CONG TV mUA LAI CO MUC DICH DAC BIET KINH NGHIEIYI CHO UIET NAIYI
Cao Dinh Kiin', Nguyin Thi Hoa Hong' Vu Thi Kim Oanh' Maso: 294 | Ngay nhan bai: 04/08/2016 | Ngayhoan thanh bien tap: 11/8/2016 | Ngay duyet dang: 13/8/2016 Paper No. 294 | Dateof receipt: 04/08/2016 | Date of revision: 11/8/2016 | Date of approval: 13/J/2016
Tom tat
Bdi viet gidi thieu ve cdng ty mua lgi cd muc dich ddc biet (Special Purpose Acquisition Company - SPAC), mpt cong eu ddu tu giup cdc cdng ty chua niem yet thuc Men qud trtnh niem yet tren thi trudng chieng khodn thdng qua sdp nhdp ngugc. Khdi niem, cdch thuc hogt dpng, lgi ich ddi vai nhd ddu tu vd cdng ty muc lieu, cdc giai dogn Mnh thdnh vd hogt dpng cung nhu nhiing thdeh thicc khi sdp nhdp vdi 1 SPAC se dugc ldn lugt gidi thiiu. Ngodi ra, thdng qua phdn tich ti-udng hgp cu the cua Cdng ty Cophdn Xdy dung vd Ddu tu Cavico Viet Nam, cdng ty Viet Nam ddu tien niem yet tren sdn chimg khodn NASDAQ, bdi viet chi ra ca hpi dp dung phuang thiic SPAC cho cdc doanh nghiep tgi VietNam.
Tir khoa: Cdng ty mua lgi cd muc dich ddc biet (SPACs), sdp nhdp nguac (reverse merger), IPO
Abstract
This paper presents Special Purpose Acquisition Company (SPAC), the growing popularity investineni vehicle wMchprovides opportunity for private firms to be listed on stock exchanges through reverse merger Definition, reverse merger process, benefits for investors and target firms, life cycle of a SPAC and the challenges when merging with a SPAC are presented. In addition, by analyzing Cavico Corporation casestudy, the paper discusses the opportunity to apply SPAC for Vietnamese companies.
Keywords: Special Purpose Acquisition Company (SPACs), reverse merger, IPO.
Loi md dau ddng ddi vdi cac doanh nghiep mudn mgm Trong bdi canh cac doanh ngMep tai Viet ^^t- V' ^^^^ ^^P "^^ .'^S^'^c (averse merger) Nam dang gap nhilu khd khan frong vin de ^^ ^^^ '^^"g ^ " ^ ^ ^^ ^° "^Vc dich dac biet huy ddng vdn nhu Men nay tM mgm yit chttng (SPACs) cd thl coi Ja mdt frong nhung phuang khoan tai nudc ngoai dugc coi la phuang phap P^ap tdt nhat gittp cac doanh ngMep Viet Nam
"cttu canh" dl giai quylt nhung vin dl Ugn cd till mgm yit co pMlu tai nudc ngoai. Trgn quan din vdn cho doanh ngMep. Tuy nMgn, thl gidi, sap nhap ngugc vdi cac SPACs la mdt nigm ygt chttng khoan tai nudc ngoai ddi hdi phuong phap kha phd bign ddi vdi cac doanh nhiing ygu cau rat khat khe va nMiu san giao ngMep, dac biet la ddi vdi cac doanh ngMep tai dich chttng khoan cdn chua cdng nhan tiii Trung Qudc. Trong dd, SPACs dugc thanh lap tiirdng Viet Nam dat chuin cho dang ky boat va mgm yit vdi muc dich ho frg cho cac cdng
' TS, Tnromg Dai hpc Ngoai thuang; email; [email protected]
^ ThS, Truomg Dai hoc Ngoai thuang ' ThS, Truomg Dai hoc Ngoai thuang
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ty til nhan (private companies) cd thg dugc mgm yit trgn thi tradng thdng qua qua tiinh sap nhap ngugc, ttte la cac cdng ty tu nhan se bi mua lai bdi cac SPACs va frd tiianh cdng ty dai chttng.
SPACs dugc ra ddi ttt nhung nam 1990 va bit diu frd nen phd bign frong giai doan ttt nam 2004 din nam 2008; tuy nMgn, SPACs cd xu hudng giam vao nam 2009 do cudc khttng hoang tai cMnh toan ciu (Boyer and MarguUs, 2015). Ttt nam 2010, SPACs dugc tiianh lap nMiu hon va sl lugng SPACs duy fri dn dinh.
NMIU ngMgn cttu da cM ra rang SPACs khdng cM mang lai lgi ich cho cac nha dau tu ma cdn cho cac cong ty muc tigu. Tai Viet Nam, Cdng ty Co phan Xay dung va Dau tu Cavico Viet Nam (Cavico) la cdng ty duy nhat tinh dgn thdi digm Men tai thanh cdng kM nigm ygt tai thi tradng My va Cavico ciing da thyc Men qua trinh mgm ygt ctta minh thdng qua 1 SPAC.
Tuy nMen, van chua cd 1 ngMgn cttn cy thg nao cM ra nhung thdng tm can tMit vl SPACs ciing nhu CO hpi va thach thttc cho cac doanh ngMep Viet Nam muon ap dung SPACs. Vi vay, bai vigt nay nham gidi tMeu tong quan vl SPACs bao gdm khai mem, each thttc boat ddng, lgi ich SPACs mang lai va nhung thach thttc kM sap nhap vdi 1 SPAC. Bgn canh dd, thdng qua phan tich tiudng hgp Cavico mgm yit thanh cdng tai tiii tiirdng My tiidng qua I SPAC, bai vigt cung dua ra cac khuyin nghi cho cac doanh nghiep Viet Nam kM muln mgm yit tai nudc ngoai thong qua Mnh thttc nay.
1. Khai niem
Cdng ty mua lai cd muc dich dac biet (SPACs) la nhung cdng ty dugc thanh lap bdi mdt nhdm nhd cac nha diu ttt sanh sdi hoac cac chuygn gia diu nganh (gpi chung
la cac nha sang lap SPACs) (Jenkuison and Sousa, 2011) va tiln hanh huy ddng vdn thong qua phat hanh lan diu ra cdng chttng (IPO) (CoUms, 2012) nham muc tigu duy nhat la thu mua hoac sap nhap vdi mdt cdng ty chua niem yit dang heat ddng. Tuy nMgn, muc tigu thu mua hoac sap nhap chua dugc xac dinh tai thoi digm SPACs dugc thanh lap. Theo Datar et al (2012), cac myc tigu nay se dugc xac djnh frong khoang 2 nam kg ttt kM IPO ctta SPACs.
