{"id":158161,"date":"2021-11-25T09:00:45","date_gmt":"2021-11-25T01:00:45","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/?post_type=thought-leadership&#038;p=158161"},"modified":"2021-11-24T19:15:46","modified_gmt":"2021-11-24T11:15:46","slug":"the-pros-and-cons-of-the-spac-tide","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/the-pros-and-cons-of-the-spac-tide\/","title":{"rendered":"\u5229\u5f0a\u4e92\u89c1\u7684SPAC\u70ed\u6f6e"},"content":{"rendered":"<p>\u7279\u6b8a\u76ee\u7684\u6536\u8d2d\u516c\u53f8\uff08Special Purpose Acquisition Company\uff1b\u7b80\u79f0SPAC\uff09\u65e9\u4e8e1990\u5e74\u4ee3\u5df2\u5728\u7f8e\u56fd\u51fa\u73b0\u3002\u4ee5SPAC\u878d\u8d44 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SPAC\u800c\u8a00\uff0c\u5c31\u4f1a\u51fa\u73b0\u8baf\u606f\u62ab\u9732\u7684\u95ee\u9898\u3002<\/p>\n<h5>\u56de\u62a5\u9884\u671f\u7684\u843d\u5dee<\/h5>\n<p>SPAC\u7684\u4f30\u503c\u53d6\u51b3\u4e8e\u80fd\u5426\u89c5\u5f97\u76ee\u6807\u5e76\u8d2d\u4f01\u4e1a\uff0c\u9501\u5b9a\u540e\u82e5\u9047\u7ade\u4e89\u5bf9\u624b\uff0c\u80fd\u5426\u4ee5\u9ad8\u4ef7\u53ca\u5177\u5438\u5f15\u529b\u6761\u4ef6\u83b7\u5f97\u76ee\u6807\u9752\u7750\uff1f\u5e76 \u8d2d\u6210\u529f\u540e\uff0c\u5176\u6295\u8d44\u7ba1\u7406\u5c42\u53c8\u80fd\u5426\u548c\u88ab\u5e76\u8d2d\u4f01\u4e1a\u7684\u52a1\u5b9e\u7ba1\u7406\u5c42\u521b\u9020\u53cc\u8d62\u5c40\u9762\uff1f\u53d7\u5236\u4e8e\u8fd9\u4e9b\u672a\u77e5\u4e4b\u6570\uff0cSPAC\u5728\u5e76\u8d2d\u524d\u7684 \u8868\u73b0\u5f80\u5f80\u8fdc\u900a\u4e8e\u4f20\u7edf\u65b0\u80a1\u516c\u53f8\u7684\u4e0a\u5e02\u8868\u73b0\u3010\u56fe3\u3011\u3002<\/p>\n<p style=\"text-align: center;\"><strong>\u3010\u56fe3\u3011 2015\u20132020 \u5e74\u4e0a\u5e02 SPAC \u4e0e\u4f20\u7edf\u65b0\u80a1\u4e0a\u5e02\u9996\u6708\u5e73\u5747\u56de\u62a5\u7387 (%)<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-large wp-image-158172\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide5-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide5-1024x576.png 1024w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide5-300x169.png 300w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide5-768x432.png 768w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Slide5.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;\">\u8d44\u6599\u6765\u6e90\uff1a\u9999\u6e2f\u4ea4\u6613\u6240\u3001Dealogic\u3001\u5f6d\u535a<\/p>\n<p>&nbsp;<\/p>\n<p>\u4e0b\u3010\u8868\u3011\u5217\u51fa2019\u5e741\u6708\u81f32020\u5e746\u6708\u671f\u95f4\uff0c47\u5bb6\u7f8e\u56fd\u4e0a\u5e02SPAC\u5728\u5408\u5e76\u540e\u7684\u5e73\u5747\u56de\u62a5\u3002SPAC\u4e8e\u5408\u5e76\u540e\u7684\u6295\u8d44\u8868\u73b0 \uff0c\u8ddf\u53d1\u8d77\u4eba\u7684\u8d28\u7d20\u6709\u83ab\u5927\u5173\u7cfb\uff1a\u9ad8\u8d28\u7d20\u548c\u975e\u9ad8\u8d28\u7d20SPAC\u53d1\u8d77\u4eba\u768412\u4e2a\u6708\u5e73\u5747\u56de\u62a5\uff0c\u5206\u522b\u662f\u4e8f\u86806%\u53ca57%\uff0c\u603b\u8ba1\u635f\u5931\u7ea6 35%\u3002<\/p>\n<p