特殊目的收购公司，即SPAC（Special Purpose Acquisition Company），是指通过成立一家持有现金的空白支票公司（喻为“壳”公司）进行上市，当主体进行首次公开发行后，用募集到的资金收购私有公司，即进行反向并购。2020年疫情期间，特殊目的收购公司（SPAC）上市模式在美国资本市场中异军突起；与此同时，更多的国家和地区开始接纳和尝试这种上市模式。SPAC在市场上的表现参差不齐，影响其表现的因素复杂多元，前人在分析高管背景和SPAC表现时选取的模型也不尽合理。本文构建多维度的高管背景信息作为自变量，设计长短期、内外部表现作为因变量，对此进行研究。具体来说，本文选取了美股市场上2016年至2022年1月24日通过SPAC首次公开募股上市的887家公司，结合手工筛选、关键词匹配方式提炼高管特征，探究SPAC的高管背景信息对IPO规模、并购效率和并购完成后短期、长期回报的影响。研究发现：第一，高管团队数量和 IPO 规模正相关，但却降低了并购效率；第二，高管团队里女性比例的提高有利于增加 IPO 募资规模、提高并购效率，但对短期回报没有显著影响，对长期买入持有异常收益存在部分负相关关系；第三，教育水平对 IPO 规模、并购效率、短期 CAR 起负向影响，而与长期BHAR 没有显著相关性；第四，平均年龄与 IPO 规模正相关，与并购效率负相关，与股价回报表现呈倒 U 型关系；第五，异质性经历有助于提高 IPO 规模、提高并购效率，但是对短期和长期的超额股价收益没有显著影响。通过将SPAC质量尽可能多地分析指标构成以及其对SPAC表现的影响，得出更为出色的SPAC高管背景在目前来看未必是“光环”的结论。上述发现对中国的资本市场引进SPAC具有一定的参考意义。针对监管活动，本文提出如下建议：首先，SPAC作为一种特殊的上市模式， 是 IPO 的可行替代方案，可以用来为中小企业提供融资上的便利；其次，对于更好发挥金融中介金融的“价值发现”功能，SPAC 也是不少经济学家、投资银行家所支持的方式，不妨鼓励中小企业与金融中介的合作；最后，SPAC需要成熟的资本市场和完善的监管机制进行约束，否则容易成为“割韭菜”的工具，监管需要与时俱进，增强对于SPAC的发展和演化的认知。
SPAC (Special Purpose Acquisition Company) refers to the creation of a new cash "shell" company (also known as a blank check company) as a listing entity, and using the proceeds to acquire a private company after its initial public offering, i.e., a reverse merger. During the 2020 epidemic, the special purpose acquisition company (SPAC) listing model emerged in the U.S. capital market; meanwhile, more countries and regions began to accept and experiment with this listing model, and the performance of SPACs in the market is uneven, and the factors affecting their performance are complex and diverse. In this paper, we construct multidimensional executive background information as the independent variable and design long- and short-term, internal and external performance as the dependent variables to investigate this. Specifically, this paper selects 887 companies listed through SPAC initial public offerings in the U.S. stock market from 2016 to January 24, 2022, and combines manual screening and keyword matching to extract executive characteristics to explore the impact of executive background information of SPACs on IPO size, M&A efficiency, and short- and long-term performance after M&A completion.It is found that: first, the number of executive teams is positively correlated with IPO size, but decreases M&A efficiency; second, the increase in the proportion of women in executive teams is beneficial to increase IPO fundraising size and improve M&A efficiency, but has no significant effect on short-term stock price and a partial negative relationship with long-term buy-and-hold abnormal returns; third, education level has a negative effect on IPO size, M&A efficiency, short-term CAR and no significant correlation with long-term BHAR; fourth, average age is positively correlated with IPO size, negatively correlated with M&A efficiency, and has an inverted U-shaped relationship with stock price performance; fifth, heterogeneous experience helps increase IPO size and improve M&A efficiency, but has no significant effect on short-term and long-term excess stock price returns. By analyzing the composition of as many SPAC quality indicators as possible and their impact on SPAC performance, it is concluded that a more outstanding SPAC executive background is not necessarily a "halo" at this point in time.These findings have implications for the introduction of SPACs in the Chinese capital market. First, as a special listing model, SPACs are a viable alternative to IPOs and can be used to facilitate financing for SMEs; second, SPACs are also supported by many economists and investment bankers to better perform the "value discovery" function of financial intermediation. Finally, SPAC needs a mature capital market and a perfect regulatory mechanism for restraint, otherwise it will easily become a tool for "cutting leeks", and regulation needs to keep pace with the times and enhance the understanding of its development and evolution.