Q mdt kMa canh nao dd, SPACs dugc thanh lap vdi muc dich tao digu kien cho cac cong ty chua mgm ygt thuan lgi kM mgm ygt thong qua qua trinh sap nhap ngugc (reverse merger) . Nhung ngudi thanh lap ngn cac SPACs thudng la nhung ngudi thanh cdng va co dja vi, nhd vay cd thg xay dung dugc mgm tin cho cac nha dau tu dg tign hanh thuang vu giao dich tao ra gia tri cho hg. Nhung nguoi thanh lap ngn SPACs cdn dugc gpi la nhiing nha tai frg SPAC (SPAC Sponsors) hoac nha quan tri SPAC (SPAC managers) hoac nha bao frg SPAC (SPAC promoter) (Lakicevic va Vulanovic, 2013). Theo Berger va Lazard (2008), nhiing ngudi thanh lap SPACs thudng dugc phan ra thanh 4 dang:
Nha digu hanh kinh doanh gioi (Accomplished Operating Executives): nhung nha digu hanh kinh doanh thanh cdng muon theo dudi cac thuang vu mua Iai frong lihh vuc, nganh nghg hg nam rd. SPAC la co hdi dem lai cho hp sy ddc lap ciing nhu ngudn Igi ich tai chinh tigm nang va ldn hon rat nMiu lin so vdi vi tri digu hanh boat ddng nhu tai 1 quy diu tu von tu nhan (Private Equity Funds).
Nha sang lap khdng cd ngudn vdn (Unfunded Financial Sponsors): SPACs ciing thudng dupc thanh lap bdi cac nha thuong lupng/dam phan
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/di mang ludi quan he rdng rai. Hp khdng tryc igp tai frg tai cMnh nhung se tim kigm cac nha iau tu tigm nang dl thuong lugng giao dich va cttng thanh lap ngn cac SPACs thdng qua nguon tai cMnh ttt cM'nh cac nha dau tu kgu gpi dugc nay.
Cac nha quan ly tai san thay thg (Alternative Asset Managers): Cac nha quan ly tai san thay till diu tu thanh lap SPACs nhu mgt cdng cu dg tign hanh cac giao dich kigm soat va nam bit nhung co hdi dau tu thay thg. Cac quy dau CO va quy dau tu vdn tu nhan chinh la nhung vi du diln Mnh nhit dai dien cho nhung ngudi thanh lap SPACs d dang nay. Ngu nhu quy dau CO buih thudng cM tap tnmg vao cac khoan dau tu CO tinh thanh khoan cao tin viec thanh lap SPACs gittp cac quy thu mua dugc cac cdng ty chua dai chttng, thay vi dau tu true tigp len tai san von ciia nhiing cdng ty nay. Day ciing dugc coi la phuong phap dau tu lam giam tMgu rtti ro cho cac nha dau tu vao quy.
Doanh ngMep (Corporates): SPACs dugc coi la CO hdi cho cac cdng ty dai chttng md rpng hoat ddng kinh doanh. Trong tradng hgp cong ty bat budc phai phat hanh cd pMgu dg kich tMch gia mua kM gia thi tradng dang doi mat vdi su sut giam Ugn tuc tM viec tai frp thanh lap 1 SPAC chinh la each huy ddng von cho cdng ty va cd kha nang hoan thanh ke hoach thu mua cdng ty khac ma franh dupc su sut giam gia tri bdi cdng ty se nhan dupc 20%) sd cd pMlu cua SPAC sau kM IPO . Bgn canh dd, cac doanh ngMep ciing cd thl md rpng nganh nghi kmh doanh tiidng qua SPAC.
2. Cach thuc hoat dpng cua SPACs Uy ban Chttng khoan va hdi doai My (SEC) xlp SPACs nhu mdt darig cdng ty
rong vdn (cac cdng ty cd ma SIC la 6770), cho phep ngudi phat hanh huy ddng thgm tiln ma khdng can tigt Id thdng tin vg cdng ty muc tigu. Vi vay, bat ky td cao bach nao ctta SPACs cung phai ndi ro rang rang nhung ngudi thanh lap SPACs chua xem xet bat ky 1 thueng vu mua ban nao va khdng cd bat ky cudc thao Iuan nao vdi ai vg nhung giao dich tigm nang nay. SPACs huy ddng vdn thdng qua boat ddng phat hanh lan dau ra cdng chttng (IPO) theo each traygn thdng cd bao dam. Mdt khi SPACs nhan dugc tign tii IPO thi cdng ty se bat dau qua trinh tim kigm cac ddi tugng muc tigu dg thyc Men mua ban hoac sap nhap. KM tim dugc cdng ty muc tigu, SPAC se thdng bao giao dich nay ra thi tradng va hoan thien ban thuygt minh theo ygu cau ctta SEC nham thu httt su ddng thuan tu pMa cac cd ddng. SPAC se kgt thttc dugc giao dich khi cdng ty nhan dugc sy ddng y ctta cd ddng. Sau dd, cdng ty muc tigu se dugc sap nhap vao SPAC va trd thanh 1 cdng ty dai chttng.
Thdng thudng, cac nha dau tu vao SPACs chinh la nhung ngudi se mua cd phan SPACs thdng qua qua trinh IPO. Cac nha dau tu se cung cap tign mat cho SPACs bang each mua mdt den vi cd phan bao gdm mdt cd pMgu phd thdng va mdt chiing quygn dg mua dugc cd pMgu vdi gia uu dai. Khoan tien mat nay cMgm khoang 97% sd tign dau tu vao SPACs, cdn 3% cdn lai la ctta nhung ngudi thanh lap SPACs thdng qua viec mua chttng quygn va cac khoan dau tu ban dau. Trong dd, mdt don vi cd pMlu ma cac nha dau tu mua cd gia 10$
va chiing quygn cd gia thyc Men la 7.00$ hoac 7.50$. Mdi cd pMgu phd thdng tuong duong vdi mpt quygn bd pMgu frong kM chttng quyln
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tM khdng dugc bo pMlu. Chttng quygn se khong dugc thyc Men quygn mua cd pMgu ngu SPACs thit bai frong viec hoan tiianh thuong vu mua lai. Cac nha diu tu se thudng 20%) sd cd phin cho nhung ngudi thanh lap SPACs sau khi tiln hanh IPO theo gia danh ngMa.
