| 關 鍵 詞： |
特殊目的併購公司（SPAC）；空白支票公司；1990 年廉價股票改革法案；美國證券交易委員會第 419 號規則；首次公開發行（IPO）；反向併購；直接上市 |
| 中文摘要： |
2020 年「特殊目的併購公司」（special purpose acquisition company, SPAC）於美國出現爆炸性的成長，IPO（initial public offering）之金額刷新紀錄，高於 SPAC 過去十年募集金額之加總，與傳統 IPO 分庭抗禮，被稱為 2020 SPAC Boom。但究竟何謂 SPAC？簡而言之，SPAC 本身沒有任何業務，而是單純以「尋求併購未上市公司」為目標而上市的公司，此為其存在的「特殊目的」（special purpose）。故 SPAC 僅僅是提供一個上市公司的殼（shell），透過與未上市公司合併，將其股票轉換為自己之已上市股票，投資人可進而在公開市場賣出獲利。
我國過去不曾出現任何類似 SPAC 的概念，但是面對 SPAC 在美國引起的熱潮時，我國亦應思考是否有引入之可能性，故本文嘗試對此問題提出個人淺見，藉此拋磚引玉。本文第壹部分為前言。第貳部分先介紹美國 SPAC 之發展及相關規範。第參部分接續分析 SPAC 之優缺點，並討論法規範是否完備。第肆部分則觀察 SPAC 在世界各國之發展。第伍部分再分析引入 SPAC 對我國之利弊，並探討我國是否應引入 SPAC，以及相關法律應如何因應。最後，第陸部分回顧並總結全文。
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| 英文關鍵詞： |
Special Purpose Acquisition Company (SPAC)；Blank Check Company；Penny Stock Reform Act of 1990；SEC Rule 419；Initial Public Offering (IPO)；Reverse Merger；Direct Listing |
| 英文摘要： |
In the year 2020, special purpose acquisition companies (SPACs) grew exponentially in the United States. The IPO proceeds of SPACs in 2020 was larger than the proceeds of SPACs from the past ten years combined, it is almost equal to the amount of what traditional IPOs have raised. This phenomenon has been referred to as the “2020 SPAC Boom”. But what exactly are SPACs? Basically, SPACs are companies that do not have any operations, their “special purpose” are to seek to acquire other unlisted companies. In other words, SPACs are shell companies that provide an alternative track to list companies on stock exchanges. By merging SPACs with unlisted companies, the investors profits by selling off the newly converted stocks after the merger is complete.
Nothing similar to SPACs have ever emerged in Taiwan, but when facing the ongoing SPAC frenzy in the United States, Taiwan should consider the possibilities of introducing SPACs. The article attempts to provide an early view regarding this issue. Part I is the introduction. Part II introduces the developments and regulations of SPACs in the United States. Part III analyzes the pros and cons of SPACs, and discusses the flaws of the current regulations. Part IV observes the implementations and developments of SPACs in other countries, such as the United Kingdom, Italy, South Korea and Malaysia. Part V discusses the possibility of introducing SPACs into Taiwan, and how to amend the related laws and regulations to accommodate SPACs. Lastly, part VI reviews and concludes the article.
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| 目 次： |
壹、前言
貳、概述 SPAC
一、SPAC 的起源
二、解構 SPAC
參、SPAC 之分析
一、SPAC 之優點
二、SPAC 之缺點
三、SPAC 規範之分析
肆、SPAC 於各國之發展
一、歐洲
二、亞洲
伍、我國引入 SPAC 之芻議
一、現行法規下是否允許 SPAC？
二、我國是否應引入 SPAC？
三、我國應如何引入 SPAC？
陸、結論
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