特殊目的收購公司的發展與國際趨勢

Legal Regulation and International Trends of Special Purpose Acquisition Company

特殊目的收購公司（SPAC）是一種現金殼公司，通過尋找目標企業並與之合併，為企業提供了一種高效、快速並節省成本的上市選擇。受新冠疫情的影響，美國各交易所在傳統IPO在政策上不斷收緊，致使SPAC急速發展， 全球交易所紛紛調整上市規則， 積極引入SPAC。SPAC讓企業享受便捷上市的同時，引發對投資者保護的擔憂。對待SPAC制度，法律需要提供制度保護，在加強資訊揭露的同時，給予市場足夠的風險警示，審慎評估企業出走境外SPAC上市的風險，確保資本市場的整體穩定與安全。

The Special Purpose Acquisition Company (SPAC) is a cash shell company that provides companies with an efficient, quick, and cost-effective way to go public by merging with a target company. As a result of the Covid-19, U.S. exchanges have tightened their policies on traditional IPO, resulting in the rapid growth of SPAC, while global exchanges have adjusted their listing rules to actively introduce SPAC. While SPAC makes it easier for companies to go public, they have raised investor protection concerns. To ensure the capital market’s overall stability and safety, the legislation must provide institutional protection, strengthen information disclosure while providing adequate risk warnings, and prudently assess the risk of companies going abroad for SPAC listings.