Tuy nMgn, sd cd phan nay hign nhign khdng phai mien pM ma dilu nay di kem vdi ngMa vu ctta nhung ngudi thanh lap SPACs vdi cac nha diu tu. Trong tradng hgp SPACs khdng thuc Men dugc thuang vu mua ban tM ca chiing quygn lan quygn lgi hudng 20%) d trgn ctta nhiing ngudi thanh lap SPACs dgu khdng cd tac dung. Ngoai ra, khac vdi quy dau tu vdn tu nhan thi nhung ngudi thanh lap SPACs khdng dugc phep nhan luong hay nhan phu cap quan ly frgn so tign huy dpng dugc.
Mac dtt cau trttc SPACs thay ddi theo tttng thuong vu mua ban khac nhau nhung tat ca SPACs deu mang nhttng dac digm quan tri dudi day nham bao ve quygn lgi cho nha dau tu:
Tign thu dugc tu IPO se dugc dua vao cac tai khoan dugc bao dam bdi quy tin thac.
Nhung ngudi thanh lap SPAC se khong dugc phep ddng dgn quy tin thac nay cho tdi kM cae CO dong chap thuan vu sap nhap. Nlu vu sap nhap khong thyc Men dugc tM quy nay se bi dong va tign se dugc chia lai cho cac cd ddng.
Vi quy tin thac nay nim tdi 98 - 100% sd tien thu dugc tii IPO nen frong qua tiinh thuang thao giao dich sap nhap tM sd tiln nay ciing phat sinh lai. Vi vay nlu khdng thyc Men dugc vu sap nhap tM cac cd ddng ctta SPACs cd till dugc nhan lai dugc tit ca hoac nMiu hon mdt it so vdi khoan diu tir ban diu ctta mmh.
Khoan dau tii "rtti ro" ctta nhttng ngudi thanh lap SPACs: Ddi vdi nhung ngudi thanh lap SPACs thi bgn canh 20% cd phin tiiudng
cd dugc sau khi tign hanh IPO thi hp cdn co the tign hanh mua chttng quygn thdng qua dgt phat hanh rigng le ngay trade khi tign hanh IPO va dua sd tign thu dugc vao quy tin thac. Gia dinh rang kM thuong vu sap nhap thanh cong tM lgi ich ma nhung ngudi thanh lap SPACs kigm dugc khdng cM phu thude vao su thay doi ctta gia cd pMeu ma cdn ca gia thyc Men chttng quygn hau sap nhap. Tuy nMgn, frong tradng hgp sap nhap that bai vi bat ky ly do gi va SPACs bi giai thg tM nhung ngudi thanh lap SPACs se mat frang toan bp khoan dSu tu ban dau nay (bao gdm ca 20% cd phan va chiing quygn da mua). Mat khac, sd tign kiem dugc ttt chttng quygn ma cac nha tai frg da mua se dugc phan phat cho cac cd dong. Thong thudng, khoan dau tu rtti ro nay thudng cHem khoang 3% tign thu dugc thdng qua IPO. Viec that bai khi tim mdt cdng ty muc tigu phu hop anh hudng tryc tigp dgn danh tigng va tim anh hudng ctta nhung ngudi thanh lap SPACs va ngugc lai, do dd nd gan lign quygn Igi gifta cac nha dau tu va nhung ngudi thanh lap SPACs.
Sy chap thuan ctta cd ddng: SPACs phai nhan dugc sy ddng y thdng qua thuang vu sap nhap vdi cdng ty muc tigu ttt cac cd ddng bang hinh thttc bd pMgu. SPACs can gtti cho cac nha diu tu ban thuygt minh bao gdm diy dtt thdng tin ve cdng ty muc tigu. Ngu ttt 30-40%) cac cl dong khdng ddng y va hp stt dung quyln chuyin dli cd pMgu tM thuong vu mua ban bi thit bai.
Quygn chuygn ddi cd pMgu: Nlu cac co ddng phd thdng khdng ddng y vdi thuang vu sap nhap vdi cdng ty muc tigu ctta SPAC, hp co quygn chuygn ddi cd pMgu ctta minh thanh tien nhan dugc tii quy tm thac theo ty Ie nhit dinh.
Thdi gian huu ban ctta SPACs (Umited life);
Hiu hgt cac SPACs cM cd khoang thdi gian
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2 nam dg hoan thanh thuang vu mua ban sap nhap kg ttt kM IPO. Nlu nhu khdng thuc Men dugc tM SPACs phai ddng quy tin thac va cMa lai tign cho cac cd ddng. Khdng cd sy keo dai nao vg thdi gian ma khdng cd sy ddng y ctta cac cd ddng.
Hpi ddng dpc lap: SPACs thudng thanh lap hpi dong quan tri bao gdm hau hgt cac thanh vign dpc lap. Uy ban iCigm toan cM bao gdm cac giam ddc ddc lap. Cac giam ddc nay thudng khdng dugc fra luong bang tign mat ma hg se dugc nhan mdt phan frong 20%) cd phin phd thong danh cho nhung ngudi thanh lap SPACs sau kM hoan tat IPO.
Tinh thanh khoan ddi vdi cac cd ddng: Khac vdi quy dau tu vdn tu nhan, cac cd ddng ctta SPACs cd thg giao dich chttng khoan ctta minh frgn flii tradng ciing nhu san giao dich nhu cd pMeu phd thdng, chttng quygn...
Chttng khoan ctta nhiing ngudi thanh lap SPACs bi khda cho tdi kM thuong vu mua ban hoac sap nhap kgt thttc. Trong hau hgt tradng hop, khoan 20%) vdn ctta hp ciing bi khda it nhat ttt 6 thang cho tdi 1 nam sau kM kgt thttc thuang vu. Chttng quygn ciing bi khda mac dtt no thudng hi khda frong thdi gian ngan hon.
3. Lpi ich cua SPACs
Theo Boyer va Baigent (2008), sy ra ddi ctta SPACs mang Iai Igi ich cho cac nha dau tu va cac cdng ty muc tigu dudi nMgu kMa canh khac nhau.
Lpi ich cho cdc nhd dau tu
Thu dugc phan btt thanh khoan (Uquidity preimum): Officer (2007) cM ra rSng cac cdng ty chua mgm ygt dugc dinh gia thap hen cac cdng ty dai chttng tuong ty dang dugc mgm
yit ttt 15% dgn 30%. Gia tri dinh gia thap hen nay dugc gpi la phan btt thanh khoan vi cac cdng ty dai chttng cd tinh thanh khoan cao hon cac cdng ty chua dugc nigm ygt. Sau thuang vu sap nhap vdi SPACs, cac cdng ty myc tigu chua dugc mgm ygt se frd thanh cac cdng ty dai chttng va nha dau tu vao SPACs (va ca cac cdng ty muc tigu) se thu dugc phan btt thanh khoan nay. Cac nha dau tu gap rat nMgu khd khan kM tryc tigp tham gia vao thucmg vu mua Iai mdt cdng ty chua mgm ygt nhung muc tigu nay se dg dang hon rat nMgu kM dau tu thdng qua SPACs.
