特殊目的收购公司本土应用的制度逻辑与法治进路  

The Institutional Logic and Approach to Law-based Governance of Special Purpose Acquisition Companies in Domestic Applications

作　　者：苏阳烨 SU Yangye(School of Law,Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学法学院,武汉430072

出　　处：《中国证券期货》2025年第1期85-96,共12页Securities & Futures of China

基　　金：国家社科基金重大项目“我国资本市场制度型开放的法律体系构建研究”(22&ZD204)的阶段性研究成果。

摘　　要：特殊目的收购公司(SPAC)提供了一种新融资途径,并催生了一个具有流动性的新市场,但同时伴随有较高风险。全面注册制改革后,国内企业仍然面临制度型发展困局,资本市场制度型开放是破局关键。在微观层面,SPAC可以作为制度型开放的着力点,在宏观层面,它亦可以作为制度改革的突破口。现阶段我国引入SPAC的制度条件尚不成熟,因此,近期应当鼓励和推动企业赴港SPAC上市。待到条件成熟,也应当通过试点规则引入SPAC,建立“SPAC监管沙盒”对其展开适应性监管。Special Purpose Acquisition Companies(SPACs)offer a novel financing channel and have fostered a new market with liquidity,yet they also pose significant risks.Post the comprehensive registration system reform,domestic enterprises still face institutional development dilemmas,and the institutional opening-up of capital market is key to breaking the stalemate.At the micro level,SPACs can serve as a focal point for the institutional opening-up,and at the macro level,they can also act as a breakthrough for institutional reforms.Currently,the institutional conditions for introducing SPACs in China are not yet ripe.Therefore,in the near term,efforts should be encouraged and promoted for enterprises to list on the Hong Kong SPAC market.When conditions are mature,SPACs should also be introduced through pilot rules,and a“SPAC Regulatory Sandbox”should be established to conduct adaptive regulation.

关 键 词：特殊目的收购公司 资本市场制度型开放 监管沙盒 全面注册制改革 

分 类 号：F27[经济管理—企业管理]