我國引入特殊目的併購公司（SPAC）之芻議──以2020年之發展與新興議題為中心

Introducing Special Purpose Acquisition Companies (SPACs) into Taiwan?--Focusing on the Developments and New Issues of SPACs in the Year 2020

2020年「特殊目的併購公司」（special purpose acquisition compa-ny, 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。

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 com-bined, 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 unlist-ed 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 con-sider the possibilities of introducing SPACs. The article attempts to pro-vide 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 intro-ducing SPACs into Taiwan, and how to amend the related laws and regula-tions to accommodate SPACs. Lastly, part VI reviews and concludes the article.