Khoan tign dau tu dugc cat gift frong quy tin tiiac: Khi SPACs tiln hanh IPO tM khoan vdn huy ddng bang tign mat ttt cac cd ddng se dugc luu trtt frong quy tin thac (khoan tign nay phat sinh Iai hang thang frong sudt qua trinh dam pban giao dich mua ban hoac sap nhap) vdi "quygn chgn" ngu SPACs thyc Men mua ban hoac sap nhap thanh cdng. Digu nay ciing gidng nhu viec nha dau tu mua 1 quygn chpn mua frgn mdt tai san co sd khong xac dinh.
Cd pMeu va chttng quygn cd thg giao dich:
Cac cd ddng ctta SPACs cd thg giao dich dugc ca cd pMgu va chttng quygn frong va sau giai doan chuygn tigp kM tim kigm ddi tugng dg sap nhap. Digu nay dam bao cho cd ddng franh Id bang each ban cd pMgu va chttng quygn ctta minh hoac van tigp tuc gift lai dg kigm Igi nhuan frong tuong lai ngu thuang vu sap nhap ctta SPACs thanh cdng.
Han chg thdi gian: SPACs bi gidi ban vg thdi gian nen sau kM IPO cdng ty phai nhanh chdng tim dugc muc tieu. Mat khac, chung quygn va 20% cd phan ctta nhiing ngudi thanh lap SPACs dgu hi khda va khdng cd tinh thanh
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TAIGHiNH
khoan cho tdi kM giao dich mua ban hoac sap nhap dugc tiiyc Men. Vi vay, cac cd ddng cd thl nhanh chong tun kigm dugc nhiing khoan lgi ich frong thdi gian bun ban vdi SPACs.
Vai frd tham gia cua cd ddng kM diu tu vao SPACs la ldn hon so vdi kM diu tu vao cac quy khac nhu quy diu tu mao Mgm... Cac cd ddng ctta SPACs khdng dugc quygn lya chpn cdng ty muc tigu hay tiiuong vu giao dich nhung hp dugc quygn quygt dinh xem cd tign hanh thyc Men thuang vu nay hay khdng bang each bo pMgu ddng y va nhan dugc bdi hoan cho khoan dau tu ctta minh bang each chuygn ddi CO pMgu ctta minh thanh tign tii quy tin thac theo ty le nhat dinh ngu phan ddi giao dich mua ban ctta SPACs.
Lpi ich doi v&i cong ty muc tiiu:
Cac cdng ty muc tigu se thu dugc mdt phan ctta phan btt thanh khoan nhu da dugc frinh bay d frgn (tuy theo phuang thttc thanh toan ctta thuang vu sap nhap).
SPACs gittp cho cac cdng ty muc tigu frd tiianh cdng ty dai chung frong thdi gian nhanh hen va cM pM re hon so vdi phuang phap IPO thdng thudng. Nigm ygt frgn san chung khoan theo cac budc thdng thudng ddi hdi cdng ty tin rat nMgu chi pM va mit nMiu thdi gian chuin bi. Do do, SPACs la co hgi cho cac cdng ty tu nhan nhanh chdng dugc nigm yit frgn san chiing khoan.
SPACs la CO hdi cho nhiing cdng ty tudng nhu khdng cd "ctta" dl IPO. KM rit nMiu cdng ty nhd khdng cd dtt tigu chuin de tiiuc Men IPO theo cac budc tiidng tiiudng tiii SPACs cMnh la CO hdi hoan hao cho cac cdng ty nay cd thl dugc nigm ygt frgn cac san chttng khoan.
Ddi ngfl quan Iy giau kign thttc va kinh ngMem: Cac thuong vu sap nhap cd sy tham gia ctta SPACs thudng la cac thuang vu sap nhap than tinen (friendly margers). Trong cac thuong vu sap nhap ctta SPACs, dpi ngu quan ly hau sap nhap bao gdm 1 sd nhan su chtt chit frong cdng ty muc tidu hoac frong hdi dong quan tri cfl dam nhan vai frd tu van cM'nh. Dieu nay gdp phan lam giam riii ro cdng ty hau sap nhap gap phai.
4. Nhirng thach thirc khi sap nhap voi 1 SPAC
Thuong vu sap nhap vdi 1 SPAC khong phai khdng cd rtti ro. SPACs cd nhiing rao can vg cau trttc ma cdng ty muc tigu phai Mgu ro trade kM ky thda thuan cudi cttng (Berger and Lazard, 2008). Nhung thach thttc chtt ygu khi sap nhap vdi 1 SPAC bao gdm:
Su pha loang cd pMgu: NMgu thuang vu dam phan giao dich giua SPACs va cdng ty myc tigu da hi thit bai do nguy co ctta sy pha loang cd pMgu. Ddi vdi SPACs cd 2 dang pha loang: chiing quygn d frang thai cd Iai (in the money) va khoan 20%) cd phin tiiudng cho nhung ngudi thanh lap SPACs. KM thuang vu mua ban dugc thdng qua, chttng quygn ciia nhftng ngudi sang lap va cd ddng se dugc thuc Men quygn chuygn ddi va khoan 20% co phan frgn se cd quygn tuong ducmg nhu cd pMgu dai chiing. Vi vay se xay ra Men tugng pha loang cd pMgu do doanh ngMep phat hanh cd pMeu mdi vdi mtte gia thuc Men quyln chuygn doi chiing quygn, thudng la thap hen so vdi gia Men hanh (Lakicevic et al, 2014).
Khoang thdi gian kgt thttc thuong vu sap nhap: qua trinh dg cac cd ddng chap thuan thuc Men thuang vu sap nhap thudng mit ttt bin
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lgn sau thang. Trong khoang thdi gian dd tM SPACs va cac cdng ty muc tigu se lam viec vdi nhau dg chuan bi -ban thuygt minh thdng tm theo ygu can ctta ^EC va tit ca cac cd ddng.
