SPAC을 통한 합병기업의 상장 후 효과에 관한 연구

A Study on Post-Listing Performance of Merged Firms: Focus on Korean Special Purpose Acquisition Companies (SPAC)

Purpose - The purpose of this study was to analyze the listing effect and performance of SPAC merged companies from the date of listing. Design/methodology/approach - The dataset for this study includes 56 SPACs that successfully completed acquisition from 2011 to 2017. Abnormal returns and a regression analysis were run for the samples in this study. Findings - First, the cumulative average abnormal returns over a one-year period after the merger listing date of the SPAC companies was negative and statistically significant. Second, the cumulative average abnormal returns of SPAC acquired companies analyzed indicate that companies were acquired in two years has negative returns over the sample period. Third, regression analysis results indicate that ROE have a positive and statistically significant impact on all the returns over the four-sub-periods. Research implications or Originality - It is meaningful in providing data that unlisted companies can be examined when considering the listing through a SPAC rather than an IPO. Also, investors should be able to carefully analyze the information about the target company before exercising their voting rights with regard to the investment. In order to have a healthy security’s market, the stock exchange should strengthen its monitoring of various unfair transactions.