5c11\u7ed3\u6784\u6027\u644a\u8584(dilution structure)\u7684\u5f71\u54cd\uff0cSPAC\u80fd\u591f\u6210\u4e3a\u516c\u53f8\u4e0a\u5e02\u7684\u53ef\u884c\u6e20\u9053\u3002\u6709\u89c1\u4e8eSPAC\u7684\u957f\u671f\u8868\u73b0\u5e76\u4e0d\u7406\u60f3\uff0c\u5b9e\u65bd\u8fd9\u4e9b\u653f\u7b56\u5efa\u8bae\u4e5f\u53ef\u80fd\u51cf\u5c11SPAC\u6574\u4f53\u8868\u73b0\u6b20\u4f73\u7684\u60c5\u51b5\uff0c\u5e76\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u597d\u7684\u4fdd\u969c\u3002<\/p>\n

\u7814\u7a76\u5168\u6587\uff08\u53ea\u63d0\u4f9b\u82f1\u6587\u7248\u672c\uff09\uff1a
\nSPAC IPOs and Sponsor Network Centrality
\nhttps:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3856181<\/a><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-147451","hkubs-media","type-hkubs-media","status-publish","hentry","media-categories-school-news-sc","media-topic-categories-research-sc"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/hkubs-media\/147451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/hkubs-media"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/types\/hkubs-media"}],"version-history":[{"count":4,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/hkubs-media\/147451\/revisions"}],"predecessor-version":[{"id":147465,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/hkubs-media\/147451\/revisions\/147465"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=147451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}