Trong cac tinh huqng canh franh tM SPACs luon d thg bat lgi ban so vdi cac doanh ngMep hay cac quy dau tu tu nhan. Ngoai ra, khoang thdi gian ttt luc cd thdng bao dgn Ittc dugc cd dong chap thuan cang lau tM thuang vu mua ban hoac sap nhap cang gap nMgu rtti ro. Vdi tinh Mnh thi tradng bign ddng lign tuc tM viec mpt thuang vu Ittc cdng bd cd ve meing lai gia tii tot nhung dgn kM dugc thyc Men Iai bi sut giam gia tii la digu rat binh thudng. KM dang tiijong thao tim kiem sy ddng thuan ttt cd dong tM nhiing ngudi sang lap SPACs khdng CO quygn bd pMeu hay ban bac lai vdi cdng ty muc tigu.
Rao can ldn dg cd dugc sy chap thuan ttt cd dong: Tat ca SPACs dgu cho phep nha diu tu cd quygn chuygn ddi cd phin hg dang nam gift, cung cd ngMa hp duge bd pMgu khdng ddng y vdi thuang vu giao dich sap nhap va chuygn doi cd pMgu thanh tign ttt quy tin thac theo ty le nhat dinh. Nhu da dg cap d frgn tM ngu khoang 30-40% cd ddng thyc Men quygn chuygn ddi cd pMgu tM thuong vu mua ban se khdng dugc fliuc Men. Vi vay, cd dugc sy chap thuan tu phin Idn cd ddng ciing la mdt thach thttc khdng nho vdi cac thuong vu giao dich nay.
"Ldi nguygn ke cMgn thang" frong dau gia ("Wmner's Curse" ui Auctions): SPACs khdng hg phtt hgp cho cac cudc diu gia. Nlu SPACs fra gia cao nhat dg mua dugc cdng ty muc tigu nhung sau dd khdng mang Igi lgi ich ldn cho cac cd ddng tM SPACs se bi tai tilng tu nhiing cudc ban dau gia nhu vay. Vi vay SPACs tiiudng tap trung vao cac mli quan he
ctta nhiing ngudi thanh lap SPACs dg tim kigm cdng ty myc tigu phtt hgp.
Cac giao dich bang tign mat rat khd thyc Men: Khi SPACs tham gia vao 1 thuang vu giao dich ma cdng ty muc tigu chi nhan thanh toan bang tien mat thi cac nha dau tu se ngay lap tiic hoai nghi vg gia fri thuong vu mang lai cho hp. Do do tat ca cac giao dich chi cd tien mat thudng rat khd dg nhan dugc sy chap thuan.
Cac cd ddng cd dinh hudng td chttc (Stracture-Oriented Shareholder Base): Hau hgt cac cd ddng ctta SPACs la nhiing ngudi binh thudng, khdng chuygn vg Iihh vyc nao cu thg. Vi vay, cac cd ddng ctta SPAC se khdng Mgu rd hoac khdng danh gia dung van dg kM cd pMgu phd thdng thap hon gia frong quy tin thac. KM dd hg se lap ttte bac bd thuang vu mua ban hoac sap nhap ctta SPACs va lya chpn chuygn ddi cd pMgu. Chinh vi Io sg tinh trang nay ngn SPACs va ddi ngu quan ly bgn cdng ty muc tigu phai tdn nMgu thdi gian dg tim Mgu vg nhirng cd ddng ctta SPACs. Trong tradng hgp SPACs khdng chuygn ddi dugc bet cac cd dong Men tai thanh cac nha dau tu co ban tM nhiing ngudi thanh lap SPACs se phai tim each mua cd pMgu phd thdng ttt nhiing cd ddng khdng ddng y nhim dam bao thuang vy mua ban hoac sap nhap dugc thdng qua.
5. Cac giai doan hinh thanh va boat dpng ciia SPAC
Theo Lakicevic va Vulanovic (2013), SPACs dugc thanh lap va phat trign boat ddng theo 3 giai doan: (1) hinh thanh, (2) phat hanh Ian dau ra cdng chttng va (3) kgt thttc bing giao dich thu mua, sap nhap cdng ty muc tigu hoac giai the.
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5.1. Hinh thdnh (Formation)
SPACs dugc thanh lap bdi cac nha tai frg vdi muc dich duy nhat la mua Iai hoac sap nhap vdi cac cdng ty khac bang viec stt dung tiln mat huy ddng tii tiirdc thdng qua IPO. Tai My, viec flianh lap 1 SPAC dugc bao cao bing each dign vao mau dang ky S-1 rli nop cho SEC. Mau S-1 bao gdm tit ca thong tin quan frpng lien quan tdi each td chttc va muc dich ctta SPACs. Bgn canh dd, mau S-1 cilng cung cip nhiing thdng tin ve hd so Iy Iich ctta nhung ngudi thanh lap SPACs ciing nhu tilt Id cho cac nha diu tu tigm nang nhung rid ro lien quan frong sudt qua frinh tu IPO cho din kM sap nhap. Mau S-1 cflng can cung cap cho cac nha dau tu thdng tin vg frang thai quan tri cdng ty va thyc Men cac quy dinh vg kg toan cua SPACs. Trong mau S-1, nhiing ngudi thanh lap SPACs ciing can liet kg cac cap dp boi hoan frong tat ca cac giai doan ctta cdng ty.
KM SEC xac nhan mau S-1 xong tM nhung ngudi tiianh lap SPAC nhanh chdng chuyin sang qua trinh IPO. Tat ca thdng tm quan frpng Ugn quan dgn boat dpng IPO dugc gM chep day dtt, cM tigt frong ban cao bach.
5.2. Su kien phdt hdnh lan Su ra cong chUng (IPO)
Cac SPACs tiln hanh IPO bing each chao ban cac don vi cd phan. Thudng tM moi don vi nay bao gdm mpt cd pMlu phd thdng va mdt chttng quyln dl mua cd philu frong tuong lai vdi mtte gia uu dai. Cach stt dung tiln mat huy ddng dugc tii IPO dugc xac dinh tii frong ban dang ky va nhung ban stta ddi vl sau. Khoang 5% sd tiln frgn se dugc stt dung dl cM tra cM pM quan ly tiiudng xuygn, chi pM phap Mat, van phdng, dang ky chttng khoan va Iuong fra
cho nhan vign. 95% ngudn vdn cdn Iai dupc gift frong quy tui thac ma lai suat dugc tinh theo Iai suat frai pMgu kho bac cho tdi khi khoan tiln nay dugc stt dyng cho giao djch mua ban ctta SPACs. Viec md tai khoan dupc bao Mim bdi td chttc tign gtti la rat quan frpng frong qua frinh IPO. Thtt nhat, nd chttng minh cho cac nha dau tu tigm nang rang SPACs tu giac tuan thtt theo quy dinh ctta SEC. Thtt hai, day la sy dam bao cho cac nha dau tu rang phan Idn sd tign ctta hp se dugc bao toan doc lap so vdi su thanh cdng ctta thuang vu mua ban hoac sap nhap.
