SPAC IPO의 장기 영업성과

Abstract

As SPAC IPOs increase in Korea, market interest is growing, but related research is lacking. In this study, we track the performance of SPAC IPOs, especially changes in operating performance before and after listing. For this purpose, we use a sample of 62 SPAC IPOs conducted between January 2010 and December 2022 to compare the operating performance of the year immediately before listing and the third year after listing. As a result, efficiency indicators tend to worsen, but the operating performance of SPAC IPOs as measured by profitability indicators does not worsen. These results are significantly different from the widely known phenomenon that stock performance in the IPO market, not only in the United States but also around the world, shows significant long-term underperformance and, consistent with this phenomena, operating performance of SPAC IPOs also shows significant long-term underperformance. Therefore, unlike the USA, SPAC investors in Korea are not continuous losers, and the SPAC IPO system is likely to be a good policy alternative to traditional IPOs.