本文關(guān)鍵詞：管理團(tuán)隊(duì)在特殊目的兼并企業(yè)業(yè)績(jī)表現(xiàn)中的作用　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：特別并購(gòu)上市公司(SPAC 即:Special Purpose Acquisition Company),由空白支票公司的演變而來(lái),是一種可以讓持股人參與私募股權(quán)收購(gòu)交易的工具。簡(jiǎn)單的說(shuō),特別并購(gòu)上市公司是一個(gè)”空殼公司”,它的目的是以IPO(首次公開招股)的方式上市從而籌集合并和收購(gòu)交易所需要的資金。正如我們會(huì)在以下的章節(jié)中看到,擁有合并和收購(gòu)公司經(jīng)驗(yàn)的人才和投資銀行的人員會(huì)組建一個(gè)管理團(tuán)隊(duì),目的是為了讓”空殼公司”上市和融資。隨后,管理團(tuán)隊(duì)必須在十八到二十四個(gè)月之內(nèi)確定一個(gè)可以合并的目標(biāo)公司。從IPO籌集到的資金直到股東或投資者批準(zhǔn)合并,會(huì)分開存入到信托賬戶,并將會(huì)投資于無(wú)風(fēng)險(xiǎn)證券。合并被批準(zhǔn)以后,下一步就是交易的執(zhí)行,否則信托賬戶的資金會(huì)被返還給投資者。這是為什么SPAC的結(jié)構(gòu)為投資者們提供了一個(gè)保護(hù)機(jī)制。能成功運(yùn)轉(zhuǎn)整個(gè)交易,管理團(tuán)隊(duì)的專業(yè)素質(zhì)和聲譽(yù)的重要性是顯而易見的。機(jī)構(gòu)投資者,風(fēng)險(xiǎn)資本家和承銷商對(duì)IPO定價(jià)的影響已經(jīng)在文學(xué)中被廣泛討論過(guò)了。但是,沒(méi)有多少金融文學(xué)討論過(guò)公司管理專業(yè)性和聲譽(yù)對(duì)定價(jià)的影響。2005年,Chemmanur和Paeglis利用管理團(tuán)隊(duì)的實(shí)力和上市后股票走勢(shì)之間的關(guān)系進(jìn)行了實(shí)證研究。他們的研究證實(shí)了高實(shí)力的管理團(tuán)隊(duì)會(huì)得到較高的資本收益、機(jī)構(gòu)投資者更多地參與、較好聲譽(yù)的承銷商、較低的上市成本、以及上市后股票更好的走勢(shì)。Chemmanur和Paeglis通過(guò)看團(tuán)隊(duì)的某些特征,比如平均教育水平和工作經(jīng)驗(yàn),來(lái)衡量團(tuán)隊(duì)的實(shí)力名譽(yù)。他們的研究是針對(duì)”普通”公司的IPO定價(jià)。但是,一個(gè)投資者在他要投資IPO股票的時(shí)候,他不只會(huì)看管理團(tuán)隊(duì)的水平,他也會(huì)看公司的經(jīng)營(yíng)業(yè)績(jī)。所以,這些股票的抑價(jià)不止反映了團(tuán)隊(duì)的市場(chǎng)價(jià)格也反映了公司未來(lái)能制造的現(xiàn)金。這種情況是不符合特別并購(gòu)上市公司的。事實(shí)上,一個(gè)”普通”公司和一個(gè)特別并購(gòu)上市公司的團(tuán)隊(duì)實(shí)力對(duì)IPO的影響是不一樣的。在分析完特別并購(gòu)上市公司的特點(diǎn)和用處后,本論文的目的是為了解釋以上描述的關(guān)系。第一個(gè)目的是更好的理解管理質(zhì)量和信譽(yù)的市場(chǎng)價(jià)值,以及它對(duì)IPO定價(jià)影響。作為第一步,我將解釋管理團(tuán)隊(duì)的市場(chǎng)價(jià)值體如何現(xiàn)在SPAC的IPO抑價(jià)。然后,我將實(shí)證調(diào)查管理質(zhì)量和IPO抑價(jià)的關(guān)系。本論文第二個(gè)目的是更好的理解管理質(zhì)量和SPAC合并成功率的聯(lián)系。我觀察到SPAC的市場(chǎng)價(jià)格最主要取決于兩個(gè)因素：在信托賬戶的金額數(shù)目和管理團(tuán)隊(duì)的實(shí)力。因此,管理團(tuán)隊(duì)的市場(chǎng)價(jià)格可以從第一天交易的價(jià)格和在信托賬戶的金額的比例值價(jià)格的差價(jià)獲得。第二,結(jié)果表明團(tuán)隊(duì)的質(zhì)量和團(tuán)員的工作經(jīng)驗(yàn)會(huì)吸引更多的投資者,在IPO時(shí)會(huì)融到更多的資金。實(shí)際上,不是團(tuán)隊(duì)本身吸引投資者,而是團(tuán)隊(duì)的名譽(yù)起了更大的作用。進(jìn)一步的調(diào)查顯示,董事會(huì)中SPAC管理成員的增加會(huì)提高承銷商的實(shí)力。此外,承銷商給的息差會(huì)因?yàn)楣芾沓蓡T的增加而降低。同樣,上市成本也會(huì)因?yàn)楣芾沓蓡T豐富的工作經(jīng)驗(yàn)而降低。事實(shí)上,由于高質(zhì)量管理會(huì)帶來(lái)信息不對(duì)稱的存在,承銷商及其他顧問(wèn)會(huì)享受到較低的并購(gòu)成本。成員豐富的工作經(jīng)驗(yàn)會(huì)讓SPAC股票抑價(jià)。這個(gè)結(jié)果和金融文學(xué)中得出的結(jié)論是一致的。結(jié)論中強(qiáng)調(diào)IPO股票抑價(jià)和管理的實(shí)力是成正比的。第三,我發(fā)現(xiàn)了團(tuán)員的工作經(jīng)驗(yàn)和完成公司合并的時(shí)間是成復(fù)比的。管理成員的經(jīng)驗(yàn)越多,他們完成合并的時(shí)間就會(huì)越少。最后,結(jié)論得出抑價(jià)和長(zhǎng)期的股票走勢(shì)是成正比的。綜上所述,可以總結(jié)管理團(tuán)隊(duì)工作經(jīng)驗(yàn)或抑價(jià)會(huì)正面的影響到合并的成功與否。這一結(jié)果再次證明了抑價(jià)代表著SPAC的質(zhì)量。
[Abstract]:In mergers and acquisitions of listed companies (SPAC: Special Purpose Acquisition Company), by the Blank Check Company evolved, is a device that allows shareholders to participate in private equity acquisition tools. Simply put, especially mergers and acquisitions of listed companies is a "shell company", its purpose is to IPO (initial public offering). Listed on the way to raise the funds needed to exchange mergers and acquisitions. As we will see in the following sections, with merger and acquiring company experience talent and investment bank staff will set up a management team, the purpose is to let the "shell company" listing and financing. Then, the management team must determine a merger the Target Corp within eighteen to twenty-four months. From IPO to raise funds to shareholders or investors to approve the merger, will be separated into a trust account, and will invest in no The risk of securities. Merger was approved, the next step is the execution of the transaction, or trust account funds will be returned to investors. This is why provides a protective mechanism of SPAC structure for investors. Successful operation of the entire transaction, the importance of the management team of professional quality and reputation is obviously the institutional