在現今資訊科技普及的時代，我們能在網路上更容易地獲得更多資訊，而藉由大量數據的應用，透過量化統計的模型，運用有限時間掌握精準且有效的資訊，已成為未來各個領域不可避免的發展趨勢。隨著區塊鏈技術的蓬勃發展，不斷地吸引著學術界、新創公司以及政府的投資及注意，而ICO (Initial Coin Offerings)則是在近年來發展極為迅速的眾籌方式。本研究使用2017年11月1日至2019年4月30日各大加密貨幣交易所之令牌價格作為研究樣本，並以加密貨幣價格指數 (Cryptocurrency Index, CRIX) 作為加密貨幣令牌市場的大盤參考，以實證方法研究資本資產定價模型 (Capital Asset Pricing Model, CAPM) 於全球令牌 (Token) 市場之適用性以及預期能力。 研究結果發現，在各項檢定結果中，所有模型皆呈現統計上之顯著，代表資本資產定價模型確實適用於加密貨幣令牌市場，以及具備一定程度的預期能力，亦即解釋報酬的能力。 ;Information technology is popular today. It is easier for us to get more information on the Internet then before. Moreover, we can use limited time to master accurate and effective information through quantitative models in analyzing big data. This trend has become the inevitable development situation in all fields. The booming of blockchain technology has continuously attracted investment, academic sector, new companies and governments. This caused ICO (Initial Coin Offerings) has been developing rapidly in recent years. This study selected the token price of each main cryptocurrency exchange from November 1, 2017 to April 30, 2019 as a research sample, and used the Cryptocurrency Index (CRIX) as a market index for the cryptocurrency token market. This empirical study examined the applicability and expected ability of the Capital Asset Pricing Model (CAPM) in the global token market. The research results showed that all the models are statistically significant in each verification result, and the CAPM is valid to cryptocurrency token market research and has a certain degree of ability to explain the rate of return on investment.
