SPAC합병상장 기업의 장기 경영성과 분석

This study empirically compares and analyzes the managerial performance of companies listed on the KOSDAQ through SPAC mergers during the sample period from 2010 to 2020 in Korea. The findings indicate that companies that went public via SPAC mergers and those that did so through traditional IPOs exhibited similar managerial performance in the post-listing period. First, firms that merged with SPACs showed improved liquidity performance leading up to the listing year, but experienced a decline in liquidity afterward. Second, the financial stability of SPAC merger improved until the listing year but declined after listing, likely due to capital raising and subsequent investment activities. Third, operational activity tended to decrease after the listing. Fourth, profitability significantly deteriorated following the listing. Moreover, the statistically insignificant differences in performance between SPAC mergers and traditional IPOs suggest that the post-listing performance on the KOSDAQ is generally consistent, regardless of the listing method. These results can be interpreted as phenomenon arising from a combination of window-dressing of financial performance before listing, the strategic timing of the IPO, and information asymmetry between the listing promoters and external investors. Furthermore, they suggest implications for the practical extrapolation made by underwriters or sponsors who overvalue the company as a growth firm, based on the expectation that the rapid growth trend in managerial performance will continue after the listing.