Core Viewpoint - Special Purpose Acquisition Companies (SPACs) have emerged as a significant financial tool, capturing over 60% of the U.S. IPO market share and raising more than $220 billion during the 2020-2021 period. Despite regulatory tightening in 2022 leading to a decline in market enthusiasm, SPACs continue to be active and serve as an important supplement to traditional IPOs [3]. Group 1: SPAC Definition and Market Evolution - SPAC stands for Special Purpose Acquisition Company, a financial instrument designed for company listings. It originated in the U.S. in the 1990s and gained traction after becoming legalized post-2005. SPACs operate as "pure cash" shell companies with the sole purpose of acquiring one or more target companies, primarily non-listed firms [5][6]. - The advantages of SPACs compared to traditional IPOs are encapsulated in the "three reductions and one increase": reduced time costs, lower compliance thresholds, diminished market volatility impact, and increased financing certainty. This new pathway to public markets offers previously unknown quality companies unprecedented opportunities [6]. Group 2: Mechanisms and Challenges of SPACs - SPACs face several challenges, including stricter regulatory requirements for information disclosure and conflicts of interest between shareholders and sponsors. The initial funding and IPO costs are primarily sourced from the sponsors, who typically hold about 20% of the issued shares post-IPO. If a merger is not completed, the raised funds are returned to investors, but sponsors can profit regardless of post-merger stock performance [8]. - The case of Churchill Capital III acquiring Multiplan illustrates the potential misalignment of interests, where shareholders suffered significant losses post-merger while the sponsor profited due to their low-cost shares. This raises concerns about SPACs being perceived as tools for wealth transfer rather than value creation [8]. Group 3: Value Analysis of SPACs - Research focuses on the dual characteristics of SPACs, which possess both value-creating capabilities and agency cost issues. A structural model is constructed to analyze the incentive mechanisms and market impacts of SPACs, particularly during the de-SPAC process [10][11]. - The model assumes that SPACs can create value through mergers, but this value creation is influenced by agency costs and information frictions between sponsors and shareholders. Shareholders rely on the sponsor's reputation and transaction terms to infer expected returns, impacting their decisions on whether to redeem shares [11].

证券研究报告 | 深度研究 | ESG 及绿色金融 以责促优，共筑价值：公募基金 ESG 尽责管理新范式（一） 核心观点 尽责管理本质上是投资者结构变迁下的公司治理新模式。国内公募基金管理人在短中 期内应采取软性治理策略，并尽可能地成为上市公司治理中"具有互惠性质的积极参 与者"，降低公司治理环节的内部摩擦。公募基金尽责管理现阶段的主要任务和最具普 适性的议题应集中在提升公司治理水平，特别是中小股东权利保护上。 ❑ 尽责管理本质上是投资者结构变迁下的公司治理新模式 以美国市场为代表的资管机构主导公司治理模式的形成，是资本市场长期发展过 程中满足较多严苛条件下的产物。但可能也是现阶段可实现"覆盖度广+影响力高" 的一种上市公司治理模式，对我国资本市场和公募基金高质量发展有重要的参考 意义。 ❑ 公募基金尽责管理三大问：委托代理、投资者结构和组合分散化 委托代理问题将因监管要求和尽责管理的投资价值而得到有效缓解。目前 A 股公 司治理模式的最大特点是混合了"控股大股东+专业机构+居民部门"，这一模式并 非终局，而仍在动态演变中。被动指数化会导致低换手率和退出减少，公募基金 逐渐成为耐心资本，实现"组合分散+股东权 ...