investors. And the influence of venture capitalists and underwriters of the IPO pricing has been widely discussed in the literature. However, no company management expertise and reputation effects on pricing.2005 years to discuss how much financial literature, the relationship between Chemmanur and Paeglis between the strength and the trend after the listing of stock management team conducted empirical research. They the study confirmed the high strength of the management team will get a higher return on capital, institutional investors to participate more, better reputation of underwriters, lower costs of listing, And after the listing of the stock trend better.Chemmanur and Paeglis by certain features of the team, such as the average level of education and work experience, to measure the strength of the team's reputation. Their study is IPO for "ordinary" pricing of the company. However, an investor when he wants to invest IPO stock, he will not only see the management team level, he will see the company's operating performance. Therefore, the underpricing of these stocks not only reflects the team's market price also reflects the company's future can be made in cash. This is not consistent with the special mergers and acquisitions of listed companies. In fact, a "normal", and a special merger the team's effect on IPO is not the same. After analyzing the characteristics and special use in mergers and acquisitions of listed companies, the purpose of this thesis is to explain the relationship described above. The first is to better. Understanding of the management of the quality and credibility of the market value, and its impact on IPO pricing. As the first step, I will explain how the market value management team now SPAC IPO underpricing. Then, I will survey the quality of management and the relationship between the IPO underpricing. The second objective is to gain a better understanding of quality management and SPAC with the success rate of contact. I observed that the market price of the SPAC mainly depends on two factors: in the trust account of the amount of the number and the strength of the management team. Therefore, the management team of the market price from the first day trading price and in the trust account of the amount of the proportion of the value price of the second. The results show that, the quality of the team members and working experience will attract more investors, when IPO will melt into more money. In fact, not the team itself to attract investors, but the team's reputation has been more Big role. Further investigation showed that increasing SPAC management board will improve the Underwriters strength. In addition, spreads to the Underwriters will increase because the members of the management and reduce the cost will be listed. Also, because the management members of the rich work experience is reduced. In fact, because of the high quality management will bring the information asymmetry, the Underwriters and other consultants will enjoy lower acquisition costs. Members of the rich work experience will make SPAC underpricing. This result is consistent with the literature and financial results. Conclusion that IPO stock Underpricing and management strength is proportional to the. Third, I found their work experience and complete the merger time is. The more experience than members of the management team, they completed the merger of the less time. Finally, the conclusion of Underpricing and long-term trend of the stock is To sum up, in conclusion, it can be concluded that management team work experience or underpricing will positively affect the success of merger. This result proves that underpricing represents the quality of SPAC.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F272.9;F271;F830.91

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1 Alessandro Pallotta;管理團(tuán)隊(duì)在特殊目的兼并企業(yè)業(yè)績(jī)表現(xiàn)中的作用[D];復(fù)旦大學(xué);2013年

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本文編號(hào)：1422089