首次代幣發行白皮書可讀性對 募資成功與否之影響

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：91

、訪客IP：18.118.253.171

姓名

宋怡萱(SUNG, YI HSUAN) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

首次代幣發行白皮書可讀性對募資成功與否之影響
(The impact of whitepaper readability on initial coin offerings)

相關論文

★ 企業社會責任與會計績效指標之關聯性：考量網頁呈現效果	★ 企業社會責任揭露與網頁呈現對企業財務績效之關聯性
★ 企業社會責任與投資人評價之關聯性: 考量網頁呈現效果	★ 我國企業之資訊安全事件探討－以法令面分析
★ 採用iXBRL對散戶持股比率與交易量之影響	★ 首次發行代幣公司網站呈現方法與交易量之研究
★ iXBRL是否能降低資訊不對稱？	★ 財務報表API之可行性
★ 功能型與證券型代幣發行白皮書相似度對發行成功與否之影響	★ 首次代幣發行白皮書之主題分析對首次代幣發行之影響
★ 資訊安全事件與公司長短期績效-以臺灣資訊安全事件為例	★ 資訊安全之決定因素-考量家族企業與董事會背景
★ 網站資訊揭露對首次代幣發行之影響	★ 公司申請法人機構識別碼對股東權益資金成本之影響
★ COVID-19對於實質盈餘管理之影響	★ COVID-19對資產減損之影響

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

近年來區塊鏈技術和加密貨幣發展帶動了新興的首次募資方式：首次代幣發行(Initial coin offering，ICO)。由於ICO缺乏明確法律規範和嚴謹揭露要求，投資人遭受的資訊不對稱程度成為影響募資成功與否的主因。相較於先前論文探討，發行方在未有強制揭露的規範下願意揭露更多的資訊，促使資訊不對稱程度下降，能夠增加募資成功機率。然而，並未考慮ICO使用的區塊鏈技術對投資人而言為相當不熟悉的領域，若白皮書撰述方式不夠淺顯易懂將無法讓資訊被有效運用，導致ICO募資成功可能性下降。故本研究進一步探討ICO白皮書可讀性對ICO募資成功與否之影響。本研究以2017年1月至2020年12月共607個ICO觀察值為樣本，發現ICO白皮書可讀性越高越容易募資成功。接著，本研究進一步探討白皮書資訊揭露多寡對可讀性與募資成功與否的關係。最後，本研究顯示發行方揭露愈多代幣相關資訊及增加資訊的可讀性，有助於投資人了解ICO的訊息，降低發行方與投資方的資訊不對稱，進而使ICO較有可能募資成功。

摘要(英)

With the rise of blockchain technology and cryptocurrency in recent years, a new way of fundraising, initial coin offering (ICO), has emerged. However, a lack of precise regulation and strict disclosure requirement have led to a huge information asymmetry between fundraisers and invertors, which influences the possibility of ICO success. While prior studies examine more on fundraisers automatically disclose more information without any regulations, which led to the decrease of information asymmetry and increase the possibility of fundraising success. However, the blockchain technology used in ICOs is considered an unfamiliar area to investors. If the white paper is difficult to understand, the information will not be used effectively, which will decrease the possibility of ICO fundraising success. Thus, this study focuses more on the impact of whitepaper readability on ICO. Using a sample consisting of 607 ICO projects from January 2017 to December 2020, I find that ICOs that disclose higher readability on whitepaper more likely to succeed. Further, I discuss whether the amount of information disclosed in the white paper affects the relationship between readability and the success of fundraising. Overall, the study provides evidence that disclosing more information and increasing the readability on the whitepaper can reduce information asymmetry between fundraisers and investors, leading investors to more comprehension of tokens and a higher possibility of successful fundraising through ICO.

關鍵字(中)

★ 首次代幣發行
★ 資訊不對稱
★ 資訊揭露
★ 資訊可讀性

關鍵字(英)

★ Initial coin offerings
★ information asymmetry
★ information disclosure
★ information readability

論文目次

目錄
壹、緒論 1
貳、文獻探討及假說發展 4
一、首次代幣發行白皮書資訊揭露 4
二、年報資訊揭露可讀性 4
三、假說建立 5
參、研究設計 7
一、研究期間與樣本選取 7
二、 ICO募資成功定義 9
三、 ICO白皮書可讀性 10
四、研究模型 11
肆、實證結果與分析 14
一、敘述統計與相關係數 14
二、相關係數表 16
三、主要迴歸分析結果 17
四、額外分析結果 20
伍、結論 21
參考文獻 23
附錄 28

表目錄
表 1 樣本選取 8
表 2 變數定義 13
表 3 樣本敘述性統計(觀察值 = 607) 14
表 4 相關係數矩陣 16
表 5 羅吉斯迴歸分析結果：迷霧指數與首次代幣發行成功與否 18
表 6 羅吉斯迴歸分析結果：迷霧指數與總字數交乘效果 19
表 7 羅吉斯迴歸分析結果：用平均句子長度代替迷霧指數效果 20

圖目錄
圖 1 母體與樣本數量分布圖 8
圖 2 母體國家分布圖 9
圖 3 樣本國家分布圖 9
圖 4 迷霧指數年分布圖 11
圖 5 迷霧指數國家分布 11
圖 6 Pantheonx白皮書「引言」段落 28
圖 7 Cryptoleaf白皮書「引言」段落 28