Cac don vi cd phan ctta SPACs nhu co pMgu va chung quygn dugc giao dich frgn thi tradng giao dich pM tap trung OTC, AMEX/
NYSE va NASDAQ. Ban diu, chttng chi dugc mgm ygt va giao dich frgn thi tindng OTC. Nhung din nam 2005, AMEX cho phep SPACs mem yet frong kM van duy tri nhiing tigu chuan tdi tMgu vg vdn, quan tri cdng ty theo dttng Mat Sarbanes-Oxley va quy dinh vg gia cd pMgu tdi tMgu. Sang nam 2008, ca NASDAQ va NYSE da de frinh lgn SEC dl cho phep SPACs mgm ygt cd pMgu ctta minh frgn ca 2 san giao dich nay.
5.3. Diim kit: sdp nhap hoac ddng cua congty
Ngay IPO dugc coi la ngay diu tign niem ygt frgn san ciia SPACs, tuy nMgn khac voi phan Idn cac cdng ty dai chttng khac tM ngay nay ciing cd thg coi la ngay cudi ciing frong
"vdng ddi" ctta SPACs. Ngu nhu nhung nguoi thanh lap khdng thl thn ra cdng ty muc tieu frong tiidi gian theo quy dinh tin SPACs se hi giai thg cdn cac nha diu tu se dugc phan chia khoan tiln frong quy tm thac.
96 Tapchi KINH TE DOI NGOAI
Hai nam la khoang tiidi gian cho phep nhung ngudi tiianh lap SPACs tim kilm tiiuong vu mua ban tMch hgp, tuy nMgn hp cung cd thg keo dai them 6 thang nlu cd thu giai tMch hgp ly gtti lgn SEC. Mdt vai tradng hgp diln Mnh dugc phep keo dai thgm tiidi gian la do cd sy fri hoan frong cac van ban phap Iuat kM sap nhap vdi cac cdng ty muc tigu tai Trung Qudc.
Sau kM tim dugc cdng ty muc tigu va thong bao rdng rai tM nhung ngudi thanh lap SPACs stt dung miu 8-K hoac mau 425 dg trinh lgn SEC, qua dd giai tMch ve kgt cau dy tinh ciia thuang vu mua ban hoac sap nhap va ndi rd tgn cdng ty muc tigu. Theo ygu cau ttt SEC, SPACs cflng can thdng tin cM tigt cho cac CO ddng kg hoach thu mua hoac sap nhap vdi cong ty muc tigu qua ban thuygt minh nham kgu gpi sy chap thuan ttt pMa cac cd ddng. Tat
ca cd ddng dlu dugc quygn bd pMgu thdng qua hoac phan ddi sy kgt hgp kinh doanh nay. Ngu frgn 30% cd ddng phan ddi kg hoach nay tM SPACs se bi giai thg va cac cd ddng dugc cMa nhau khoan tign gitt frong quy tin thac dya theo ty le sd lugng cd pMgu hg nam gift. Cdn ngu cac cd ddng chap thuan giao dich sap nhap nay tM nhung ngudi thanh lap SPAC cttng vdi nha bao Ianh va cd van phap Iuat se hoan tMen hd so va thdng bao cho SEC vg viec phat hanh chttng khoan Ugn quan tdi kg hoach kgt hgp kinh doanh nay. BCM do toan bd sd tign huy ddng dugc ttt IPO dugc cat gitt trong quy tin thac se dugc thoai mai su dung cho cdng ty mdi dugc thanh lap.
Qua trinh ttt kM phat hanh Ian dau ra cdng chttng cho tdi kM kgt thttc SPACs dugc dign giai nhu so do dudi day:
85% tai 100% tien huy dong dugfc tit IPO dugc gufi vao quy tin thac
SPAC bi giai the hoac tra thanh 1 cong ty dai chiing thong thucmg
IPO
Thu hoac thoa thuan thong bao ve thucmg vu mua ban
Quyet dinh chap thuan hay tii choi thuang vu giao dich
Khong vugt qua 18 thang
BCJiong vuoft qua 24 thang
6. Cavico va qua trinh niem yet tai Mj^
thong qua SPAC AgentlSS Media Group 6.1. Gi&i thieu vi Cavico
Dugc tiianh lap vao ngay 29/02/2000 vdi bu sd chmh tai My Dmh, Ttt Ligm, Ha Npi,
So 84 (08/2016)
Ngudn: JenMndon vd Sousa (2011) Cdng ty cd phan xay dyng va dau tu Viet Nam (Cavico) boat ddng frong Itnh vyc cdng ngMep, ha tang co sd, giao thdng, thtty dien; tham gia cac dy an dau tu xay dyng nganh nang Iugng (nha may tiitty dien, nMet dien, phong dien), cdng ngMep vat lieu xay dyng (nha may xi
Tap chi KINH TE DOI NGOAI 97
TAIGHiNH
mang), khu dd tiii, khu du Iich, cac san phim dich vu... Cavico da tiiam gia tiu cdng nMgu dy an frpng dilm ctta dit nudc nhu: dy an cai tao va nang cip qudc Id 1 (doan Vmh - Dong Ha, Ha Ndi - Lang Son)...Cavico da khang dinh dugc uy tin va chinh thttc phat tiign frd thanh he tiiong "Cdng ty me - Cdng ty con"
tiong nam 2000. Mpt loat cac cdng ty TNHH mdt thanh vign chinh thttc dugc thanh lap nhu Cavico ciu him, Cavico Khai tiiac Md va Xay dyng, Cavico Xay lip dien, Cavico Ha ting, Cavico Thuang Mai, Cavico Giao thdng va Cavico TMit kl... Budc sangnam2003, Cavico kit hgp vdi cac ddi tac manh nhu Vmaconex flianh lap cong ty cl phin xay dyng cdng frinh ngim Vmavico, kit hgp vdi HabuBank flianh lap cdng ty cd phin Cavico Xay dung cac dy an nang Iugng.. .Co thg ndi Cavico da dat dugc rit nMiu thanh cdng frong Itnh vyc xay dyng CO ban va ca cac dy an nganh nang lugng.
