我國引進特殊目的收購公司之可行性研究

A Study on the Potential Introduction of Special Purpose Acquisition Companies into Taiwan

在疫情時期蓬勃發展，各國紛紛引進特殊目的收購公司（SPAC）上市制度，我國主管機關對於SPAC的態度相比之下則較為保留，其理由主要為憂心監管套利、無專業人士把關以及資訊不實等問題可能侵害投資人權益，然在我國實務上則接受資訊相對更不透明之反向併購借殼上市。因此本文擬藉由比較初次上市、反向併購以及SPAC借殼上市制度，以分析SPAC上市制度對投資人保護上不足之處。此外，針對主管機關之憂慮，本文將探討美國證券主管機關所提出之最新SPAC監管法規，以及新加坡和香港在2021年與2022年引進SPAC上市制度之規範做一比較分析，探討我國是否得借鑑各國之監管規範，就投資人保護不完善之處，在適當法規配套措施下，引進SPAC制度是否具可行性。如此一來，或可使我國資本市場更有吸引力。

While SPACs have become increasingly common around the world during the pandemic, Taiwan’s Financial Supervisory Commission has maintained a conservative stance towards them. The main reasons for this conservatism are concerns over regulatory arbitrage, a lack of sufficient professional gatekeepers, and the potential for misleading information that could infringe on investors’rights and interests. However, these issues are not uncommon in reverse mergers, which are accepted in Taiwan.
Therefore, this article aims to compare initial public offerings (IPOs), reverse mergers, and SPACs. It also explores the similarities and differences among various company listing channels. By doing so, we can better understand whether SPACs are at a disadvantage in terms of investor protection compared to other listing channels.
In addition, this article introduces the latest SPAC regulations enacted by the U.S. SEC, as well as the new SPAC listing rules of Singapore and Hong Kong from 2021 and 2022. These can serve as references for Taiwan when considering the enactment of SPAC-related laws and regulations in the future. With appropriate regulatory and supporting measures, SPACs could enhance the attractiveness of Taiwan’s capital market.