SPAC业务模式分析与法律规制路径研究——兼议金融创新的审慎性问题  

SPAC Business Model Analysis and Legal Regulation Path Research:Simultaneous Discussion on the Prudence of Financial Innovation in China

作　　者：蔡奕 Cai Yi

机构地区：[1]前海股交投资控股(深圳)有限公司 [2]前海股权交易中心 [3]中国人民大学

出　　处：《国际经济法学刊》2025年第1期97-112,共16页Journal of International Economic Law

摘　　要：特殊目的并购公司(SPAC)近年在美国、英国、新加坡、我国香港特别行政区等地证券市场获得快速发展。美国证监会(SEC)的419规则对其从“空白支票公司”向“初始版SPAC”进而“现代版SPAC”的嬗变至关重要。本文分析了SPAC在海外市场大行其道的商业合理性和潜在风险,尤其是SPAC交易结构中发起人、资产方、承销商、私募基金、公众投资者等多类主体之间的利益冲突。为遏制上述利益冲突,各国家和地区对SPAC的法律规制演化出“硬法”与“软法”两条迥异的规制路径。作为一种方兴未艾的新型融资和资本运作方式,其在中国的“准生证”需要更为审慎地评估与考量,同时也要在证券成文法和证券交易所自律规则的约束下进行。类似SPAC的金融创新在中国的路径探索需要进行更长周期的观察、论证和试错,需要解决一系列法制、监管、投资者保护等配套设施与条件问题。In recent years,Special Purpose Acquisition Companies(SPACs)have experienced rapid growth in securities markets in the United States,the United Kingdom,Singapore,Hong Kong,and other locations.Rule 419 of the U.S.Securities and Exchange Commission(SEC)plays a crucial role in the transformation of SPACs from“Blank Check Companies”to“first generations of SPACs”and further to“modern generations of SPACs.”This article analyzes the commercial rationale and potential risks of SPACs thriving in overseas markets,especially the conflicts of interest among various entities in the SPAC transaction structure,such as sponsors,target companies,underwriters,private equity funds,and public investors.To curb the aforementioned conflicts of interest,different countries and regions have evolved two distinct regulatory paths for SPACs:“hard law”and“soft law”.As an emerging form of financing and capital operation,the evaluation and consideration of SPACs in China's regulatory framework require careful scrutiny.Simultaneously,it should operate within the constraints of securities statutes and self-regulatory rules of stock exchanges.The exploration of financial innovations similar to SPACs in China demands a more extended period of observation,argumentation,and trial-and-error.It involves addressing a series of issues related to legal systems,regulations,investor protection and other supporting facilities and conditions.

关 键 词：特殊目的并购公司(SPAC) 419规则 硬法 软法 金融创新 

分 类 号：D922.291.91[政治法律—经济法学]