Diu mdc ldn nhat dgn vdi Cavico la vao nam 2006 kM Cavico thanh cdng frong viec mgm yit cd pMgu frgn bang Pmk Sheets ctta tM tradng chttng khoan My vdi ma cd pMgu
"CVCP", danh diu doanh ngMep diu tign tai Viet Nam thyc Men dugc mgm ygt frgn thi tradng chiing khoan qudc tg. Ciing frong nam nay, cac cdng ty thanh vign nhu Cavico Khai thac md cflng da dugc mgm ygt frgn thi tiirdng chttng khoan TP Hd CM Minh (HOSE) va Vinavico mgm ygt tai trung tam giao dkh chttng khoan thanh phd Ha Ndi (HNX).
Thang 4/2008, Cavico chinh thttc mgm ygt cd pMgu frgn san chimg khoan OTC.BB vdi ma cd pMlu CVIC. Din ngay 18/9/2009, Cavico Corp dugc chap thuan nigm ygt cd phigu tai san giao dich chung khoan NASDAQ vdi ma
chung khoan CAVO. Cavico da frd tiianh cong : ty diu tign cua Viet Nam mgm yit cd pMlu tai mdt trung tam giao dich chttng khoan chttng khoan cip qudc gia Hoa Ky. Tuy nMgn co pMlu ctta Cavico da bi NASDAQ htty niem yit tii 06/07/2011 do vi pham nhung ygu ck Ugn quan din cdng bd thdng tui.
Trai qua 15 nam boat ddng, Cavico van dang cd ging khing dinh thuong Meu "Cavico - Khdng ngimg ldn manh" cttng tiidng diep
"Chung stte chmh phuc chang dudng mcri".
Mac dtt hanh frinh mgm yit cd pMlu d nuoe ngoai ctta Cavico chua thyc sy thanh cong nhung Cavico da cho thiy co hdi cd thg niem yit frgn cac san chttng khoan nudc ngoai cho cac doanh ngMep Viet Nam.
6.2. Qud trinh niemyet thong qua 1 SPAC cua Cavico
Vao tiidi dilm nam 2005-2006, ddi vdi cac doanh nghiep tai Viet Nam, viec huy ddng von va mgm yit tai thi tradng nudc ngoai cdn kha mdi me va cung rit khd khan. Cavico ciing khdng phai la ngoai Ie. Dg cd thl mgm ygt co pMlu d cac san giao dich nudc ngoai tM cong ty phai dap ttng nhiing ygu cau rat khat khe lien quan din doanh thu, Igi nhuan, cac tigu chuan ctta bao cao tai cMnb... Viec nay ddi hdi nMeu thdi gian va cM pM. Do do, Cavico da tiiong qua phuong thttc tim kiem 1 SPAC dg "bi"
mua lai va frd thanh cdng ty Viet Nam dau tien cd CO philu giao dich tai My.
Qua trinh tim kilm SPAC ctta Cavico dupc thyc Men vdi sy frg gittp ctta cdng ty tu van Provential Holdmgs. Ngay 18/4/2006, Cavico da ky kit 1 thda thuat tu van va hgp tac vdi cdng ty Provential Holdmgs. Vdi thoa thuan nay, Provential Holdings cd frach nMem giup
98 Tapchi KINH TE DOI NGOAI
Cavico thuc Men hgp ddng mua lai tai san vdi Cong ty Agentl55 Media Group. Provential Holdmgs se cd mdt phin sd hun nhd frong cong ty hau sap nhap thay cho pM cung cap dich vu cd van. Theo hgp ddng dugc ky kgt vao ngay 12/5/2006, Cavico da "bi" mua lai va Agentl55 Media Group sau dd da dugc ddi tgn thanh Cavico Corp. Provential Holdings dugc nhan 2,000,000 cd pMgu ban chg vao ngay 30/6/2006 va tiigm 2,000,000 co pMgu ban chl nua thay cho pM tu van thuong vu nay.
6.3. Nhitng rui ro vd ca hpi cu the cda Cavico khi thuc hiin thuang vu sdp nhap ndy
Vdi thuang vu mua lai tai san ctta Cdng ty Agentl55 Media Group va viec cd pMgu ctta Cavico Corp (CVCP) dugc giao dich frgn Puik Sheets, Cavico dang nam frong tay kha nMiu CO hpi:
Ca hpi tigp can va huy ddng vdn ttt cac nha dau tu nudc ngoai. Vdi Men frang tigp can nguon von khd khan nhu d frong nudc tM viec nigm ygt frgn thi tradng nudc ngoai chinh la co hpi dg giai quygt van dg nay. CM frong 1 thang (tir 26/6-26/7/2006), gia cd pMlu CVCP tang khoang 60%, tir 1,7 USD/1 cl pMlu lgn 2,69 USD/cd pMgu. Sd Iugng giao dich ngay cao nhit tdi gin 79.400 cl pMlu.
Co hdi dugc mgm ygt frgn cac san cao cip hon nhu NASDAQ hoac NYSE, qua dd nang cao hinh anh ctta cdng ty va budc diu mang tgn tudi ctta cdng ty ra thl gidi. Trgn thyc tl Cavico da thyc Men thanh cdng hanh trinh dua CO pMgu ciia minh len mgm yit tai NASDAQ.
Ngay kM vtta hoan tat viec mua Iai Agent 155 Media Group, Cavico da hgp tac vdi Jaspers
& Hall dl tiln hanh kigm toan va hoan tMen bd tai lieu cdng bd ddi vdi cdng ty mgm yit
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theo dttng tigu chuan kiem toan GAAP ctta My. Den ngay 3/4/2008, Cavico chinh thttc dugc mgm ygt frgn san chiing khoan OTC.BB (Bulletm Board) vdi ma cd pMgu la CVIC. Sau dd, vdi sy tu van thanh cdng ctta ngan hang Rodman & Renshaw LLC, SEC da chinh thttc phg duyet cho Cavico chinh thttc dugc mgm ygt fren san chiing khoan NASDAQ vao ngay 18/9/2009 sau kM hoan tit qua trinh kilm toan ngMgm ngat va chat che.
KM thyc Men sap nhap ngugc thdng qua mua lai nham huy ddng vdn va mgm ygt cd pMgu tai thi tradng My, Cavico ciing phai ddi mat vdi rat nMgu rtti ro:
- Vi Cavico khdng thyc Men mgm yit cd pMgu ra nudc ngoai theo Mnh thuc IPO trayin thdng ngn frd ngai Idn nhat sau kM sap nhap SPAC cM'nh la nhiing khd khan frong viec dap ttng tieu chuan mgm ygt vg tai chinh tai thi tradng My. Vg mat ban chat, Cavico da di "ldi tat" kM thyc Men mgm ygt cd pMgu tai My.
