기업인수목적회사(SPAC)와 합병을 통한 중소기업의 상장 성과 분석

SPAC (Special Purpose Acquisition Company) is listed paper company on the stock market for the purpose of listing privately held companies through mergers. This study empirically analyzed the listing performance of SPAC, which merged with small and medium-size companies on KOSDAQ in the form of a backdoor listing. Of the 90 SPACs listed during the sample period 2010 to 2015, 24 SPACs were successfully merged with unlisted companies, and all listed companies through SPAC merged with KOSDAQ. The stock return of SPACs has continued to rise before the announcement of the SPAC merger, and it has been rising due to the influence of herding trading even after the announcement. This result suggests that information is inefficiently reflected in the stock market because target companies SPAC intended to merge are privately held companies and information asymmetry among investors is large. In addition, the stock return of listed companies after the merger has continued to increase from the announcement of the merger to the merger date. These results imply that the impact of herding and the possibility of insider trading for capital gain by SPAC merger may be involved.