style=\"text-align: center;\"><strong>\u3010\u8868\u3011SPAC \u5728\u5408\u4f75\u5f8c\u7684\u5e73\u5747\u56de\u5831 <\/strong><\/p>\n<div id=\"attachment_158178\" style=\"width: 945px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-158178\" class=\"wp-image-158178 size-full\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Table-SC.png\" alt=\"\" width=\"935\" height=\"297\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Table-SC.png 935w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Table-SC-300x95.png 300w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/11\/Table-SC-768x244.png 768w\" sizes=\"(max-width: 935px) 100vw, 935px\" \/><p id=\"caption-attachment-158178\" class=\"wp-caption-text\">\u6ce8\uff1a\u300c\u9ad8\u8d28\u7d20\u300dSPAC \u53d1\u8d77\u4eba\u6307\u4e0e\u540d\u5217 PitchBook\u3001\u7ba1\u7406\u8d44\u4ea7\u603b\u503c\u8fbe 78 \u4ebf\u6e2f\u5143\u6216\u4ee5\u4e0a\u7684\u57fa\u91d1\u76f8\u5173\u4eba\u58eb\uff0c\u6216\u8005\u662f\u8d22\u5bcc 500 \u5f3a\u516c\u53f8\u7684\u524d\u603b\u88c1\/\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\u3002<\/p><\/div>\n<p style=\"text-align: center;\">\u8d44\u6599\u6765\u6e90\uff1a\u9999\u6e2f\u4ea4\u6613\u6240<\/p>\n<p>\u57282021\u5e743\u6708\uff0c\u5728\u5229\u7387\u4e0a\u5347\u548c\u901a\u80c0\u9884\u671f\u5f71\u54cd\u4e0b\uff0c\u6295\u8d44\u8005\u4ee5\u7834\u7eaa\u5f55\u7684\u901f\u5ea6\uff0c\u5c06\u76ee\u6807\u4ece\u9ad8\u589e\u957f\u7684\u79d1\u6280\u80a1\u8f6c\u5411\u5468\u671f\u6027\u4ef7\u503c \u80a1\u53caSPAC\u3002\u968f\u7740\u6295\u8d44\u6f6e\u5ef6\u4f38\u5230SPAC\uff0c\u6295\u8d44\u8005\u4ea6\u91cd\u65b0\u5ba1\u89c6\u53ef\u80fd\u51fa\u73b0\u7684\u6ce1\u6cab\u98ce\u9669\uff0c\u800c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u4e3b\u5e2d\u4e5f\u6307\u51fa \uff0c\u7814\u7a76\u8868\u660eSPAC\u7684\u6295\u8d44\u8868\u73b0\u4e0e\u5927\u591a\u6570\u6295\u8d44\u8005\u7684\u61a7\u61ac\u4e0d\u7b26\u3002<\/p>\n<p>\u81f3\u4e8e\u6700\u5927\u7684\u98ce\u9669\uff0c\u83ab\u8fc7\u4e8e\u4ee5\u5de8\u989d\u8d44\u91d1\u8ffd\u9010\u6570\u91cf\u6709\u9650\u7684\u9ad8\u8d28\u91cf\u5e76\u8d2d\u76ee\u6807\u3001\u8fc7\u4e8e\u8fdb\u53d6\u7684\u6295\u8d44\u9879\u76ee\u53ca\u5176\u4f30\u503c\uff0c\u4ee5\u53ca\u4fdd\u8350 \u4eba\u548c\u80a1\u4e1c\u4e4b\u95f4\u7684\u4e0d\u534f\u8c03\u7b49\u3002<\/p>\n<h5>\u5bf9\u9999\u6e2f\u7684\u542f\u793a<\/h5>\n<p>\u300a\u7ecf\u6d4e\u5b66\u4eba\u300b\u4eca\u5e74\u521d\u5c3150\u9879\u8fd1\u671f\u5b8c\u6210\u6216\u6709\u5f85\u843d\u5b9eSPAC\u4ea4\u6613\u7684\u516c\u53f8\u4f5c\u51fa\u7edf\u8ba1\uff0c\u53d1\u73b0\u5927\u7ea6\u4e00\u534a\u516c\u53f8\u7684\u76c8\u5229\u9884\u6d4b\u4e3a\u4e8f\u635f \u3002\u8fd950\u5bb6\u516c\u53f8\u76ee\u524d\u7684\u6bcf\u5e74\u8425\u4e1a\u5229\u6da6\u603b\u989d\u7ea6\u4e3a10\u4ebf\u7f8e\u5143\uff0c\u4f46\u516c\u53f8\u7ba1\u7406\u5c42\u5374\u5411\u6295\u8d44\u8005\u8868\u793a\uff0c\u9884\u6d4b\u8425\u4e1a\u5229\u6da6\u5c06\u4e8e2023\u5e74\u51fa \u73b0\u5947\u8ff9\uff0c\u8dc3\u5347\u81f3150\u4ebf\u7f8e\u5143\u3002\u8fd9\u7a76\u7adf\u662f\u7a7a\u5934\u652f\u7968\u6291\u6216\u6295\u8d44\u6ce1\u6cab\u4f7f\u7136\uff0c\u5c31\u8981\u8003\u9a8c\u6295\u8d44\u8005\u7684\u80c6\u91cf\u548c\u667a\u6167\u3002<\/p>\n<p>\u6839\u636eDealogic\u53ca\u6807\u666e\u667a\u6c47\uff0c\u622a\u81f32021\u5e747\u670813\u65e5\uff0c\u670925\u5bb6\u603b\u90e8\u4f4d\u4e8e\u5927\u4e2d\u534e\u533a\u7684SPAC\u5728\u7f8e\u56fd\u4e0a\u5e02\uff0cIPO\u96c6\u8d44\u5171\u7ea642\u4ebf \u7f8e\u5143\uff08331\u4ebf\u6e2f\u5143\uff09\uff0c\u5f53\u4e2d20\u5bb6\u603b\u90e8\u8bbe\u4e8e\u9999\u6e2f\uff0c5\u5bb6\u8bbe\u4e8e\u4e2d\u56fd\u5185\u5730\u3002\u82e5\u9999\u6e2f\u5e02\u573a\u5141\u8bb8\u4f01\u4e1a\u900f\u8fc7SPAC\u4e0a\u5e02\uff0c\u6216\u66f4\u6709\u52a9\u4e89 \u53d6\u5927\u4e2d\u534e\u516c\u53f8\u6765\u6e2f\u4e0a\u5e02\u3002<br \/>\nSPAC\u4e3a\u516c\u4f17\u6295\u8d44\u8005\u63d0\u4f9b\u673a\u4f1a\uff0c\u900f\u8fc7\u80a1\u4efd\u548c\u6743\u8bc1\u4e0e\u4e13\u4e1a\u7684SPAC\u53d1\u8d77\u4eba\u4e00\u540c\u6295\u8d44\uff0c\u5982\u540c\u6295\u8d44\u79c1\u52df\u57fa\u91d1\u4e00\u6837\uff0c\u5374\u6bcb\u987b\u652f \u4ed8\u8fd9\u7c7b\u57fa\u91d1\u7684\u9ad8\u6602\u7ba1\u7406\u8d39\u7528\u3002\u7136\u800c\uff0c\u7531\u4e8e\u4e00\u822c\u672c\u5730\u6563\u6237\u6295\u8d44\u8005\u5bf9SPAC\u8ba4\u8bc6\u4e0d\u6df1\uff0c\u5b9e\u6709\u5fc5\u8981\u5728\u8fd9\u65b9\u9762\u52a0\u5f3a\u516c\u4f17\u6559\u80b2\u3002<\/p>\n<p>SPAC\u4e0a\u5e02\u5728\u7f8e\u56fd\u5f15\u53d1\u70ed\u6f6e\uff0c\u65e9\u5df2\u5438\u5f15\u4e86\u4e9a\u6d32\u5730\u533a\u90e8\u5206\u653f\u5e9c\u7684\u76ee\u5149\u3002SPAC\u5728\u4e9a\u6d32\u5177\u6709\u53d1\u5c55\u7684\u6f5c\u529b\uff0c\u9999\u6e2f\u5e94\u4ece\u4e2d\u638c\u63e1 \u673a\u9047\u3002\u5728\u672c\u5730\u8d44\u672c\u5e02\u573a\u63a8\u5e7fSPAC\u5177\u6709\u4ef7\u503c\u548c\u610f\u4e49\uff0c\u56e0\u4e3aSPAC\u4e0a\u5e02\u4eab\u6709\u81ea\u8eab\u4f18\u52bf\uff0c\u4e3a\u53d1\u884c\u4eba\u63d0\u4f9b\u4e00\u79cd\u66ff\u4ee3\u4e0a\u5e02\u65b9\u5f0f\u3002 \u9999\u6e2f\u4f5c\u4e3a\u9886\u5148\u7684\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\uff0c\u8d44\u672c\u5e02\u573a\u6df1\u5ea6\u5e7f\u5ea6\u517c\u5907\uff0c\u800c\u4e14\u4e91\u96c6\u4e86\u4e0d\u5c11\u673a\u6784\u6295\u8d44\u8005\u53ca\u4e13\u4e1a\u4eba\u624d\uff0c\u52a0\u4e0a\u4e16\u754c\u7ea7\u76d1\u7ba1 \u5236\u5ea6\uff0c\u8db3\u4ee5\u4e3aSPAC\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u5229\u73af\u5883\u3002<\/p>\n<p>&nbsp;<\/p>\n<h5>\u53c2\u8003\u6587\u732e<\/h5>\n<p>\u7279\u6b8a\u76ee\u7684\u6536\u8d2d\u516c\u53f8\u54a8\u8be2\u6587\u4ef6\uff0c\u9999\u6e2f\u4ea4\u6613\u6240\uff0c2021\u5e749\u6708<\/p>\n<p>SPAC spectacle\uff0c\u300a\u7ecf\u6d4e\u5b66\u4eba\u300b\uff0c2021\u5e744\u670824\u65e5<\/p>\n<p>The SPAC Bubble is About to Burst\uff0c\u300a\u54c8\u4f5b\u5546\u4e1a\u8bc4\u8bba\u300b\uff0c2021\u5e742\u670818\u65e5<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u8c22\u56fd\u751f 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