Trgn thyc tg vao thdi digm do, cd pMgu Cavico du van dang dugc giao dich frgn thi tradng nhung ban than Cavico van chua dap ttng dugc cac tigu chuan mgm ygt. Do do, Cavico rit de roi vao frang thai "nggp" va "boi rdi" kM phai nhanh chdng tMch ngM nhim dap iing cac ygu ciu mgm yet tai thi tradng chttng khoan My.
- Bgn canh dd, Cavico ciing phai ddi mat vdi nhiing rtti ro lign quan den cM pM va ngudn luc dg duy fri mgm ygt tai ca hai thi tradng la My va Viet Nam.
6.4. Kinh nghiim cho cdc doanh nghiip Viet Nam niu muon niem yet thong qua SPACs
Cd thg ndi, viec thuc Men mgm yit cd pMgu ra nudc ngoai thdng qua SPACs se gittp
Tap chi KINH TE DOI NGOAI 99
cho cac doanh ngMep Viet Nam rttt ngin dugc thdi gian cung nhu cM pM tign hanh nigm ygt.
Tuy nMgn, su kien NASDAQ huy bd mgm yit ctta Cavico vao nam 2011 da dua ra nMgu kinh ngMem cho cac doanh ngMep Viet Nam ngu muln thyc Men mgm yit cd phigu tai nudc ngoai thdng qua Mnh thttc nay:
Viec tun kilm cdng ty tu vin va SPAC sao cho phtt hgp vdi muc tigu va quy md ctta cdng ty dl cd thl tigt kiem cM pM va franh rtti ro. Quay frd lai vdi thuang vu Cavico "bi"
Agentl55 Media Group thau tdm, cd thg thay ring Cavico chua thyc sy xem xet tim Meu ky ludng vl SPAC nay ma gan nhu cM dya vao cdng ty tu vin. Agent 155 Media Group tign than la Lammaire Corp da timg giao dich cd pMlu frgn san OTC.BB va da ngimg hoat ddng ttt nam 1999. Ttt do dgn kM dign ra thuong vu frgn, cong ty nay khdng nop cac bao cao dinh ky theo ygu cau bat budc lgn Uy ban Chttng khoan My SEC. Vi vay, kM gia co philu CVCP bat dau tang va khdi lugng giao dich nMgu, SEC da kigm fra ve hd so Cavico Corp va ra quygt dinh tam ngimg giao dich cd pMgu nay vi cac nguygn nhan Ugn quan dgn viec tMlu bao cao dinh ky ctta cdng ty Lammaue Corp.
Mac dtt mgm yit qua SPACs nhung cac doanh ngMep tai Viet Nam van cin tun hilu day dtt, cu flig, cM tilt vl cac quy dinh mgm yit nhu yeu ciu vl quan tri cdng ty, minh bach thdng tin theo chuan myc quoc tl, nang cao nang lye quan ly, boat dpng tai chmh tot. Nhu vay, cong ty mdi de dang tiiich ttng hau sap nhap vdi SPACs.
Bgn canh dd, cac doanh ngMep Viet Nam cilng can tim Mgu that ky vg cac quy dinh cua phap Iuat Viet Nam lign quan dgn viec mgm yit cd pMlu tai nudc ngoai (ca trade va sau khi mgm ygt) nham franh nhung sai sdt lign quan din luat phap nudc nha.
7. Ket Iuan
Cd thl ndi ring, SPACs la cdng cu ho fro Meu qua cho cac doanh ngMep vdi muc tigu mgm ygt cd pMgu tai nudc ngoai. SPACs dupc thanh lap va boat ddng theo 3 giai doan: hinh thanh, phat hanh lan dau ra cdng chttng va ket thttc bang viec thu mua, sap nhap vdi cong ty muc tigu hoac bi giai thg. Bgn canh nhftng lpi ich ma SPACs mang Iai cho cac nha dau tu va cdng ty muc tigu, dac biet la vg thdi gian va chi phi so vdi phuang thttc IPO traygn thdng, ttii kM tign hanh sap nhap vdi 1 SPAC, cac doanh ngMep ciing can can nhac dgn nhiing thach fliuc gap phai nhu su pha loang cd pMgu, rao can ttt pMa cd ddng, khoang thdi gian bun ban...
Qua viec phan tich cu thg tradng hgp nigm ygt cd pMgu thanh cdng frgn san NASDAQ ctta Cavico thdng qua 1 SPAC tai My, bai viet da dua ra mdt sd kinh ngMem cho cac doanh ngMep Viet Nam ngu mudn ap dung SPACs de mgm ygt va huy ddng vdn ttt thi tradng nuoe ngoai. Digu quan frpng nhat ddi vdi cac doanh ngMep cMnh la can phai tim Mgu that can than va ky ludng ddi tac frong thuong vu sap nhap ciing nhu cac quy dinh phap Iuat lign quan den viec nigm ygt chttng khoan ctta Viet Nam va qudc gia mudn mgm ygt.
100 Tapchi KINH TE DOI NGOAI SnStd (nsinMA\
Tai lieu tham khao
Berger, R. and Lazard. (2008). SPACs: An Alternative Way to Access tiie Public Markets.
Journal of Applied Corporate Finance, 20 (3), 68-75.
Boyer, C. and Baigent, G. (2008). SPACs as Alternative Investments: An Examination of Performance and Factors that Drive Prices. The Journal of Private Equity, 8-15.
Boyer, C. and Margulis, A. (2015). Special Purpose Acquisition Corporation: The merger ofAldabra 2 Acquisition Corporation and Boise, Inc. Journal of Business Cases and Applications, 14,1-7.
Collins, M. (2012). Special Purpose Acquisition Compames. Fordham Business Student Research Journal, 2 (1), 5-29.
Datar, V, Emm, E. and Ince, U. (2012). Going public tMough the back door: A comparative analysis of SPACs and IPOs. BanMng and Finance Review, 1,18-36.
Jenkmson, T. and Sousa, M. (2011). Why SPAC Investors Should Listen to the Market.
Journal of Applied Finance, (2), 38-57.
Lakicevic, M. and Vulanovic, M. (2013). A Story on SPACs. Managerial Finance, 39 (4), 384-403.
Lakicevic, M., Shachmurove, Y. and Vulanovic, M. (2014). Institutional changes of Specified Purpose Acquisition Compames (SPACs). North American Journal of Economics and Finance,2S, 149-169.
Officer, M. (2007). The price of corporate liquidity: Acquisition discounts for unlisted targets. Journal of Financial Economics, 83(3), 571-598.
S6 84 (08/2016) Tap chi KINHTE DOI NGOAI 101
