Not Ready for Prime Time: Financial Reporting Quality After SPAC Mergers
研究了2006至2020年间成功合并的特殊目的收购公司（SPAC）的财务报告质量，发现相比同类IPO公司，SPAC更易出现财务重述、内控缺陷、延迟提交等问题，导致盈余信息对投资者参考价值更低。
We examine the financial reporting quality of special purpose acquisition corporations (SPACs) following a successful merger. We compare a sample of SPACs with completed mergers from 2006 to 2020 to initial public offering (IPO) firms in the same industry covering the same period. Compared with similar IPO firms, SPACs are more likely to restate their financial statements and have internal control weaknesses. We also find that SPACs are more likely to file untimely financial statements, amend previously issued filings, and have comment letters that go more rounds with the Securities and Exchange Commission. This lower reporting quality also results in less informative earnings to investors. Our evidence corroborates concerns from the media, accounting firms, and regulators that SPACs exhibit low financial reporting quality in comparison with IPOs. This paper was accepted by Suraj Srinivasan, accounting.