參考文獻

參考文獻
林昱宏，2019，網站資訊揭露對首次代幣發行之影響，國立中央大學會計學系碩士論文。
Ahmad, M. F., Kowalewski, O., & Pisany, P. 2020. What determines initial coin offering success: a cross-country study. Working paper.
Amsden, R., & Schweizer, D. 2018. Are blockchain crowdsales the new ‘gold rush’? Success determinants of initial coin offerings. Working paper.
Baker, H. E., & Kare, D. D. (1992). Relationship between annual report readability and corporate financial performance. Management Research News, 15(1), 1–4.
Blaseg, D. 2018. Dynamics of voluntary disclosure in the unregulated market for initial coin offerings. SSRN Electronic Journal.
Bloomfield, R. J. 2002. The incomplete revelation hypothesis and financial reporting.
Cohney, S., Hoffman, D., Sklaroff, J., & Wishnick, D. 2019. Coin-operated capitalism. Columbia Law Review, 119(3), 591-676.
Cumming, D. J., Leboeuf, G., & Schwienbacher, A. 2020. Crowdfunding models: keep‐it‐all vs. all‐or‐nothing. Financial Management, 49(2), 331-360.
Diamond, D. W., & Verrecchia, R. E. 1991. Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325–1359.
Ertugrul, M., Lei, J., Qiu, J., & Wan, C. 2017. Annual report readability, tone ambiguity, and the cost of borrowing. Journal of Financial and Quantitative Analysis, 52(2), 811–836.
Falagas, M. E., Zarkali, A., Karageorgopoulos, D. E., Bardakas, V., & Mavros, M. N. 2013. The impact of article length on the number of future citations: a bibliometric analysis of general medicine journals. Plos One, 8(2), e49476.
Feng, C., Li, N., Wong, M. H., & Zhang, M. 2019. Initial coin offerings, blockchain technology, and white paper disclosures. Working paper.
Fisch, C., Masiak, C., Vismara, S., & Block, J. 2018. Motives to invest in initial coin offerings. Working paper (University of Trier).
Fry, E. 2002. Readability versus leveling. The Reading Teacher, 56(3), 286-291.
Healy, P. M., & Palepu, K. G. 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
Horn, L. 1984. Toward a new taxonomy for pragmatic inference: Q-based and R-based implicature. Meaning, form, and use in context: Linguistic applications, 11, 42.
Langevoort, D. C. 2008. The SEC, retail investors, and the institutionalization of the securities markets. Working paper.
Lawrence, A. 2013. Individual investors and financial disclosure. Journal of Accounting and Economics, 56(1), 130–147.
Lehavy, R., Li, F., & Merkley, K. 2011. The effect of annual report readability on analyst following and the properties of their earnings forecasts. The Accounting Review, 86(3), 1087–1115.
Leuz, C., & Verrecchia, R. E. 2000. The economic consequences of increased disclosure. Journal of Accounting Research, 91-124.
Li, F. 2008. Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45(2–3), 221–247.
Lo, K., Ramos, F., & Rogo, R. 2017. Earnings management and annual report readability. Journal of Accounting and Economics, 63(1), 1–25.
Loughran, T., & McDonald, B. 2010. Measuring readability in financial text. Working paper.
Malkiel, B. G., & Fama, E. F. 1970. Efficient capital markets: a review of theory and empirical work. The Journal of Finance, 25(2), 383–417.
Panin, A., Kemell, K.-K., & Hara, V. 2019. Initial coin offering (ICO) as a fundraising strategy: a multiple case study on success factors. In S. Hyrynsalmi, M. Suoranta, A. Nguyen-Duc, P. Tyrväinen, & P. Abrahamsson (Eds.), Software Business (Vol. 370, pp. 237–251). Springer International Publishing.
Parra Moyano, J., & Ross, O. 2017. KYC optimization using distributed ledger technology. Business & Information Systems Engineering, 59(6), 411–423.
Previts, G. J., Bricker, R. J., Robinson, T. R., & Young, S. J. 1994. A content analysis of sell-side financial analyst company reports. Accounting Horizons, 8(2), 55.
Rhue, L. 2018. Trust is all you need: an empirical exploration of initial coin offerings (ICOs) and ICO reputation scores. Working paper.
Roosenboom, P., van der Kolk, T., & de Jong, A. 2020. What determines success in initial coin offerings? Venture Capital, 22(2), 161–183.
Schrand, C. M., & Walther, B. R. 2000. Strategic benchmarks in earnings announcements: the selective disclosure of prior-period earnings components. The Accounting Review, 75(2), 151–177.
Shima, K. 2016. Length matters: clustering system log messages using length of words. ArXiv Preprint ArXiv:1611.03213.
Yen, J., Wang, T., & Chen, Y. 2021. Different is better: how unique initial coin offering language in white papers enhances success. Accounting & Finance, acfi.12760.
You, H., & Zhang, X. 2009. Financial reporting complexity and investor underreaction to 10-K information. Review of Accounting Studies, 14(4), 559–586.
Zhang, S., Aerts, W., Lu, L., & Pan, H. 2019. Readability of token whitepaper and ICO first-day return. Economics Letters, 180, 58–61.
Zhang, S., Zhou, X., Pan, H., & Jia, J. 2019. Cryptocurrency, confirmatory bias and news readability—evidence from the largest Chinese cryptocurrency exchange. Accounting & Finance, 58(5), 1445–1468.
Zipf, G. K. 2013. The psycho-biology of language: an introduction to dynamic philology. Routledge.

指導教授

顏如君(Yen, Ju-Chun)

審核日期

2022-5-30

推文