近年在區塊鏈、虛擬貨幣快速發展而使新創企業有新的募資方式——首次發行代幣，發行方利用發行其自行發行的代幣以換取其他虛擬貨幣的方式得到營運的資金，並且在完成募資後取得方得以在特定的交易所購買、售出代幣，同時對投資人而言也是一種新的投資方式與標的。目前ICO公司的狀況良銹不齊，無一定資訊揭露標準，整體市場對於投資人而言風險也較高，而公司在資訊呈現上勢必會影響投資人的投資決策。本研究針對公司網站呈現之方法以及網站提供特定社群網站之連結探討對上市交易後交易量之影響，研究結果發現ICO公司首頁以「敘述」方式呈現與上市第一天交易量有顯著相關，以「標語」方式呈現文字與2019年一月及二月交易量亦有顯著相關。社群網站部分，ICO公司提供facebook連結與上市第一天交易量有顯著負相關 ; ICO公司提供reddit連結與2019年一月及二月之較易量皆呈現顯著正相關 ; 而ICO公司提供bitcointalk在交易第一天與2019年一月及二月皆呈現顯著負相關。;Because of the rapid growth of blockchain and cryptocurrencies in recent years, startups have a new method, initial coin offering (ICO), to raise their fund. For the purpose of fundraising, the startups issue their own tokens which can be traded in some platforms and exchanges for other cryptocurrencies. Meanwhile, ICO provides investors a new option to invest. However, not every company launching an ICO works well, and the risk of the overall ICO market is relatively high. Based on former researches, the presentation format of information influences the investment decisions of market participants. Therefore, to understand what affects the trading volume of ICOs, this research focuses on the relationship between the official website’s presentation format of the ICO companies and their trading volume. I find that there is a significant relationship between trading volume and (i) how the ICO companies present information on their website and (ii) whether they provide hyperlinks to specific social media on the official website.
