朴寶卿Tan Ling陳棱2025-11-142025-11-142025https://scholars.lib.ntu.edu.tw/handle/123456789/733693https://ntu.primo.exlibrisgroup.com/permalink/886NTU_INST/14poklj/alma991039401169204786獎項：校長獎；指導教授：朴寶卿Private investment in public equity (PIPE) plays a significant role in special purpose acquisition companies (SPACs). In this study, I investigated the market reaction to common stock PIPE transactions in SPACs. I found that the market reacted positively to common stock PIPE transactions, with even stronger positive reactions when the targets were undisclosed. In addition, PIPE transactions led by hedge funds generated stronger market reactions compared with those led by other types of investors, likely due to hedge funds’ rigorous analysis and swift capital deployment. Overall, my results suggest that PIPE investment timing and investor type significantly influence market perceptions of PIPE transactions in SPACs.私募投資公開股權（Private Investment in Public Equity, PIPE）在特殊目的收購公司（Special Purpose Acquisition Companies, SPACs）的合并交易中扮演著重要角色。本研究透過觀察SPAC價格變化來探討市場對PIPE交易的反應。研究發現，市場對普通股PIPE交易呈現正面反應，且當目標公司未公開時，此正面反應更為顯著。此外，由避險基金主導的PIPE交易相較於其他類型投資者所主導的交易，市場反應更為強烈，這歸因於避險基金嚴謹的分析與迅速的資本部署能力。總體而言，本研究結果表明，PIPE投資的時機與PIPE的投資者類型顯著影響市場對SPACs中PIPE交易的看法。Private Investment in Public Equity (PIPE)Special Purpose Acquisition Companies (SPACs)Market Reaction, Investor TypesHedge Funds, Business Combination Announcement (BCA)Cumulative Abnormal Returns (CAR)私募投資公開股權（PIPE）特殊目的收購公司（SPACs）市場反應投資者類型對沖基金業務合併公告（BCA）累積異常報酬（CAR）thesis