论对特殊目的并购公司的监管路径选择

On the Choice of Supervision Path for Special Purpose Acquisition Companies

特殊目的并购公司(Special Purpose Acquisition Company)是美国证券交易委员会所认定的某种特殊类型的空白支票公司,可以通过这种公司实施跨境反向并购来帮助其并购目标企业实现在美国证券交易所上市。2020年至2021年一季度,通过SPAC模式在美国上市的企业数量呈现井喷式增长,这一趋势引起了美国证券监管机构的密切关注。在此背景下,美国证券交易委员会在早期仍然坚持以"信息披露"为主的监管要求,后期逐渐走向通过发布指南、声明等方式进行实体性监管,而亚洲一些国家如新加坡也对SPAC模式非常感兴趣,新加坡证券交易所在其SPAC模式的咨询文件中则选择了较美国而言更为严格的实体性监管模式。

A Special Purpose Acquisition Company(SPAC)is a special type of blank check company recognized by the U.S.Securities and Exchange Commission(SEC).It can help its acquisition target companies to achieve the goal of listing on the U.S.stock exchange through implementing the cross-border reverse acquisition.From 2020 to the first quarter of 2021,the number of companies listed on the U.S.stock exchange through the SPAC model showed a blow-out growth,which has aroused the close attention of SEC.Under this context,SEC still adhered to the regulatory requirements based on the"information disclosure"in the early stage,and gradually moved towards the substantive regulation through the issuance of guidelines,statements,and so on.Some Asian countries such as Singapore also take to the SPAC model,and Singapore Exchange chose a more stringent substantive supervision model in its consultation paper on the SPAC model than the United States.